File photo of Abhishek Sharma in action during the 5th T20 Match between India and England held in Mumbai.
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EMMANUAL YOGINI
India’s sports economy revenues stood at ₹16,633 crore in 2024, up 6 per cent compared to 2023, with cricket remaining the dominant sport contributing nearly 85 per cent, a report released by GroupM ESP noted. The overall Indian sports market is inching towards $2 billion and has seen a 7x growth since 2008. The sports industry’s revenues include sponsorships, athlete endorsements and media spends.
GroupM ESP is the entertainment and sports division of GroupM India.
The 12th edition of the ‘Sporting Nation’ report stated that sports sponsorship spends stood at ₹7,421 crore in 2024 with an incremental growth of only 1 per cent over 2023. With total spends of ₹5,610 crore, cricket contributed 76 per cent to the overall value. The report attributed the incremental growth to the lesser number of matches played by the Indian cricket team (44 matches in 2024 vs 64 matches in 2023). Also, both the International Cricket Council (ICC) and the Indian Premier League (IPL) saw the commencement of new sponsorship cycles for their respective schedules reflecting consolidation. Despite fewer matches and evolving formats, the market remained steady, reflecting the strong commercial foundation of Indian sports, the report noted.
Cricket’s contribution to sports sponsorship spending was pegged at 76 per cent. In an Olympics year, sponsorship spends in emerging sports also saw a healthy growth of 19 per cent to ₹1,811 crore y-o-y in 2024.
Big bets on individual icons
The total athlete endorsement spends crossed ₹1,000 crore for the first time in 2024, reaching 1,224 crore – up 32 per cent over 2023.
Vinit Karnik, Managing Director, Content, Entertainment & Sports, GroupM India, said, “The Indian sports economy has firmly established itself as a high-growth sector, surging 7x since 2008 to near the $2 billion mark. While traditional powerhouses continue to drive momentum, the real story lies in the rise of emerging sports, athlete-driven brand value, and digital explosion, which alone saw a 25 per cent jump in media spends. The record-breaking ₹1,224 crore in athlete endorsements signals a shift—brands are betting big on individual icons across sports. As we enter a new era of engagement, innovation will be key in unlocking the next wave of commercial success in Indian sports.”
Karnik said that the rise in athlete endorsement was driven not just by cricket, but also by icons like Neeraj Chopra, PV Sindhu, and Manu Bhaker, with a 46 per cent increase in non-cricket endorsements.
Meanwhile, media spends on sports stood at ₹7,989 crore in 2024 – up 7 per cent y-o-y. Digital media spend saw a robust growth of 25 per cent over 2023.
Published on April 1, 2025