India's sports industry hits Rs 16,633 crore in 2024, driven by sponsorship, endorsements: GroupM
Cricket, synonymous with India’s sporting identity, remained the undisputed leader, accounting for 85% of the overall sporting industry revenue.
ADVERTISEMENT
India's sports industry reached Rs 16,633 crore in 2024, driven by sponsorships (including Ground, team, and Franchise fees), athlete endorsements, and advertising expenses on related content, according to a report.
The GroupM ESP report noted that the Indian sports industry has expanded sevenfold since 2008, when the Board of Control for Cricket in India (BCCI) introduced the franchising format through the Indian Premier League (IPL).
This surge in growth highlights the increasing commercialization of sports in the country.
Cricket, synonymous with India’s sporting identity, remained the undisputed leader, accounting for 85% of the overall sporting industry revenue. With total spending of Rs 14,173 crore ($ 1,687 million), cricket contributed Rs 472 crore ($56 million) to the incremental value in 2024, registering a 3% year-on-year rise. The remaining 15% share was attributed to Emerging Sports, which saw a 19% rise in revenue gain of Rs 396 crore ($47 million).
While the business of cricket thrived on two factors--Team India’s international matches and IPL--the 2024 year also saw challenges due to a 31% reduction in the number of games played by the men's team.
According to the report, the combined revenue of all IPL sponsorships fell short of the goals set for the 2024 edition. Overall sponsorship spending across sports saw a modest 1% rise over 2023.
Sports endorsements saw a 32% growth from CY2023 to CY2024 – the highest annual growth rate in 14 years, driven by increased fanfare for Team India and the victory in the ICC T20 World Cup 2024.
The total endorsement spending crossed the Rs 1,000 crore mark for the first time, reaching Rs 1,224 crore ($ 146 million) - almost double the figure from just three years ago.
Cricketer-led brand endorsement value surged to Rs 1,054 crore ($ 125 million).
Apart from cricket, the Olympics proved to be the prime mover in the endorsement space. Brands exuded trust in athletes from emerging sports – registering 46% YoY growth at Rs 170 crore ($20 million). Athletes such as Manu Bhaker, Neeraj Chopra, and PV Sindhu ensured a nearly 50% growth YoY in the endorsements pie.
"The dynamics of the sports industry are usually reflected in numbers. Sponsorships, athlete endorsements, and advertising expenses collectively propel the sector to greater heights, driving its evolution towards a more mature ecosystem. Several factors shape this trajectory, from macro-level forces like socio-cultural shifts, economic trends, and technological advancements, to distinct field-specific commercial dynamics," Subhamoy Das National Director, GroupM ESP said.
