The Indian Premier League’s (IPL) media rights story, long defined by exponential growth, may be entering a phase of stabilisation. According to a recent Media Partners Asia (MPA) report titled The IPL – Teams, Rights & Valuations, the 2028–32 media rights cycle is expected to remain flat at $5.4 billion-the same valuation as the current 2023–27 cycle.
This projection marks a significant shift from the league’s two-decade trajectory of compounding growth, during which media rights revenues have expanded nearly six-fold since 2008. While the total valuation may hold steady, the report highlights a likely decline in per-match value, driven by an increase in the number of matches.
One of the key factors behind this plateau is reduced competitive intensity in bidding, following the consolidation of major broadcasters like Viacom18 and Disney’s India business. This has tempered the aggressive pricing dynamics seen in previous cycles.
Additionally, rights holders are expected to incur cumulative losses of $1.8–2 billion in the current cycle, indicating growing pressure on profitability. Slowing advertising growth, coupled with macroeconomic challenges and sectoral exits, has further impacted revenue potential. Although digital viewership continues to rise, the gap between streaming revenues and associated costs remains a concern.
The report also underscores a structural risk for franchises, with media rights now contributing nearly 75% of their revenues, up from 48% in 2017. As valuations stabilise, the focus is expected to shift towards strengthening non-media revenue streams such as sponsorships, global expansion, and digital monetisation to sustain long-term growth.
