Economic and Indian Cricket Premier League
In the mid-1800s, cricket was introduced to India. However, India played its first serious test match in 1932 against England (Astill, 2013). After that, the Indian national team took part in competitive international matches against teams such as Pakistan, which they beat in various occasions. Even though the sport deteriorated during the 1960s, it picked up again in the 1990s. The Indian Cricket League was later established at the beginning of the 21st century. Moreover, this format attracted more people to the field than it has ever been witnessed (Rumford, 2013). The Indian Cricket League reshaped, restructure, reinvigorated, and redefined the manner in which business has been conducted in India. However, through an extensive exploration of the cricket fanaticism in India, it is likely that if the league was not structured today it would have happened in future.
Currently, the Indian Premier League is not just viewed as a cricketing extravaganza, rather a framework through which money is mined from various angles and high risks are captured as well. The framework has corporatized cricket in a distinct manner. The Republic of India has dominated it both as a sport and a business module. The following factors are considered to have peddled the India premier league to its current multi-billion industry status. First, the India premier league has experienced exhaustive marketing on all platforms including social media. In 2014, the India premier league became the first sport to be ever broadcasted live on YouTube. The high internet accessibility in India implies that many Indians were able to stream it live. This eventually makes the sport unattractive and fans are not ready to pay to watch these games.
Therefore, strict policies were put in place as a means of countering the device, which has helped it experience the exponential development. Fourth, the India premier league adapted a global image. Apart from its domestic base, the India premier league allows players from different countries to participate in it. This encourages international fans who are interested in the performance of their players ("An Analytical Study of Red Ocean and Blue Ocean Strategy with Special Reference to Indian Premier League Twenty-20 Cricket", 2016). This is because using non-skilled umpires will result in numerous errors, thereby making matches unattractive and boring. Second, the India premier league helps teams to get funds that are used to develop area infrastructures and the cricket pitches. Attractive cricket pitches are likely to attract more fans.
On the contrary, unattractive pitches put off people that are interested to go and watch a game. Therefore, the management ensures that only high-quality cricket pitches are the only ones used in sport. Therefore, the players are able to explore high-class techniques when playing a competitive game. Good skills are usually attractive to fans and that is why they are always willing to pay high rates to watch their best player take part in a particular game (Astill, 2013). These training facilities are also used to nurture young talents and sharpen them to become competitive players. Every team participating in the India premier league is required to have these facilities so that no to embarrass themselves and lower the prospects of the league.
Equally, the India premier league makes sure that all teams are aware of the changes in the training techniques so that they can adopt the most efficient and lethal methods. Equally, the image portrayed by these girls is that of a classy, quality, trending, and dynamic item that should be tried by every member of the society. Naturally, people get emotionally attached to good things and are likely to pursue it. Third, the India premier league management team ensures that it sets affordable rates that are attractive and affordable to their clients. The fees charged at the gets are usually decided by the India premier league managers so that to ensure clients are not overcharged (Astill, 2013). Therefore, it is regarded as a league that cares for its supporters because it ensures their needs are met within price ranges that are easily available to them.
First, is through the auction of broadcasting rights where different media houses are given an opportunity to bid and the best company is allowed to show live pictures of the matches. On 15th January 2008, Sony Entertainment and world sport were given the rights to air the live events of the India premier league. The contract was supposed to exist for 10 years before it expired. The cost of this agreement and sale of rights was recorded to cost US $1. 026 billion. According to the report published by the Board of Control for Cricket in India, the India premier is estimated to generate an annual income of US$1. 6 billion from sponsor spread over a ten year period. Forty percent of this amount is always kept in the central basket, fifty-four percent of it is shared among all the franchises, and six percent is treated as prize money (Vivek, 2018).
In the report, the Board of Control for Cricket in India stated that after 2017, the sharing structure will change whereby fifty percent of the income from sponsors will be channeled to a common pool, the franchises will share forty-five percent, and five percent will be treated as prize money (Vivek, 2018). Third, each team in the India Premier League has its own set of sponsors that are dedicated and committed towards the wellbeing of the team. Equally, based on the data provided by the KPMG Sports Advisory Group, the overall financial output of the India premier league was $418 (Astill, 2013). Furthermore, the report showed that the India premier league contributed $74. 87 million to the UAE economy in 2014 when the more than 15 matches were played there (Rumford, 2013).
Therefore, it is evident that ticket sales do not form the bulk of the India premier league contribution to the economy. Other benefits that came up since the India premier league started to include the following; the increased employment in different areas of the economy, growth, and expansion of the tourism industry, enhanced participation in various sports including cricket, and exhaustive communication channels and modes of transportation. Conclusion The India Premier League has immensely contributed to the growth of India’s GDP. The various sources of incomes used by the India Premier League have helped it to get huge incomes annually. Equally, it is evident that the India Premier League continues to attract more viewers and sponsors. References An Analytical Study of Red Ocean and Blue Ocean Strategy with Special Reference to Indian Premier League Twenty-20 Cricket.
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