A recent report released by ESP Properties revealed that the team sponsorships had breached 500 crore mark in the Indian Premier League 2020. Despite a reduction in sports sponsorships and revenue due to the pandemic, IPL has managed to create a niche for itself and provided the brands with a platform to connect with the audience.
In 2020, ESP properties have helped multiple brands in different categories to complete deals in IPL. There was a wide array of brands such as Paytm, Colgate, Myntra, Lifebuoy, Cadbury Dairy Milk, Clear Shampoo, Acko Insurance, MPL, Center Fruit, and Tata Tea that have invested in sponsorship deals.
IPL is one of the most lucrative pathways for investors to get global exposure. Various brands tend to spend more on advertising revenues in the IPL season by signing up with celebrity endorsers. Since IPL is a highly anticipated and most-watched sports league in India, brands manage to reach out to the target audience.
Courtesy of the pandemic, there were speculations that the teams would find it difficult to secure lucrative sponsorship deals. Although there is a drop of 25-30% in the sponsorship revenues, teams have been successful in finding an adequate amount of deals.
Mumbai Indians and Delhi Capitals are reportedly expected to match last year’s sponsorship income and may even end up at a higher value by the end of the season. Most of the brands have adopted a multi-team sponsorship approach rather than single team sponsorship this season. This approach offers them more brand visibility on the screen and ground.