The ICC Cricket World Cup 2023 sparks an economic boom with mega matches and estimated billion-dollar revenues.
ICC Men's Cricket World Cup 2023: As the Cricket World Cup 2023 steals the show, scoring tickets is like trying to catch a shooting star—they vanish as soon as they appear, and the costs are sky-high, especially for blockbusters like India vs. Pakistan. But it's not just about filling the stadiums; we're talking big money in sponsorships and media rights, raking in hundreds of crores.
Bank of Baroda predicts that ICC cricket world cup 2023 will add-up $2.6 billion or Rs 22,000 crore to India's economy. Now, let's take a look into at the numbers game.
The ICC Men’s Cricket World Cup, kicking off on October 5 and ending on November 19, is set to pocket a cool $150 million (around Rs 1,250 crore) in sponsorship revenue. Hold your breath—the total Indian viewership is expected to surpass the 552 million from the 2019 World Cup. And guess what? Global giants are throwing $3,600 per second at the Cricket World Cup.
Bank of Baroda's economic wizards are playing it safe, estimating a Rs 10,500 crore to Rs 12,000 crore in TV rights and sponsorship revenue. In the 2019 World Cup, ticketing revenue hit 50 million Great British Pounds, a staggering 75% jump from the 2015 edition.
It is not just about the games but also about the impact on India's economy. With the World Cup hosting in 10 cities there is a surge in airline tickets, hotel rents, and a boost in the informal sector. Economists at Bank of Baroda are even predicting a 0.15-0.25% inflation nudge during October and November.
Breaking down the financial dance, BCCI, the cricket aristocracy, is walking away with the lion’s share—about 40% of ICC’s annual net earnings from 2024 to 2027. Imagine a sweet $230 million per year for four years, a generous 38.5% slice of ICC's projected annual earnings of $600 million. This revenue-sharing tango considers cricket history, team performance, revenue contributions, and full membership status.
To cap it off, between FY18 and FY22, the BCCI juggernaut hauled in a jaw-dropping Rs 27,411 crore in revenue. Now that’s not just cricket; that’s a financial blockbuster.
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