The Cricket World Cup 2023 is here, and it's stealing the show like a shooting star in the night sky. Scoring tickets to the matches feels like a race against time, with costs soaring, especially for blockbusters like India vs. Pakistan. But this sporting extravaganza isn't just about filling the stadiums; it's also a financial juggernaut, generating substantial revenue through sponsorships and media rights, which is estimated to reach hundreds of crores.

The Spectacle

The Cricket World Cup 2023 tournament is scheduled to be held from October 5 to November 19 and will be played across 10 venues in India. This marks the return of the ICC Men's Cricket World Cup to India for the first time since 2011. Economists at the Bank of Baroda predict that this cricketing extravaganza is set to bolster India's economy by a staggering $2.4 billion.

A Season of Festivities and Spending

What makes this event even more significant is the timing. The tournament coincides with a three-month festive season in India. Economists anticipate that this will lead to a surge in retail sales as people are likely to make "sentimental purchases of merchandise" related to the tournament. This includes everything from team jerseys to cricket memorabilia.

Massive Viewership

In terms of viewership, Cricket World Cup 2023 is expected to surpass previous records. The economists predict that the total viewership in India, including both television and streaming platforms, will be significantly larger than the 55.2 crores seen in 2019.

Revenue Streams

On a conservative basis, this heightened viewership is anticipated to generate an astounding Rs 10,500 crore to Rs 12,000 crore in TV rights and sponsorship revenue. However, the Bank of Baroda economists have also issued a word of caution. They predict that the tournament may contribute to inflation due to the surging prices of airline tickets and hotel rentals. Additionally, there could be substantial increases in service charges in the informal sector in the 10 host cities, further compounded by the festive-season impact.

A Boon for the Indian Economy

The Bank of Baroda goes on to project that the ICC Cricket World Cup 2023 will add a whopping $2.6 billion or Rs 22,000 crore to India's economy. Let's delve into the various revenue streams that contribute to this windfall.

Ticket Sales

Ticket sales alone are estimated to generate another 2000 crore rupees. Cricket enthusiasts are willing to dig deep into their pockets to witness the cricketing giants in action.

Entertainment

With Cricket World Cup 2023 comes screenings and food deliveries. A significant number of people are expected to host get-togethers to watch the matches. This is likely to generate approximately 5000 crore rupees.

Travel and Merchandise

Travel, merchandise, and event management combined are expected to contribute a staggering 22,000 crore rupees to the economy. The surge in tourism and demand for memorabilia and event-related services will fuel this substantial figure.

The Role of Sponsors and Partners

The sponsors and ICC partners play a pivotal role in making this event truly global. Among the global giants on board are Coca Cola and Hindustan Unilever. These industry leaders reflect the global appeal and popularity of the game.

Further enriching the sponsorship of Cricket World Cup 2023 tapestry are category partners such as Royal Stag, Dream11, Jacob's Creek, Near Foundation, Fan Craze, and Tyka. Eight official partner brands, including the likes of Bira91, Polycab, Thums-Up, Upstox, Nissan, Nium, Oppo, and DP World, have secured their commitments with deals worth $6-8 million each.

Impact of Cricket World Cup 2023 on Aviation and Hospitality Sectors

The aviation and hospitality sectors will be among the primary beneficiaries of this cricketing extravaganza. Air traffic is expected to surge, and there will be a significant uptick in the demand for airport services. Not only tourists but also millions of Indians opting for home delivery services will drive up the demand for restaurants and fast-food chains.

Hotels are set to reap the rewards of the World Cup frenzy, with room rates soaring eight to 15-fold during matches like the India-Pakistan clash, according to multiple reports. However, it's worth noting that this boom may lead to a slight rise in inflation, with an estimated increase between 0.15 per cent and 0.25 per cent for the months of October and November.

The ICC Cricket World Cup 2023 in India isn't just a sporting event; it's a massive economic booster. With soaring revenues, heightened viewership, and global sponsorships, it's set to leave a lasting impact on India's economy, marking its place as a financial powerhouse in the world of sports.