2024 T20 World Cup: How Does the ICC Make Money?
🔍Insights
The location and often poor quality of the cricket stadiums used for the Twenty20 Men's World Cup 2024, particularly in the United States, have already drawn criticism. The International Cricket Council (ICC) planned the Twenty20 World Cup 2024 in the United States and the West Indies to boost cricket in the United States, but the choice has been heavily questioned due to concerns over the quality of the venues and facilities. Regardless of their fruitless choice of host country, the ICC is still making money off of cricket because it is one of the most watched sports in the world. India is the largest market for cricket in terms of market size, viewership, sponsorships, and advertisements. As a result, last year at the ICC Annual Conference in Durban, South Africa, the governing body proposed a revenue model for the 2024–27 cycle that would see India receive nearly 40% of its event's share. An estimated $230 million would be distributed to the Indian board from the $600 million yearly pot for the next four years, while the exact amount was not specified by the ICC. This works out to about 38.5% of the ICC prize going to the BCCI.
T20 World Cup Schedule Designed Keeping India at Centre
India vs Pakistan Matches: The Biggest Money Minter for ICC
Sponsorships
Media Rights
Tickets and Merchandising Adding More to the Revenue
T20 World Cup Schedule Designed Keeping India at Centre
Being the revenue center of ICC, India enjoys the privilege of being a prime focus. The USA and West Indies are co-hosting the T20 World Cup right now, and games happen at different times of the day. In an interview with a well-known news outlet, West Indies Cricket Board (WICB) CEO Johnny Grave said that the schedule was made with the Indian time zone in mind because "majority of the revenue from ICC event comes from one market."
In addition, he discussed the many advantages for the West Indies and its associate nations of hosting important ICC events and the assurances offered to Windies players that they will not play international cricket during their busy schedules with the Indian Premier League and the Champions League. Only the top three nations have hosted the major men's events over the past eight years. Currently, the majority of the world's best cricketing nations are hosting ICC men's events. The T20 World Cup is being hosted by the United States and the West Indies, while the Champions Trophy will be hosted by Pakistan. Tri-nation India, Sri Lanka, and Bangladesh will co-host New Zealand and Australia later this year. The men's Cricket World Cup of 2027 will be co-hosted by South Africa, Zimbabwe, and Namibia. Africa will play home to the 2027 Men's Cricket World Cup, according to the International Cricket Council (ICC). This means a significantly larger number of members will get a portion of the host board's revenue compared to the last eight-year cycle. Before, the top three would keep the money they earned from their host broadcasters and use it to further their already substantial economic advantages in their home regions.
India vs Pakistan Matches: The Biggest Money Minter for ICC
Although many sports fans claim that the Ashes is the most profitable competition for the ICC, this is completely untrue. When two archrivals like India and Pakistan square off, it's guaranteed to be a great matchup for spectators and sponsors alike.
As a financial spectacle, these matches showcase the economic powerhouse they have become in the world of cricket, with figures approaching billions of dollars. At the Asia Cup in 2023, both teams played against each other, and the game was shown on TV after buying television rights worth about $100 million. The enormous significance of these matches was highlighted by the fact that a 10-second advertisement during the India vs. Pakistan match cost over INR 25-30 lakhs. As the tournament approached, rumors began circulating that the most expensive ticket to the Twenty20 World Cup 2024 match between Pakistan and India had risen to an astounding $22,000.
ICC reveal historic prize money for the Men's #T20WorldCup 🤩
— T20 World Cup (@T20WorldCup) June 3, 2024
Details ⬇️https://t.co/Y5w1U7Qf6D
Sponsorships
A wide range of sponsors, including worldwide sponsors, social media sponsors, and category-specific sponsors, are secured by the International Cricket Council (ICC) for their yearly events.
It is projected that each sponsor will give anywhere between $30 and $40 million to the ICC.
The logos and adverts of the sponsors are displayed prominently in a variety of spots throughout the stadium as well as on the ground.
Nitin Konde
Media Rights
A large fee is paid to the media for them to telecast ICC matches. The company then generates revenue through ad sales or partnerships with other businesses. Many companies have put a lot of money into getting media rights for the Indian market because most Indians love cricket. Fantastically, this could lead to even bigger revenues for them.
Advertising revenue for Disney Star, the official media rights holder for the ICC Men's T20 cricket World Cup this season, is projected to be about INR 1,600-1,800 crore, which is similar to what they made for the previous event in Australia two years ago. All signs point to the broadcaster's advertising roster reflecting the present Indian Premier League. Despite still being in the process of finalizing arrangements and having sold approximately 40% of its advertising spot inventory, Disney Star expects to attract big sponsors such as those seen in the BCCI-backed cricket competition IPL.
Nitin Konde
Tickets and Merchandising Adding More to the Revenue
Thanks to its worldwide fan base, the ICC World Cup has generated a tonne of money for brands. Beyond the cricket pitch, the tournament has a wide appeal, and fans are searching high and low for mementos that will allow them to cheer on their favorite teams and players. The World Cup has sparked a massive demand for items, which is great news for businesses, cricket fans, and the economy as a whole.
World Cup apparel gives fans a physical way to show their support and enthusiasm since they want to feel like they're a part of the event. Fans are lining up in droves to get their hands on official team jerseys and hats with emblems so they may proudly represent their team during games.
The fluttering of flags and banners is another trademark of the games. In a vibrant display of support, fans can be seen adorning stadiums, homes, and even cars with these icons of national pride and team love. There is a wide selection of flags sold by stores near stadiums, from huge national flags to smaller ones with team emblems.
FAQs
What are the revenue streams for the ICC T20 World Cup 2024?
The main revenue streams for the ICC T20 World Cup 2024 include sponsorship, Merchandising, ticket sales, and India Vs Pakistan Matches.
Who is the official media rights holder for the ICC Men's T20 Cricket World Cup 2024?
Disney Star is the official media rights holder for the ICC Men's T20 cricket World Cup this season.
What is the prize money for the winners of the ICC T20 World Cup?
The winners of the ICC T20 World Cup to get at least $2.45 million (INR 20.36 cr).
