Indian Premier League is unarguably the most spectated cricket league across India and the globe. Contrary to the previous delegation of broadcasting rights, IPL had now awarded the broadcasting rights to a separate broadcaster for Television rights and another one for Over Television (OTT) platforms. Viacom 18 Media was granted broadcasting rights for streaming IPL 2023. Jio Cinema application was then utilized to showcase IPL to all the viewers.
Interestingly, the application streamed IPL 2023 for free and without any subscription plan irrespective of their SIM (Airtel, BSNL, Vodafone-Idea). After their successful stint of hosting the IPL 2023, Jio Cinema is set to earn about two-thirds (⅔) of IPL’s total revenue from advertisements.
The Media Partners Asia (MPA) has projected that the IPL 2023 will generate a total revenue of $550 Million. Out of this, 60% accounts for the digital platform streaming and Jio Cinema was the sole OTT broadcaster. It will now earn around 182 Million through advertisement revenue.
The total Addressable Market has witnessed a 20% surge in Advertising Viewership
Interestingly, Jio Cinema has already struck 1,300 crore views in the first month of broadcasting the championship. The Total Addressable Market has witnessed a 20% surge in advertising viewership on Connected TV (CTV). This clearly indicates that the viewership on OTT platforms has increased over HD TV. A major driver in this upsurge is the flexibility and convenience of digital streaming.
Addressing the media, the CEO of Viacom 18 Sports Anil Jayaraj stated that they are extremely delighted after the success of the ongoing edition of IPL 2023. He stated that streaming on digital platforms is targetable and measurable, gives them a gist of audience likings, caters specifically to this crowd, and achieves consumer satisfaction. Furthermore, Jayaraj stated that Jio Cinema has reached the right audience at the right time.
Notably, the total number of advertisement sponsorships for Jio Cinema has increased to 26. Previously, a few business entities had opted for advertisement on online streaming but witnessing the upsurge trend, they have now diverted their attention and linked with Jio Cinema.