Millions in the making: How the ICC earns big during the T20 World Cup 2024?

T20 World Cup 2024: The T20 World Cup 2024 features an unprecedented 20 teams contending for supremacy in the shortest game format. This expansion, which includes four more teams than the 2022 edition, marks a significant milestone. The Indian cricket team, striving for its second T20 World Cup title, will undoubtedly draw considerable attention. Notably, the tournament will witness the debut of three nations: the USA, Canada, and Uganda. The ICC has announced a record prize money pool of US $11.25 million for the 2024 T20 World Cup. The winner will receive a substantial US $2.45 million, marking a new record.

• The winner receives US $2.45 million.
• The runners-up earn US $1.28 million.
• The two losing semifinalists earn US $787,500 each.
• Teams exiting early in the second round receive US $382,500 each.
• Teams finishing between 9th and 12th place get US $247,500 each.
• Teams ranking between 13th and 20th place earn US $225,000 each.
• For every match won, a team receives an additional US $31,154.

As the ICC T20 World Cup 2024 event unfolds, it's packed with close contests, nail-biting finishes, and endless entertainment. This tournament provides another opportunity for cricket¡¯s governing body to generate millions of dollars. After all, giving away US $11.25 million in prize money is a strong statement. How will they distribute this amount if they don't make enough?

Have you ever wondered how the ICC generates the revenue needed to carry out global events year after year? The answer lies in media rights, sponsorships, and event hosting fees.

Millions in the Making: How the ICC Earns Big During the T20 World Cup 2024? | PTI

Many people don¡¯t understand how the ICC earns its revenue. This article provides an in-depth look at the ICC¡¯s financial strength, revenue distribution model, and how billion-dollar deals are made quickly.

An ICC event isn¡¯t just about the cricket on the pitch; it¡¯s also a massive financial operation off it. From major sponsorship deals to ticket sales and merchandise, an ICC event is a money-making machine.

READ ALSO: The economics of BCCI: How the BCCI turns cricket into cash

Media Rights: The Kingmaker of Cricket Finances

The single biggest source of income for the ICC during the T20 World Cup is undoubtedly media rights. Cricket, particularly in nations like India, Australia, and England, boasts a massive and highly engaged viewership. Broadcasters understand the power this translates to in advertising potential. They fiercely compete for the rights to telecast the matches, driving up the price tag significantly.

For instance, Disney Star, the official broadcaster for the 2024 T20 World Cup in India, anticipates ad revenue on par with the previous edition, which amounted to a staggering sum [target keyword: ICC revenue model T20 World Cup]. This highlights the immense value media companies place on showcasing the T20 World Cup to their audiences.

The ICC employs a meticulous process for awarding media rights. They typically go through a bidding war, where broadcasters submit their bids for the rights to telecast the matches in their respective regions. The highest bidder secures the rights, generating a substantial revenue stream for the ICC.

Millions in the Making: How the ICC Earns Big During the T20 World Cup 2024? | ANI

Sponsorships: A Golden Opportunity for Brand Exposure

Another crucial contributor to the ICC's coffers during the T20 World Cup is sponsorships. Major corporations view the global stage of the tournament as a prime opportunity to showcase their brands to a massive audience. From kit sponsors emblazoned on jerseys to prominent logo placements on in-field signage and broadcast graphics, sponsorships offer valuable brand exposure.

These sponsorships are structured through multi-tiered packages. Top-tier sponsors enjoy maximum visibility throughout the tournament, including their logos displayed prominently during matches, on official merchandise, and across online platforms. Lower tiers offer scaled-down benefits, yet still provide valuable brand association with the prestigious event.

The ICC meticulously selects sponsors, ensuring brand alignment with the values and image of the tournament. This not only protects the brand reputation of the T20 World Cup but also ensures sponsors resonate with the target audience. The revenue generated from these sponsorships contributes significantly to the financial success of the tournament.

ICC Sponsorship Tiers

• Total ICC Sponsors/Partners: 20+
• Global Partners: $8-10 million
• Official Partners: $6-8 million
• Category Partners: $3-4 million

At the 2023 Men¡¯s ODI World Cup in India, the ICC earned a staggering $150 million from sponsorships alone. With over 20 sponsors and partners, and India as the host, the ICC significantly boosted its revenues.

Brands associated with the ICC include MRF Tyres, Mastercard, Royal Stag, Dream11, and many others, making the global event a sponsorship powerhouse.

Ticket Sales: A Direct Connection with the Fans

While the virtual world fuels a significant portion of the ICC's revenue, the physical presence of fans at the stadiums remains a vital element. Ticket sales are another major source of income for the T20 World Cup. With the 2024 edition boasting an expanded format and matches across the US and West Indies, a record number of fans are expected to attend.

The ICC sets ticket pricing strategically, considering factors like venue capacity, match importance, and anticipated demand. Premium seats for high-profile matches, such as the India-Pakistan clash, often command a hefty price tag. These factors contribute to a substantial revenue stream generated directly from ticket sales.

However, the ICC recognizes the importance of accessibility. Concessionary pricing options might be available for certain demographics, ensuring a wider audience can experience the thrill of witnessing the T20 World Cup live.

Merchandise: More Than Just a Game, It's a Lifestyle

The passion for cricket extends far beyond the boundaries of the field. Fans love to display their team loyalty and support through official merchandise. Jerseys, caps, team-branded accessories, and memorabilia become a way of life for passionate cricket enthusiasts.

The ICC partners with official merchandise companies like Fan Code (official partner for the 2024 T20 World Cup) to create and distribute a wide range of merchandise. These companies pay the ICC a licensing fee for the right to use official team logos and branding. Additionally, the ICC receives a share of the profits generated from merchandise sales.

The success of merchandise sales hinges on the popularity of the teams and the overall excitement surrounding the tournament. A well-performing team with a passionate fan base can significantly boost merchandise sales, contributing further to the ICC's revenue stream.

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