The upcoming Men’s Cricket World Cup 2023, which India is hosting, is poised to be a financial juggernaut, with expectations of generating between Rs 2,000 to Rs 2,200 crores in combined advertising revenue across television and digital platforms. This anticipated revenue is a significant uptick compared to the Rs 1,350 crores generated in the 2019 edition, reflecting the growing allure of cricket on the Indian subcontinent.
Brokerage firm Elara Capital has been bullish about the prospects of the tournament, with their forecast indicating an optimistic outlook. Elara Capital predicts that digital revenues will more than double from Rs 450 crores in 2019 to Rs 950 crores in this edition. Additionally, television ad revenues are expected to surge, reaching Rs 1,150 crores in 2023 compared to the Rs 900 crores recorded in 2019.
One of the key factors contributing to this rosy revenue projection is the favorable match timings of the tournament. Scheduled to commence at either 10:30 AM or 2 PM IST, these timings are anticipated to enhance the overall viewership of the World Cup. According to Karan Taurani, Senior Vice-President at Elara Capital, these ideal timings could lead to a significant boost in digital revenues.
“The timings are favorable, and viewers may watch the first half of the match on OTT. The World Cup will be available for free for all mobile users on Disney+ Hotstar app. In terms of TV advertising, expect a 6% CAGR versus the prior edition of the CWC in CY19. For the digital medium, CAGR may touch 21% versus 2019 levels,” Taurani noted in a recent statement.
Disney Star, the entity holding the ICC TV and digital media rights until 2023, has made a strategic decision to stream the World Cup matches for free on its Disney+ Hotstar app. This move aims to compete with JioCinema, backed by Reliance Industries, which successfully streamed IPL cricket matches for free in 2023. Disney Star will also broadcast the matches on its Star network of channels.
The combination of favorable timings, a broader audience reach via free streaming, and the enduring popularity of cricket in India bodes well for the World Cup’s financial prospects. The tournament is set to feature ten teams playing 48 matches between October 5 and November 19, 2023, across ten venues. Ahmedabad has been chosen to host both the opening match and the highly anticipated final.
Notably, India will be hosting the World Cup as the exclusive host for the first time in twelve years. Previous editions saw India share hosting duties with various other cricketing nations, including Pakistan, Sri Lanka, and Bangladesh. The defending champions, England, who triumphed in the 2019 edition in a thrilling final that ended in a tie, will be seeking to retain their title in what promises to be another enthralling cricket spectacle.