Gujarat Titans locks sponsors for IPL 2024, says not far away from break even
Gujarat Titans, a relatively young franchise in the Indian Premier League (IPL), is already gearing up for the upcoming 2024 season. The team is actively securing sponsorships and has ambitious plans to double its fanbase. Here are the key developments:
1. Sponsorship Preparation: Gujarat Titans is diligently preparing for the 2024 IPL season. The franchise has made significant progress in locking in sponsors for various jersey properties.
2. Jersey Sponsorships: Out of the 10 jersey sponsorship slots, the team has successfully finalized brands for seven properties. These properties include the front helmet and lead arm, among others.
3. Revenue Growth: The team’s leadership anticipates higher sponsorship revenue for the upcoming season in 2024. Notably, there has been consistent growth in sponsorship revenues from the team’s first season to the most recent one, with a 37 percent increase.
4. Retention and New Sponsors: Gujarat Titans has managed to retain sponsors for seven out of the 10 available slots, and these renewals are at enhanced prices. Furthermore, the team has also brought on board new partners for sponsorship. It’s important to note that these sponsorships cover kit properties.
5. Expanding Sponsorship Portfolio: In addition to kit sponsors, there are other official sponsors associated with the team. Many of these official sponsors are expected to continue their partnerships with the franchise.
The proactive approach in securing sponsorships and the ambitious goal of doubling the fanbase demonstrate Gujarat Titans’ commitment to its growth and success in the IPL. These developments are indicative of the ever-growing popularity and commercial appeal of the IPL as a premier cricket league in India.
Gujarat Titans, which joined the Indian Premier League (IPL) in 2022, has shown promising financial growth and aims to further enhance its performance and revenue streams. Here are the key points highlighting the team’s financial progress and strategies:
1. Entry into IPL: Gujarat Titans became part of the IPL in 2022 when the league expanded by adding two new teams. The franchise was acquired by French private equity firm CVC Capital for a significant sum of Rs 5,625 crore.
2. Revenue Growth: The franchise reported substantial revenue growth in 2023, with a 38 percent increase compared to the previous year (2022). This impressive financial performance has positioned the team favorably in comparison to the other nine IPL franchises.
3. Revenue Streams: Revenue for IPL franchises typically comes from various sources, including a share of central revenue distributed by the Board of Control for Cricket in India (BCCI). The BCCI distributes 50 percent of central revenue to franchises, with 45 percent allocated equitably and 5 percent based on league standards. Additionally, sponsorship and ticketing revenue contribute significantly to a team’s financial health.
4. Path to Breaking Even: Despite substantial expenses such as franchise fees and player and operational costs, Gujarat Titans is optimistic about its financial outlook. The team is approaching a point where it can break even, thanks to a combination of revenue streams and prudent financial management.
5. Significant Ticketing Revenue: In 2023, Gujarat Titans had the opportunity to play in both home and away formats, with matches taking place at one of the largest stadiums, the Narendra Modi Stadium in Ahmedabad. While ticketing revenue typically constitutes about 20 percent of overall revenues for most IPL teams, it accounted for approximately 40 percent of Gujarat Titans’ revenue in 2023.
6. Future Plans: The franchise is focused on leveraging its learnings from the previous season and initiating off-season activities. These activities will be directed toward the team’s target audience, and the franchise plans to be active around the Navratri festival, aligning with regional and cultural events to further engage with fans and bolster its financial prospects.
Gujarat Titans’ financial progress and strategies reflect the lucrative and dynamic nature of the IPL as one of the world’s premier cricket leagues. The franchise’s efforts to maximize revenue streams and engage with fans highlight its commitment to long-term success within the league.
Gujarat Titans is actively working on expanding its fanbase and enhancing its presence within the Indian Premier League (IPL). The franchise has set ambitious goals and implemented strategies to achieve these objectives:
1. Doubling Fanbase: Gujarat Titans has set the target of doubling its fanbase in the coming year. This goal follows a remarkable 250 percent increase in the team’s fanbase from its first year to the second. The franchise has introduced initiatives like offering shuttle services to the cricket stadium in Ahmedabad, making it more convenient for fans to attend matches. These efforts have changed the perception that watching a live game in the stadium is too cumbersome, particularly for their target audience.
2. Gaining Popularity: The franchise has gained significant popularity and is now the second most favorite team among the public, according to their data. Their television ratings (Television Rating Points or TRPs) are also impressive, ranking second in each of the top 5 regions for IPL viewership.
3. Digital Engagement: Gujarat Titans has been actively engaging with fans through its mobile app, which has achieved nearly a million downloads in just one year. This digital platform serves as a valuable tool for fan interaction and engagement.
4. Player Development: In addition to expanding its fanbase and improving business aspects, the franchise is also focused on enhancing the capabilities of its players. The process of player retention for the upcoming season is in progress, with trials and efforts to enhance the cricketing team’s capabilities.
Gujarat Titans’ comprehensive approach demonstrates its dedication to achieving success in the IPL not only in terms of revenue and sponsorship but also by cultivating a passionate and loyal fanbase. These endeavors align with the franchise’s aim to continue making a significant impact in the world of Indian cricket.
