Getting tickets for the ICC ODI Cricket World Cup 2023 is a bit like trying to catch a shooting star – it’s not easy and can be quite expensive, especially for big games like India vs. Pakistan. But beyond the excitement of full stadiums and thrilling cricket, this tournament has a big impact on India’s economy. The Bank of Baroda, a major financial institution, has made an impressive estimate, saying that the ICC Cricket World Cup 2023 will bring in a whopping $2.6 billion (around Rs 22,000 crore) for India’s economy. Let’s take a closer look at how this cricket event boosts economic growth.
Cricket World Cup 2023: Discover the Earnings Estimate for BCCI from the Tournament
The Economic Impact
Television Rights
One of the main ways the ICC ODI World Cup 2023 makes money is by selling TV rights. Bank of Baroda predicts this could bring in a significant Rs 12,000 crore. India’s love for cricket leads to a high demand for broadcast rights, making it a major contributor to the tournament’s financial success.
Screenings & Food Deliveries
The excitement of the World Cup isn’t confined to the stadiums. Viewing parties and food deliveries saw a huge surge during the tournament. Bank of Baroda estimates this segment could contribute a substantial Rs 5,000 crore, reflecting the passion of cricket fans across the nation.
Ticket Sales
Ticket sales are another important source of revenue. While getting tickets for popular matches can be challenging, it brings in a significant amount of money. Bank of Baroda’s prediction suggests ticket sales could generate around Rs 2,000 crore in total earnings.
Merchandise, Travel, and Event Management
The World Cup also boosts the travel, merchandise, and event management industries. Cricket fans flock to host cities, creating a demand for travel services and merchandise. According to Bank of Baroda’s estimates, this segment is expected to contribute Rs 3,000 crore to the overall revenue.
Total Revenue
When we add up these revenue sources, the total economic impact of the ICC ODI World Cup 2023 on India’s economy is a massive Rs 22,000 crore. This figure highlights the tournament’s significant financial importance.
The ICC Men’s Cricket World Cup, taking place from October 5 to November 19, 2023, is set to generate an impressive $150 million (about Rs 1,250 crore) in sponsorship revenue. The global reach and appeal of the tournament are evident as India is expected to surpass the 552 million total viewership recorded during the 2019 World Cup. It’s astonishing to see global giants investing at a rate of $3,600 per second in this cricketing spectacle.
Bank of Baroda’s economic experts have provided conservative estimates, suggesting that TV rights and sponsorship revenue could range from Rs 10,500 crore to Rs 12,000 crore. This reflects the world’s fascination with cricket and the significant financial stakes involved.
Furthermore, ticketing revenue for the 2019 World Cup reached an impressive 50 million Great British Pounds, marking a staggering 75% increase from the 2015 edition. This trend showcases the consistent growth in the tournament’s economic impact over the years.
When we look at the financial details of the tournament, it’s clear that the Board of Control for Cricket in India (BCCI) is going to benefit a lot. BCCI is going to get around 40% of the ICC’s annual net earnings from 2024 to 2027. That’s a significant $230 million per year for four years, which is an impressive 38.5% share of the ICC’s expected yearly earnings of $600 million. This sharing of revenue considers different factors like the history of cricket, team performance, how much money they contribute, and their full membership status.
The impact of the World Cup goes beyond just the cricket matches. Hosting the tournament in 10 cities has led to a big increase in airline ticket sales, higher demand for hotels, and a boost in businesses in the informal sector. There’s even a chance that we might see a small increase in inflation, somewhere between 0.15% to 0.25%, during the months of October and November.