Broadcaster JioStar’s googly to ICC just two months ahead of the men’s T20 World Cup is a wake-up call for the country’s cricket ecosystem, say experts. While cricket still contributes the lion’s share to India’s sports advertising revenue — 85% of the total sports advertising revenue of around ₹16,633 crore in 2024 — a 2025 Nielsen report showed that cricket’s popularity among Indian youth (18-30) has dipped between 2019 and 2025, with younger fans exploring sports like motorsport, basketball and MMA.
Says Prashant Joglekar, founder of SportsBiznet. “Cricket has officially hit its peak and the hype cycle is ending. It is a cause for concern when broadcasters are saying that they can no longer justify the economics of the media rights. When broadcasters start exiting, it means valuation has peaked,” he observes.
JioStar’s revenue from IPL 2025
JioStar had closed the IPL 2025 season with ad revenues between Rs 4,800 crore and Rs 4,900 crore. It is expected to generate ₹6,000-₹7,000 crore in ad revenue for 2026.
That said, “huge reach does not guarantee conversion. Without conversion, the entire revenue model collapses”, adds Joglekar.
While the broadcaster’s troubles have been compounded by the ban on real money gaming, resulting in a loss of ad revenues at around Rs 7,000 crore, observers say these events might also lead to IPL rights in the 2027 cycle to plateau or fall, unless other players begin to bid aggressively.
ICC to initiate a new bidding process
JioStar’s U-turn has forced the ICC to initiate a new bidding process for the 2026-2029 media rights at approximately $2.4 billion. With the cost prohibitively high, platforms like Netflix and Prime Video have been lukewarm in their response.
While industry insiders say JioStar will most likely be compelled to deliver broadcasting until 2027, some believe that the broadcaster will try to bring down the deal’s pricing by at least 30%. The muted interest from other players will likely work in JioStar’s favour.
All this will force a reset of sorts, say experts. For instance, we have recently seen JioStar tie up with Nielsen to address advertiser concerns and ensure better transparency in advertising reach.
Ajimon Francis, MD India for Brand Finance, says a bigger question for JioStar is around strengthening its content strategy. “With Netflix also getting Warner Bros’ content, JioStar’s biggest trump card is the Indian Premier League. However, the IPL only lasts for two months a year, while ICC rights will mean the broadcaster gets cricketing content all year round,” says Francis.
