ICC Men’s T20 World Cup 2024: India’s triumph and the shifting advertising landscape

India's victory over South Africa in the ICC Men's T20 World Cup 2024 not only ignited nationwide celebrations but also marked a significant shift in the advertising landscape.

Mint has learnt that broadcaster Star Sports raked in ₹1,200-1,300 crore from the event, encompassing both television and digital platforms. This figure, however, fell short of media buyers' projections of upwards of ₹1,600 crore. In 2022, the tournament had generated similar revenue, with ₹1,000 crore from linear television and ₹600 crore from digital channels. This year, digital spending has increased, with ₹700-750 crore allocated to Disney+ Hotstar, while the remainder went to TV.

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The ICC Men's T20 World Cup which happens every two years was delayed in 2020 to 2021 owing to the pandemic and so its next edition would have ideally happened in 2023 but couldn’t due to the scheduled 50 over format ICC Men’s World Cup.

Digital advertising surge

The month-long, 20-team tournament kicked off in early June and wrapped up on 29 June, with matches held in the US and West Indies. Advertisers heavily targeted India matches, contributing to a 38% increase in ad volumes compared to the 2022 edition in Australia, according to a report shared exclusively with Mint. Matches involving India experienced a 90% surge in ad volumes, reflecting immense viewer interest, as reported by TAM Sports, a division of TAM Media Research, a joint venture between AC Nielsen and Kantar IMRB.

However, non-prime-time matches, especially those scheduled early in the morning for Indian viewers, experienced a decline in live television ad revenue. "Matches played during odd hours lead to audiences engaging in delayed viewing, catching up on highlights later in the day," said Anshu Yardi, vice president of Business Partnerships. Despite this, digital engagement for these non-prime-time matches remained robust.

Brand advertising shifts

The 2024 World Cup saw a significant churn in brands, with only one company remaining constant from previous years. Notably, major categories such as Thums Up and Apple exited the top five, replaced by traditional sectors like food (biscuits), pan masala, and automobiles.

"The economic cycle and trends affect brand advertising during certain events," Yardi explained. “Traditional categories may have seen the World Cup as an opportunity to realign with their consumers based on nostalgic value and cultural resonance. The churn could also be because certain categories might have reached market level saturation or changes in regulatory environment may have also affected their rank.”

Star Sports did not respond to requests for comment. However, data from Disney+ Hotstar revealed a peak concurrency of 53 million viewers during the India versus South Africa final match, setting a new record for digital streaming viewership in any T20 format.

Throughout the tournament, Disney+ Hotstar hosted approximately 170 advertisers across over 200 brands. The final game saw a 57% increase in advertising compared to 2022, with ad volumes per match growing by 38% on average.

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The Super8 matches recorded the most significant growth, with a 118% increase over the 2022 Super 12 stage. The event featured 88 advertisers, up from 50 in the previous season, and 146 brands, up from 80. Biscuits led the advertising categories with a 14% share, followed by perfumes and deodorants, cars, and pan masala, each at 7%. Lubricants held a 6% share. In contrast, the 2022 season was dominated by e-commerce gaming companies and soft drinks.

Advertising strategies reflect a mix of economic, consumer, competitive, and global factors, Yardi noted. "Brands continuously adapt their marketing strategies to stay relevant and achieve their business objectives, leading to changes in sponsorship decisions for high-profile events like the World Cup." This year's advertising landscape underscores how dynamic market conditions and evolving consumer preferences can reshape commercial strategies, even for flagship sporting events.