Published by: Anand Singha
Global companies are spending millions on Cricket World Cup ads in India to tap into its 1.4 billion cricket-crazy population.
India is hosting the tournament which began on Oct. 5, guaranteeing sponsors over a billion viewers worldwide.
Foreign brands are particularly interested in India's consumer market, who is the biggest prize, said Madan Sabnavis, chief economist at Bank of Baroda, reported Business Standard.
Estimated spending on streaming platform ads during the tournament is around Rs 2,000 crore ($240 million), estimates Jehil Thakkar, a partner at Deloitte India, as per Business Standard.
A 10-second advertising slot during matches costs up to Rs 3 lakh, estimates Thakkar.
Advertising slots during matches have seen a 40% price increase compared to the 2019 World Cup, according to Thakkar.
Cricket is extremely popular in India, accounting for more than $1.5 billion in sponsorship and media spending annually, according to research from Jefferies.
Major brands like Coca-Cola, Google Pay, Alphabet, and Unilever's Hindustan Unilever Ltd. are among the World Cup advertisers.
The ICC’s list of official partners includes Saudi Aramco, Emirates and Nissan Motor Co.
Household spending in India is expected to rise during the World Cup, benefiting various industries.
Hotel fares have increased by 150 percent on average on days India is scheduled to play, according to a note by Jefferies analyst Prateek Kumar.
Disney Star, the exclusive TV broadcaster for the World Cup in India, has announced partnerships with 26 sponsors, including Booking.com BV and Diageo Plc.