Sports sponsorship in recent years has seen an unprecedented increase. In this episode, we will explore the factors responsible for the increase in sports sponsorship.
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From the rise in the number of IPL matches to emerging sports events, there are several factors that attracted sports sponsorship.
With sports spends crossing ₹14,000 crores, the Indian sports industry saw unimaginable growth in 2022.
An article published on Brand Equity mentions the following:
“Sporting Nation 2023 highlights the unprecedented growth of sports sponsorship in India, with spends on-ground, team, and franchise rising by INR 3021 Cr, a whopping 105 per cent growth from 2021, making the total sponsorship spends INR 5907 Cr.”
The reason for the sudden rise in the spends can be credited to the increase in the number of IPL matches, Asia Cup, Commonwealth Games, and several domestic athletic events.
According to Sporting Nation Report 2023, brands are expected to approach their CSR activities differently due to the rise in various OTT platforms. Furthermore, international sporting events such as Formula E and Moto GP will be held for the first time in India.
As per the report, cricket continues to get the lion’s share of the spends with 85 percent of the sponsorship. Other emerging sports, such as Kabbadi, football, and marathon get the remaining 15 percent.
In an interview with Brand Equity, Prasanth Kumar, the chief executive officer of Group M, said, “The Indian sports ecosystem is experiencing a revolutionary transformation, with athletes becoming influential role models for the youth and sports sponsorships gathering immense momentum. In this scenario, brands hold tremendous potential to tap into the passion and loyalty of Indian sports fans…”
In addition to cricket leagues, the popularity of several other tournaments like Pro Kabbadi, Indian Super League, Prime Volleyball League, and Ultimate Kho Kho, has prompted various brands to increase their sponsorship.
While it is true that Major leagues and tournaments are getting the deserved eyeballs, the sporting infrastructure in rural India is still lagging. Brands must realize the real sporting stars of the future can be found in the villages and small towns, which is why they must reach out to young athletes in rural India.
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