Acquiring tickets for the 2023 ICC ODI Cricket World Cup resembles chasing a shooting star – it’s a challenging and often costly endeavor, especially for high-profile matches like India vs. Pakistan. However, this tournament holds a significant role in India’s economy, as Bank of Baroda, a prominent financial institution, has made a remarkable prediction. They estimate that the ICC Cricket World Cup 2023 will infuse a staggering $2.6 billion (approximately Rs 22,000 crore) into India’s economy. Let’s explore the details of how this cricket extravaganza stimulates economic growth.

The Economic Breakdown

1. Television Rights – A Rs 12,000 Crore Spectacle

The sale of television rights stands out as one of the primary revenue sources for the ICC ODI World Cup 2023. According to Bank of Baroda’s prediction, this segment alone is expected to generate an impressive Rs 12,000 crore. The enormous passion for cricket in India results in a high demand for broadcasting rights, making it a vital contributor to the tournament’s economic impact.

2. Screenings & Food Deliveries – A Rs 5,000 Crore Extravaganza

The excitement surrounding the World Cup extends beyond stadiums. Viewing parties and food deliveries witness a significant upsurge during the tournament. Bank of Baroda estimates that this segment will contribute a substantial Rs 5,000 crore, reflecting the intense passion and engagement of cricket fans across the nation.

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3. Ticket Sales – A Rs 2,000 Crore Revenue Source

The sale of tickets constitutes another significant component of the revenue stream. While acquiring tickets for popular matches can be a daunting task, the revenue generated is substantial. Bank of Baroda’s prediction suggests that ticket sales will contribute around Rs 2,000 crore to the overall earnings of the tournament.

4. Travel, Merchandise & Event Management – A Rs 3,000 Crore Industry

The World Cup also triggers substantial economic activity related to travel, merchandise, and event management. Cricket enthusiasts flock to host cities, generating a substantial demand for travel services and merchandise. According to Bank of Baroda’s estimates, this segment is projected to contribute Rs 3,000 crore to the overall revenue.

5. Total Revenue – A Staggering Rs 22,000 Crore

When we sum up these revenue segments, the total economic impact of the ICC ODI World Cup 2023 on India’s economy amounts to a staggering Rs 22,000 crore. This substantial figure underscores the tournament’s significant financial implications.

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The ICC Men’s Cricket World Cup, running from October 5 to November 19, 2023, is poised to amass an astounding $150 million (approximately Rs 1,250 crore) in sponsorship revenue. India’s expected viewership surpassing the 552 million recorded during the 2019 World Cup reflects the global appeal of the tournament. What’s truly astonishing is the rate at which global giants are investing in this cricketing spectacle – a staggering $3,600 per second.

Bank of Baroda’s economic experts have presented conservative estimates, suggesting that TV rights and sponsorship revenue could range between Rs 10,500 crore and Rs 12,000 crore. This level of sponsorship interest and investment underscores the world’s fascination with cricket and the significant financial stakes involved.

Furthermore, ticketing revenue for the 2019 World Cup reached an astonishing 50 million Great British Pounds, marking a staggering 75% increase from the 2015 edition. This trend highlights the consistent growth in the economic impact of the tournament over the years.

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When examining the financial intricacies of the tournament, it becomes evident that the Board of Control for Cricket in India (BCCI) stands to gain significantly. The BCCI is set to receive about 40% of the ICC’s annual net earnings from 2024 to 2027. This translates to a substantial $230 million per year for four years, capturing a remarkable 38.5% share of the ICC’s projected annual earnings of $600 million. This revenue-sharing configuration considers various factors, including cricket history, team performance, revenue contributions, and full membership status.

The impact of the World Cup extends far beyond the boundaries of cricket matches. Hosting the tournament in 10 cities has led to a surge in airline ticket sales, increased hotel rentals, and a boost in the informal sector. There is even the possibility of a marginal increase in inflation, ranging from 0.15% to 0.25%, during the months of October and November.