Cricket is the second most popular sport in the world after soccer, with more than 2 billion followers spread across multiple countries and time-zones. Just like any other sport, cricket has seen the transition from a one-format sport to multi-format sport with T20 as the recent addition. Due to the increased popularity of T20 Cricket, we have witnessed the birth of a multitude of T20 leagues around the world as it brings corporations, sports lovers, players, media, and more stakeholders with different value propositions, under a single economic framework.
IPL is one of the most followed and high lucrative sports league in the world. There are ten different teams involved in the league with players who were auctioned by the biggest brands across the globe. The cumulative valuation of these teams is over $10 billion as of 2022 and rising year over year. The introduction of the Indian Premier League has spurred the market size of cricket as there is an exponential interest among brands, viewers, players, and other allied sections.
According to Forbes, IPL 2021 has attracted more than 60 million viewers through television and live streaming. The media rights of IPL were recently sold to Disney Star, Viacom18, and Times Internet for an impressive INR 48,000 crores between 2023 and 2027.
As per The Blockchain Game Alliance, the blockchain NFT games have clocked revenue of more than $2.3 billion in the third quarter of 2021 alone. The recent DappRadar report highlights that investments in blockchain gaming have crossed the $2.5 billion-mark in Q1 2022 alone. The investments received by these games and the movement of stakeholders into the Web3 gaming space from the traditional gaming ecosystems reaffirm the potential of this space.
Online Fantasy Sports
According to Quadintel, In 2021, the global Online Fantasy Sports market size was $22.9 billion and is projected to grow to $66.9 billion by 2030 at a CAGR of 14.9%.
In India alone, there are more than 100 million users and the industry is expected to reach $2.5 billion in 2022 and will continue to grow at a CAGR of 32%, according to a FICCI-EY report.
Factors pushing growth in this sector include affordable and reliable high-speed internet accessibility, increased smartphone ownership, trust in online payments, and search for alternative sources of income.
A report by Newzoo found that there are more than 3.09 billion gamers globally, making the gaming market of a $203.1 billion industry in 2022. Of this, mobile gaming accounts for $103.5 billion, followed by console gaming at $58.6 billion.
According to Mordor Intelligence, India is home to about 220 million mobile gamers, who spend, on an average, 42 minutes per day in gaming. The overall Indian gaming market is valued at $1.02 billion in 2020 and will grow to $4.88 billion at a CAGR of 20.83% by 2026.
The COVID-19 pandemic, along with affordable internet and smartphone penetration has played an important role in driving gaming in India and globally.