The 15th Edition of IPL aka Indian Premier League has been commenced on March 26. From title sponsors to mega auctions, Lots of changes have occurred this season. Swiggy became the new IPL sponsor. IPL Sponsorship Deal With Swiggy sees 2022 sponsor revenue pass $131m. IPL Sponsorship Deal With Swiggy is ‘worth more than $6m a year.’
key takeaways:
- IPL’s new partnership with swiggy is ‘worth more than $6m a year.’
- IPL has filled all nine central sponsor slots for the 2022 campaign
- Vivo to pay the difference on its canceled title partnership and Tata’s new US$44m a year deal
TATA replace the Chinese Smartphone band VIVO as the official title sponsor of this year’s IPL. IPL is already an established brand. Companies always eye to IPL to promote their brand for outside exposure. And that’s what the online Indian grocery delivery platform service ”Swiggy” did.
IPL Sponsorship Deal With Swiggy:
With the latest $6m a year sponsorship deal with Swiggy, IPL is set to earn US $131,363,200 or ₹1,000 crores in sponsorship revenue, Board of Control for Cricket in India (BCCI) secretary Jah Shah has confirmed.
With the skyrocketing figure, such record earning set a new record for the franchise Twenty20 cricket competition and should see the 2022 IPL bring in the highest-ever overall revenue total in its 15-year history.
The Swiggy deal comes after the IPL added a deal with payment solution firm RuPay earlier this month and brought in Tata as a new title partner in January.
IPL Title Sponsorship deal:
Despite Tata’s $44 million (₹335 crore) a year deal being worth less overall than the $57.8m (₹440 crore) annual fee Vivo was paying, the IPL will end up earning more due to the fees the Chinese mobile brand is paying to exit its contract two seasons early.
According to the report, the terms of Vivo’s exit mean the brand will still pay the BCCI $131 million (₹996 Crore ) in total over the 2022 and 2023 seasons.