IPL media rights to plateau at $5.4 billion in 2028–32 cycle: MPA report

Introduction

For nearly two decades, the Indian Premier League has operated by one reliable rule: the next media rights deal will always be bigger than the last. That rule may be about to break.

A new report by Media Partners Asia titled 'The IPL — Teams, Rights and Valuations' has projected that IPL media rights for the 2028–32 cycle will remain flat at approximately $5.4 billion — the same level as the current 2023–27 deal. For a league that has seen its rights value grow nearly six-fold since its inaugural auction in 2008, this would mark a historic first — and a fundamental shift in the commercial trajectory of one of the world's most valuable sports properties.

For Indian marketers, brand managers, advertisers, and media professionals whose strategies are built around IPL's unmatched reach and engagement, this report is essential reading. The plateau is not just a broadcaster's problem. It signals a structural recalibration that will reshape how brands invest in cricket for years to come.

The big announcement

Media Partners Asia has released a comprehensive report forecasting that IPL media rights for the 2028–32 cycle will hold steady at around $5.4 billion in nominal terms — effectively ending a long and compounded period of rights value escalation that has defined the league since its launch.

The current 2023–27 cycle itself saw rights values nearly triple in a single auction — a dramatic jump that, as MPA notes, was not driven by a proportional improvement in the league's underlying commercial fundamentals. Instead, it was fuelled by intense competitive bidding between broadcasters, most notably the rivalry between Viacom18 and Disney Star.

That competitive dynamic no longer exists. The merger of Viacom18 and Disney to form JioHotstar has effectively removed the primary source of bidding tension that drove the sharp escalation in the last auction cycle. With a single dominant platform now controlling both broadcast and digital rights, the conditions for another aggressive bidding war have fundamentally changed.

The numbers beneath the headline figure tell an even more striking story. With the IPL expanding to a 94-match format, the value per match is projected to decline by approximately 13% — from $13.2 million to $11.5 million — as the league adds matches without a proportional increase in monetisation. This is the first time in IPL history that total media rights value is not expected to rise from one cycle to the next.

What this means for your brand

The IPL media rights plateau carries significant and wide-ranging implications for every stakeholder in India's sports marketing and advertising ecosystem.

For advertisers and brand managers, the most immediate question is pricing. IPL advertising inventory has historically commanded a premium justified by consistently rising viewership and an ever-expanding rights deal that signalled market confidence. A flat rights cycle changes that narrative. Brands that have been paying escalating rates for IPL spots may find themselves with stronger negotiating leverage in the next cycle — particularly as the advertiser base has already narrowed due to regulatory changes restricting crypto advertising and the exit of major spenders from ed-tech and real-money gaming categories.

For franchise-dependent brands and sponsors, the report's warning about franchise economics deserves careful attention. Central media revenues now account for 75% of total franchise income — up from 48% in 2017. A stagnation in rights values directly compresses franchise revenues, which in turn affects their capacity to invest in sponsorship activation, fan engagement, and brand partnership programmes. Sponsors building long-term association strategies around IPL franchises should factor this concentration risk into their planning.

For emerging sectors like artificial intelligence, fintech, and direct-to-consumer brands that have been increasing their IPL advertising presence, the slowdown in the broader advertiser base actually presents an opportunity. With fewer legacy category spenders competing for inventory, newer brands may find IPL advertising more accessible and more impactful than in previous cycles.

Expert take

The MPA report does not just describe a cyclical dip — it identifies a structural challenge at the heart of the IPL's commercial model.

Despite record-breaking digital viewership — including over 70 million concurrent users during the ICC T20 World Cup final — streaming revenues have not kept pace with the soaring costs of acquiring rights. Media rights holders are expected to incur cumulative losses of between $1.8 billion and $2.0 billion over the current cycle, reflecting the fundamental strain in the streaming business model as it applies to premium live sports.

Advertising revenue growth has also slowed sharply. Over the past three seasons, ad revenues grew at a 7% compound annual rate — a significant deceleration from the 18% growth recorded in the previous cycle.

Mihir Shah, Vice President — India at MPA, framed the structural shift with clarity, describing the 2028 rights reset not as a temporary correction but as the beginning of a phase where value creation will depend far more on non-media revenues including sponsorship, international expansion, and digital monetisation. He also cautioned that investors pricing franchises on current earnings multiples must account for both the cyclical headwinds and the concentration risk embedded in the current revenue model.

The brands.in perspective

The IPL has long been treated by Indian brands as a guaranteed high-reach, high-impact media vehicle — a safe bet in an uncertain advertising landscape. The MPA report is a reminder that no media property, however dominant, is immune to structural economic forces. The real story here is not that the IPL is in trouble — it absolutely is not. It remains the most powerful sports media property in Asia and one of the most valuable in the world. The real story is that the easy growth phase is over. For brands, broadcasters, and franchise investors, the next chapter of IPL will reward those who think strategically about non-media value creation, audience monetisation, and long-term ecosystem building rather than those simply riding the wave of rights escalation. The smart money is already repositioning. Is yours?

Key takeaways for marketers

• IPL media rights for 2028–32 projected to remain flat at $5.4 billion, marking the first cycle without growth in league history
• JioHotstar merger removes the competitive bidding tension that drove the previous cycle's near-tripling of rights values
• Value per match set to decline 13% as the IPL expands to 94 matches without proportional monetisation growth
• Media rights holders expected to incur cumulative losses of $1.8–2.0 billion over the current 2023–27 cycle
• Non-media revenues including sponsorship, international expansion, and digital monetisation will drive future value creation

Frequently asked questions

Why are IPL media rights expected to remain flat in the 2028–32 cycle? The primary driver is the removal of competitive tension in the bidding process following the merger of Viacom18 and Disney into JioHotstar. With a single dominant platform now controlling broadcast and digital rights, the conditions for aggressive competitive bidding that drove previous escalations no longer exist.

How does the IPL media rights plateau affect franchise economics? Central media revenues currently account for 75% of total franchise income. A stagnation in rights values directly impacts franchise revenues and earnings, raising concerns about franchise valuations and the financial stability of teams that are heavily dependent on centrally pooled media distributions.

What opportunities does this shift create for Indian advertisers and brands? A flat rights cycle may give brands stronger negotiating leverage on IPL advertising inventory. With the advertiser base having narrowed due to regulatory changes, emerging sectors including AI, fintech, and direct-to-consumer brands may find IPL advertising more accessible and competitively priced in the next cycle than in previous years.

Stay ahead of the curve

The economics of Indian sports media are entering a genuinely new and complex phase — and the brands, agencies, and investors who understand the structural forces at play will make smarter decisions than those still operating on yesterday's assumptions.

Are you tracking how the evolving IPL media landscape will reshape brand investment strategies in Indian cricket? Follow brands.in for daily brand intelligence, media industry analysis, and the insights that keep you ahead of the curve. Do you think Indian brands should diversify their sports marketing investment beyond IPL in anticipation of this structural shift? Share your perspective in the comments below.