From ₹92,500 cr to ₹76,100 cr: What’s behind IPL’s 2025 valuation dip, explained by Harsh Goenka

The evaluation of the Indian Premier League has reached a difficult stage. According to D and P Consultants, the value of the IPL ecosystem declined for the second year in a row – falling to Rs 76,100 crore in 2025 from Rs 82,700 crore in 2024 and Rs 92,500 crore in 2023.

Soon after this report was released, Harsh Goenka, Chairman of RPG Enterprises, took to social media to explain why the IPL’s rating has declined for two consecutive years. Goenka gave several reasons for this – restrictions on the types of ads that can be run between a match and cricket fatigue among fans, among others.

He said that due to the Disney Star-Viacom merger 18, the tournament was broadcast by JioStar, and there was no bidding war as such this season, which resulted in the value of the media rights declining. According to a D and P report, the first drop in valuation came in 2024 when IPL’s TV and digital rights were combined under one roof.

Moreover, Goenka said the ban on fantasy and gaming advertising under the new online gaming law has resulted in the loss of a key category of advertisers. The ban on real money games (RMG) has removed approximately Rs 1,500-2,000 crore of annual advertising and sponsorship spend from the IPL ecosystem across league, franchise and broadcast deals.

RMG companies like Dream11 have been among the highest-returning buyers of digital ad inventory. “Advertising growth slows and brand spend weakens amid macro caution. Franchise profitability is under pressure due to rising player costs and stagnant sponsorship deals. Global cricket fatigue with overlapping leagues reduces public attention,” the RPG Enterprises boss wrote.

Moreover, the cricket fever has crossed the limits in this season of the Women’s Premier League (WPL). Stadiums were packed, crowds were higher than ever, and travel bookings were telling the same story. Data from travel platform Skyscanner revealed a sharp rise in searches to Bengaluru, Mumbai and Lucknow during February and March – coinciding with key matches and qualifiers.

With the addition of more venues this year, it’s clear that the WPL has struck a chord with a wider and more diverse audience than ever before.