IPL ecosystem valuation declines 8% despite increased viewership YoY: Report

The 2025 season of the Indian Premier League (IPL) drew over one billion viewers across TV and digital platforms, with digital audiences surpassing television for the first time. The Women's Premier League (WPL), in its third season, saw television ratings jump by around 150% year-on-year and digital viewership rise by about 70% in its opening game. Despite these audience gains, a new report by D & P Advisory shows that the IPL and WPL ecosystems have recorded declines in their valuations, reflecting structural and regulatory challenges.

According to the report, the IPL ecosystem has now seen two consecutive years of valuation decline, falling from Rs 92,500 crore in 2023 to Rs 82,700 crore in 2024 (10.6% drop), and further to Rs 76,100 crore in 2025 (8% drop), equivalent to $8.8 billion. Analysts attribute the drop to two main factors: consolidation of media rights and regulatory restrictions on real-money gaming (RMG).

The first decline occurred after the Disney Star-Viacom18 merger in 2024, which consolidated IPL broadcast and digital rights under JioStar, ending the competitive bidding that had previously driven up rights fees. The sharper 2025 decline followed the Promotion & Regulation of Online Gaming Act 2025, which banned money-game advertising, removing a major revenue stream that had contributed Rs 1,500-2,000 crore annually. Notably, Dreams exited the national jersey deal with Rs 358 crore, reflecting the broader impact of this regulatory change.

Despite these setbacks, Santosh N, Managing Partner at D & P Advisory, said the IPL’s future growth will rely on diversified sponsor bases (including auto, fintech, healthcare, and esports), new monetisation models such as subscription bundles and commerce integrations, and the entry of global tech players like Netflix, Amazon, and Apple to restore competition in rights auctions.

The WPL ecosystem also recorded a decline, falling from Rs 1,350 crore in 2024 to Rs 1,275 crore in 2025 (5.6% drop), or $148 million (7.5% decline in USD terms). Headwinds affecting WPL mirror those of the IPL, including media consolidation and the RMG ban, which are expected to impact sponsorship inflows.

Santosh N highlighted the WPL’s focus on community-driven campaigns, digital engagement, and promoting inclusivity, representation, and empowerment for women athletes, creating pathways for sustainable careers.

The report emphasises that while scale and reach remain strong, the revenue architecture for both leagues is shifting. Platform consolidation and regulatory interventions are changing the economics of cricket, forcing leagues to re-engineer revenue streams and diversify sponsor bases.

Satyam Trivedi, CEO of GMR Sports, and James Howlett, representing Emerging Media Ventures (owners of Rajasthan Royals), provided insights on franchise ownership models, media and sponsorship landscapes, and the rise of women’s cricket.

The report concludes that the next decade for cricket in India will be about building resilience in the platform economy, where audience engagement, technology, and policy will determine cultural and economic impact beyond on-field performance.