Global Companies Capitalize on Cricket World Cup Fever in India

Global Companies Capitalize on Cricket World Cup Fever in India

VoM News Desk | October 5, 2023 | 09:57 AM IST | Sports | Follow on Google News

Global Companies Capitalize on Cricket World Cup Fever in India

Global Companies Capitalize on Cricket World Cup Fever in India

With the highly anticipated Cricket World Cup set to kick off in India on October 5th, global companies are sparing no expense to ensure their brands are front and center during this cricket extravaganza. This sporting spectacle provides a golden opportunity for brands to tap into the cricket-crazy nation of 1.4 billion people. As the tournament unfolds, it promises to deliver more than a billion viewers worldwide, from Europe to Oceania, but it’s the consumers in India, the world’s most populous nation, who are the real jackpot.

A Multimillion-Dollar Advertising Frenzy

According to Madan Sabnavis, chief economist at Bank of Baroda, foreign brands are especially keen on India, given its thriving consumer market and immense growth potential. In fact, India is projected to contribute a fifth of global economic expansion over the next decade and become a $10 trillion economy by 2035. Cricket, the nation’s beloved sport, accounts for a staggering 85% of all sports-related sponsorship and media spending, totaling over $1.5 billion annually, as reported by Jefferies.

As the demand for eyeballs intensifies, brands are poised to invest approximately Rs 2,000 crore (around $240 million) in advertisement slots on streaming platforms during the tournament. Jehil Thakkar, a partner at Deloitte India, noted that a 10-second ad slot during matches now costs up to Rs 30 lakh, marking a 40% increase compared to the last World Cup in 2019.

Cricket Fever Sweeps the Nation

“Cricket has less fanfare globally as compared to other sports like soccer,” Mr. Sabnavis remarked, “but the kind of frenzy you witness in India around cricket is not present elsewhere.” Among the major brands securing airtime during the World Cup are industry giants such as Coca-Cola Co., Google Pay, and Hindustan Unilever Ltd. Moreover, the ICC’s official partners list includes prestigious names like Saudi Aramco, Emirates, and Nissan Motor Co.

This shift toward more traditional sectors like consumer goods, automobiles, and mobile phones is evident, as education technology and online betting companies, once prominent sponsors, have scaled back due to financial constraints and regulatory issues. Disney Star, the exclusive TV broadcast rights holder for the World Cup in India, has announced partnerships with 26 sponsors, including Booking.com BV and Diageo Plc, reinforcing the tournament’s commercial appeal.

Cricket World Cup 2023 Schedule – More Details Inside

The Cricket World Cup is not just a sporting event; it’s a cultural phenomenon in India. As fans travel to stadiums, gather in restaurants and bars to watch matches, or order takeout at home, the Indian economy is set to receive a significant boost in household spending. Hotel prices have surged by an average of 150% on days when India is scheduled to play, according to Jefferies analyst Prateek Kumar. Moreover, companies are anticipating a robust December quarter as the World Cup coincides with India’s festive season, which spans from September to January, culminating in Diwali celebrations just as the tournament reaches its climax.

In the words of Yannick Colaco, co-founder of FanCode, the International Cricket Council’s official retail partner in India, “The Cricket World Cup is the biggest sporting event of the year for fans across the country. No other sports tournament captures the hearts and minds of Indian fans like a World Cup. That’s why you see brands and companies making a beeline to be associated with the tournament.”

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.