The Indian Premier League (IPL) is a professional Twenty20 league cricket competition in India, initiated by the Board of Control for Cricket in India (BCCI). The IPL began in 2008 and at present the fourth season is taking place across various Indian cities. Initially there were only eight teams competing in the IPL; however, two more teams were added taking the final tally to ten.
The IPL is controlled by the IPL Governing Body headed by BCCI vice president Chirayu Amin. In 2010, IPL became the first ever sporting event to be telecasted live on YouTube. In the same year, its brand value was calculated to be USD 4.13 billion. Today, IPL is the second highest paying league in the world, next only to NBA. USD 3.84 million is the average per annum salary of a player in the IPL, and all the teams are presently valued at a high premium with respect to the original price.
The IPL has successfully combined sports and entertainment and created a new niche market segment called sport entertainment. Today, IPL occupies the top spot in the advertising strategies of all companies across the spectrum. Large corporate houses like Reliance Industries Ltd, United Breweries and India Cements have floated their own teams.
To understand the IPL market better, Civitas is conducting a detailed study of the league and its market dynamics, encompassing areas like viewership, marketing and branding strategies of franchisees, and impact on the economy (micro and macro). The project assumes more importance since a new team Kochi Tuskers Kerala belongs to Kochi from where Civitas operates. The study essentially revolves around the following core areas: Impact of IPL in Kochi and Kerala, new business opportunities generated in Kerala due to the IPL, preparedness of the city to host the matches especially in terms of transportation, hospitality, law and order, branding strategy for the team and estimation of revenue generation.