IPL valuation dips to Rs 76,100 cr; Rs 16,400 cr loss over two years

The Indian Premier League (IPL) ecosystem has seen its value decline for the second year in a row, dropping from Rs 82,300 crore in 2023 to Rs 76,100 crore in 2025.

This 5.9% contraction, totaling a two-year loss of nearly Rs 16,400 crore, is highlighted in the latest D&P IPL Valuation Report 2025. The report calls this sustained downturn "a reset for the league's business model.”

JioStar merger, RMG ban hit revenues

According to the report, the slump stems from two structural shocks. “The collapse of rivalry in media rights and the exit of the IPL’s most aggressive sponsor category of RMG mark a reset for the league’s business model.”

The consolidation of media rights under JioStar has ended the competitive tension that once fuelled ‘auction fever’. Meanwhile, the sweeping ban on Real Money Gaming sponsorship has removed Rs 1,500- Rs 2,000 crore spend from the ecosystem, leaving a visible void across broadcaster revenues, franchise partnerships, and fan engagement activations. These twin shocks of rivalry in media rights and the exit of the IPL sponsor category for the league,” said the report.

The report highlights Dream11’s Rs 350 crore exit from the national jersey deal was the most visible sign of the broader retreat.

Fundamentals remain strong, but model shifts

Despite contraction D&P says fundamentals ‘remain resilient,’ citing over one billion viewers in 2024 with digital audiences surpassing TV for the first time. It projects the league’s next phase will rely on diversified sponsor bases (auto, fintech, healthcare, esports), new monetisation models (subscription bundles, regional packages, commerce integrations), and entry of global tech players like Netflix, Amazon and Apple to restore competitive tension in rights auctions.”

IPL franchisee brand rankings

D&P cautions that absolute franchise brand values can “mask the underlying reality” of India’s cricket economy because merchandise remains structurally underdeveloped (weak IP enforcement, counterfeit circulation, pricesensitive fans). Hence, the study emphasises relative brand rankings, a steadier barometer of franchise strength driven by fan equity, sponsor fit, and on-field performance, especially amid the exit of RMG sponsors and a second straight year of ecosystem-wide valuation decline. In this lens, Royal Challengers Bangalore (RCB), fresh off a maiden IPL title and uniquely positioned as only the second franchise to have won both IPL and WPL, “stand out” on the back of unmatched fan loyalty amplified by icons like Virat Kohli, and a visible shift from individual brilliance to collective strength. The report frames RCB’s 2025 profile as the year’s clearest example of franchise brand resilience and cultural influence despite commercial headwinds.

WPL steady at Rs 1,240 crore

The Women’s Premier League (WPL) ecosystem slipped modestly from Rs 1,250 crore in 2024 to Rs 1,240 crore in 2025, which D&P attributes to “a phase of consolidation after early exuberance.” Television ratings jumped about 30 % year-on-year and digital viewership nearly doubled during the opening game, making the WPL “one of India’s fastest-growing broadcast properties.” “The business of cricket is no longer driven only by what happens on the pitch, but equally by the platforms that deliver it and the policies that govern it,” said D&P’s Managing Partner Santosh N.