For the first time in its history, the Indian Premier League (IPL) has experienced back-to-back drops in its ecosystem valuation. According to a recent report by D and P Advisory, the IPL’s value decreased from ₹92,500 crore in 2023 to ₹82,700 crore in 2024, marking a 10.6% decline. The downturn continued into 2025, with the valuation further dropping to ₹76,100 crore, an 8% reduction compared to the previous year.
In terms of US dollars, the IPL ecosystem was valued at $11.2 billion in 2023, which fell to $9.9 billion in 2024 and further to $8.8 billion in 2025. These numbers highlight a rare slowdown in the growth trajectory of one of the world’s most popular sports leagues.
Key Factors Behind the Decline
Two significant developments have contributed to this decline. Firstly, the consolidation of media rights following the merger of Disney Star and Viacom18 into JioStar has had a notable impact. By bringing television and digital rights under a single entity, the competitive bidding process that previously boosted media rights prices has been eliminated.
This consolidation has slowed the growth in media revenue, which historically has been a major driver of the league’s valuation. Secondly, the enactment of the Promotion & Regulation of Online Gaming Act 2025, which banned Real Money Gaming (RMG) advertising, has further affected the IPL’s financial ecosystem.
The removal of RMG advertising and sponsorships has cost the league approximately ₹1,500–2,000 crore annually, reducing broadcaster revenues, franchise partnerships, and fan engagement activities. These structural changes in revenue streams have directly influenced the drop in overall valuation.
Despite Challenges, IPL Remains Globally Dominant
Despite these hurdles, the IPL continues to hold its position as the most-watched cricket league worldwide, drawing over one billion viewers across television and digital platforms in 2025. Interestingly, digital viewership has overtaken television for the first time, reflecting a shift in how fans consume cricket content.
The league’s fundamentals remain strong, supported by robust audience engagement, regional language broadcasts, increasing adoption of connected TVs, and innovative interactive formats. While the valuation has seen a decline, the IPL’s popularity and reach demonstrate that it continues to be a dominant force in global cricket, with potential for recovery and growth in the coming years.
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