India's sports industry boasts 11% growth, ₹15,000 crore revenue in 2023: GroupM

India's sports industry witnessed an 11% growth in 2023, raking in revenue worth ₹15,000 crore, as per a GroupM report. Cricket, of course, takes the lion's share. GroupM’s Head of Sports Vinit Karnik spoke to Network18 about the key factors aiding the sports economy.

Karnik emphasised the significance of examining beyond sponsorship, highlighting the substantial gains in broadcast and streaming revenues. He pointed out that the previous rights cycle garnered ₹16,400 crore over five years, while the current cycle is poised to reach approximately ₹48,000 to ₹49,000 crore—a significant increase.

This doubling of ground revenues correlates with a parallel increase in media spending. Karnik underscored the remarkable growth in digital advertising, which soared by 40% last year, indicative of the evolving digital landscape and its intersection with the sports domain.