- MPA expect per-match value to drop from US$13.2m to US$11.5m
- Disney Star and Viacom18 have merged since securing separate IPL deals in 2022
- Advertising revenues are also slowing amid bans on lucrative categories
The value of the Indian Premier League’s (IPL) broadcast rights is expected to remain flat during its next media cycle, according to a new report from Media Partners Asia (MPA), bringing a two-decade period of consistent growth to an end.
The IPL’s media revenues have grown six-fold since the first competition in 2008 and it remains one of the most-watched sports properties in India, delivering more than one billion viewers across JioStar’s linear and digital platforms in 2025.
This growth peaked with the current 2023-2027 cycle, with Disney Star owning the domestic television rights in a deal worth US$3.02 billion and Viacom18 holding the streaming rights for US$3.05 billion. The total figure is more than double the value of the IPL’s previous arrangement with Disney Star, which owned the global rights to the competition in a deal worth US$2.55 billion.
However, ‘The IPL: Teams, Rights & Valuations’ study predicts cricket’s most lucrative T20 franchise competition will see its media rights value stay flat at US$5.4 billion for the 2028-32 cycle. A plateauing figure would also represent a 13 per cent drop in per-match value from US$13.2 million to US$11.5 million should the Board of Control for Cricket in India (BCCI) go ahead with plans to expand the tournament to a 94-game schedule in 2028.
The record-breaking 2022 auction saw the BCCI split its media rights into multiple packages for the first time, sparking an unprecedented bidding war which means the IPL is currently second only to the National Football League (NFL) in terms of the per-match value of its media rights.
Since then, however, Disney Star and Viacom18 have merged to create JioHotstar, removing the competitive tension that helped to drive up the value of the rights four years ago. In addition, the IPL’s broadcasters are facing cumulative losses of US$1.8 billion to US$2 billion during the current cycle, limiting their ability to increase expenditure.
Additionally, their ability to monetise the rights has been hampered by bans on lucrative categories like real-money gaming and crypto. Indeed, advertising revenue has grown at an annual rate of just seven per cent over the last three seasons compared to 18 per cent during the previous cycle.
“The IPL has created extraordinary value over two decades, but the conditions that drove that growth are now shifting in ways that are structurally consequential,” said Mihir Shah, vice president of India at MPA.
“The rights reset in 2028 will not be a correction to be absorbed and forgotten. It marks the beginning of a period in which franchise value creation depends on building the non-media revenue base, focusing on sponsorship, international presence and digital monetisation.
“Owners and investors who are pricing franchises today on current Ebitda multiples need to factor in both the rights cycle headwind and the concentration risk it implies. The window at current multiples may be shorter than the market assumes.”
From a team perspective, the MPA report highlighted that media rights now account for 75 per cent of total franchise revenues, up from 48 per cent in 2017. It also pointed out that non-media revenues have grown at an annual rate of 22 per cent since the Covid-19 pandemic, but from a lower base. The study also suggested that franchise stake sales are now accelerating because investors are anticipating limited upside from 2028.
Both Royal Challengers Bengaluru, who are the reigning champions, and Rajasthan Royals have been up for sale, with bids for the former expected to land around US$2 billion. Meanwhile, it has been reported this week that the Royals have been sold for around US$1.63 billion to a consortium led by US entrepreneur and existing team shareholder Kal Somani.
The last IPL franchise to change hands was the Gujarat Titanswhen Indian multinational conglomerate Torrent Group agreed last February to acquire 67 per cent of the team from CVC Capital Partners for a reported US$575 million.
As platforms multiply, audiences fragment and media rights deals plateau, it’s time to understand what’s really going on in sports media. Join us at SportsPro London this April to learn more.
