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As the 17 the edition of Indian Premier League kickstarts, brands have also padded up as team sponsors. Some of the Indian Premier League (IPL) franchises are expected to garner growth in the range of 15-20 per cent in terms of sponsorship revenues this season. Several IPL teams have inked new sponsorship deals for this season while renewing existing as partnerships. Teams and experts, however, did point to some sluggishness in sentiment due to new-age companies and start-ups remaining cautious about ad spends.
Satish Menon, CEO, Punjab Kings, said, “The sponsors’ sentiment has been muted but despite that we have seen strong demand surge in the last ten days. We have signed five new sponsor partnerships this year on “playing apparel” and three new association deals. We expect the revenue growth to be 15 per cent over last year.” The team has inked new sponsorship agreements with brands including Kent, Lava Mobiles, Astral Pipes, Timex and Avon Cycles.
Santosh N, Managing Partner, D&P Advisory, said, “In the past two years, due to funding winter we have seen sluggishness in ad and sponsorship spends on IPL from new-age digital firms. This year too we are seeing new-age firms and start-ups being more cautious. Instead, players from traditional sectors such as FMCG and automobile firms are contributing higher share of spends on IPL.” He added some teams will be able to garner higher growth than others with anticipation of a stronger performance or addition of new players.
New pacts
A spokesperson for Delhi Capitals stated, “We have garnered noteworthy interest spanning various sectors, reflecting a largely positive sentiment within the market. Despite some slowdown observed, particularly among start-ups, we’ve successfully attracted global conglomerates across both our teams in WPL and IPL. We anticipate significant growth in sponsorship revenues compared to the previous season, reflecting the enduring appeal and value of our brand.” The IPL franchise has inked new agreements with brands including Puma, Fixderman, Encalm, Waree Solar and Hurricane Energy Drink this season.
Mumbai Indians has added 12 new brands to its sponsorship roster, taking the total tally to 26 brands. A spokesperson for Mumbai Indians said this expansion reflects a 20 per cent increase in sponsorship value. “As MI continues to grow into a global brand, our partnership portfolio continues to diversify every year. The mixed-bag of portfolio allows us to enhance fan experiences while also enabling brands to make a long-lasting impression in the minds of our fans and audiences across the world,” the company added. New brand partners that have come onboard include Skechers, Castrol, Goldi Solar, Cadbury Dairy Milk, Pokemon, BGMI Krafton and NIC Ice Creams among others.
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