Top global brands are set to splurge millions for a glimpse of their names during the ICC Cricket World Cup 2023 in India with a 10-second advertising slot during matches costing up to INR3 million, or roughly $36,000, reported Bloomberg on Thursday.
Among the brands vying for airtime and visibility include Coca-Cola Co., Alphabet Inc.‘s Google Pay and Unilever Plc’s India unit, Hindustan Unilever Ltd, added the report.
Other companies such as Saudi Aramco, Emirates and Nissan Motor Co. are among the ICC’s list of official partners, the report said.
India’s obsession with cricket peaks with home World Cup
This is a 40% increase from the prices in the last World Cup in 2019, Jehil Thakkar, a partner at Deloitte India, said. “Demand for eyeballs is really strong,” Thakkar was quoted as saying by Bloomberg.
Brands are likely to spend about INR20 billion ($240 million) in advertisement spots on streaming platforms during the tournament, Thakkar estimated.
Cricket is by far the most popular sport in India, and attracts more than $1.5 billion in sponsorship and media spend a year, according to research from Jefferies, representing 85% of all such sports-related spending, the Bloomberg report said.
Amid an economic slowdown in China and its geopolitical tensions with Western economies, India’s burgeoning consumer market is emerging as a likely springboard for global companies looking for growth.
The South Asian nation is expected to drive a fifth of world economic expansion in the next decade and become a $10 trillion economy by 2035, added Bloomberg.
According to a report released in July by Deloitte Insights, the country has been enjoying a “Goldilocks moment” as it sees its “economic activity gaining momentum amid continuing global uncertainties,” and falling inflation rates.
The Indian economy is projected grow between 6% and 6.3% in FY2023–24 and have a stronger outlook thereafter. If global uncertainties recede, growth is expected to surpass 7% over the next two years, added Deloitte.
India records strong 7.2% annual growth, among fastest-expanding major economies
The roster of brands on display at the World Cup demonstrate a shift back to more traditional sectors such as consumer goods, automobiles and phones, added Bloomberg, as education technology and online betting companies that were once major sponsors cut back on spending amid debt and regulatory concerns.
The World Cup began in India today, and will go on until November 19. All 48 matches of the World Cup will be held across 10 venues including Mumbai, Lucknow Dharamshala, Hyderabad, Kolkata, Pune, Delhi, Chennai, and Bengaluru
Cricket’s flagship tournament is being hosted by India for the fourth time and will also witness a clash with arch-rival Pakistan on October 14.
‘It’s like we’re at home’: Pakistan’s Babar Azam surprised by Indian welcome
Earlier this year, it was reported that Indian billionaire Mukesh Ambani’s JioCinema had become popular for showing the IPL cricket tournament on its platform for free in the ongoing season.
Viacom18 – Reliance’s telecommunication arm – won IPL’s digital streaming rights from 2023 to 2027 for around $2.9 billion, rights which Disney previously held.
Indian billionaire Ambani’s JioCinema unveils pricing in fight with Netflix, Disney