India Today reported on Wednesday, Indian Premier League lost an onground sponsor Hotstar. Hotstar is Star India’s online streaming platform.
The deal was reportedly worth of Rs. 42 crores per year. IPL Associate sponsorships are reported to be in the range of Rs 40-80 crores.
A BCCI source commented to India Today, “There was an exit clause in the deal and Hotstar chose to exercise it.
Back in 2017, the streaming platform joined the IPL bandwagon when Star India sealed the multi-year IPL Media rights. Star India’s consolidated winning bid for television and digital rights was worth of a smashing 16347.5 crore.
The move will however have no bearing on Hotstar’s digital streaming rights. Although the media rights deal was seen as being an ambitious one, this year after the end of the IPL, Hotstar claimed to have crossed 300 million viewers and to have registered a 74 per cent increase in watch-time compared with last year’s IPL.
Source: India Today