On June 14, BCCI announced the results of the IPL media rights auction for the next five years. The winning bid of Rs 23,758 crore was made by Reliance Industries, Bodhi Tree, and Paramount-backed Viacom 18. Additionally, it has secured worldwide media rights for the wealthy league. IPL rights for the nations of Australia, New Zealand, Singapore, the Caribbean, South Africa, Sub-Saharan Africa, the United Kingdom, Ireland, and continental Europe are held by Viacom18.
A new streaming service will offer LIVE coverage of the 16th season of the Indian Premier League (IPL 2023). In 2023, Viacom18 will introduce a new streaming service that will feature the IPL LIVE. According to Paramount Global Chief Robert Bob Bakish, the Indian Joint Venture would introduce both the new streaming service and the D2C platform, Paramount+.
Quoted from Bob Bakish about the IPL streaming in the company’s Q2 earnings call, “So, IPL i.e., India cricket. The deal that was done by our joint venture in India, Viacom18. Their intent and I don’t really leave it to the joint venture, which, by the way, our other partners, Reliance, to speak to that, and they haven’t spoken to it much. But what they have said is it’s – we obviously have the streaming rights there. It’s going to be part of a streaming offering for the Indian market, that Viacom18 is going to launch in 2023.”
Paramount chief also believes cricket will be the most significant part of the new streaming platform, ready to be launched in 2023. Also benefitting Paramount+ in the process. “And so, it will be a real engine for streaming and then Paramount+ will benefit by being part of that, even though we’re not directly investing on an O&O basis, we’re obviously part of the joint venture.”
BCCI earned 48,390 crore rupees in total for the IPL media rights from 2023-2027. The media rights were sold in 4 categories.
Details are as follows:
Package A: Sold to Disney Star for 23,575 Cr
Package B: Viacom bagged the package for 20,500 Cr
Package C: Viacom got this NON-EXCLUSIVE packages for Rs 3,273 Cr
Package D: Overseas TV and Digital Rights are shared by Viacom18 and Times Internet for Rs 1324 crore. Viacom18 won the rights of AUS, SA, and UK territories, while Times Internet bagged MENA & US sectors.
