The biggest festival of cricket is starting from today. Which will start with the match between the two finalists of the last World Cup i.e. New Zealand and England. This time the eyes of the whole world will be on the World Cup. Even companies from Google to Coca Cola and Nissan to Saudi Aramco have their eyes set on this World Cup. The biggest reason for this is not only the craze for cricket here but also the consumers of 140 crore people. Every effort will be made to capitalize on this.
The icing on the cake is that meanwhile, there are festivals like Cricket Dussehra, Diwali and Bhaidooj in the country. Due to which there is a huge craze about India in many companies of the world. To capitalize on both types of festivals, companies have planned to spend Rs 2000 crore only on advertising. The surprising thing is that compared to the last World Cup, companies are ready to spend 40 percent more i.e. Rs 3 lakh this time for a one-second slot. Let us also tell you what kind of preparations are being made by the companies.
Opportunity to leave an impression on Indian consumers
Global companies are spending millions of dollars to showcase their names during the Cricket World Cup in India. During this event, companies do not want to lose any opportunity at any cost to leave their mark in the minds of 140 crore people. India is hosting this tournament. Which will start from October 5 and will continue till mid-November. Also, sponsors are guaranteeing access to more than one billion viewers worldwide from Europe to Oceania. According to Madan Sabnavis, Chief Economist of Bank of Baroda, even though the World Cup will be watched in countries across the world, India's consumers are the biggest gift for global companies.
Rs 2000 crore ad plan
Jehil Thakkar, partner at Deloitte India, estimates that brands can spend around Rs 2,000 crore, or $240 million, on ad slots on streaming platforms during the tournament. He said that the price of a 10-second advertisement slot during the matches is up to Rs 3 lakh, which is 40 per cent more than the last World Cup in 2019. Amidst the economic slowdown in China and the ongoing geo-positive tension with western countries, India has emerged as a preferred market for global companies. According to some estimates, India can become a 10 trillion dollar economy in the next decade.
According to Jefferies research, cricket is by far the most popular sport in India, and spends more than $1.5 billion per year in sponsorships and media expenditure, which is 85 percent of all such sports-related spending. Sabnavis said that compared to other sports like football, world level cricket is less popular, but the kind of madness about cricket that is seen in India is not seen in any other part of the world.
Names of many corporates included
Brands paying for airtime during the World Cup include big corporate names such as Coca-Cola Co., Alphabet Inc.'s Google Pay and Unilever Plc's Indian unit Hindustan Unilever Ltd., while the ICC's list of official partners includes Saudi Aramco, Emirates And Nissan Motor Company is also included. Disney Star, which has exclusive TV broadcast rights for the World Cup in India, said in a statement on Wednesday that it is partnering with 26 sponsors including Booking.com BV and liquor company Diageo Plc.
Indian economy will benefit like this
Domestic spending in the Indian economy will also get a big boost during the World Cup. Where on one hand fans will travel from one city to another to watch the match. They will also see crowds at places like restaurants and bars, where arrangements are being made to show the match on big screens. On the other hand, online food delivery business will also increase. According to a note by Jefferies analyst Prateek Kumar, on days when matches are to be held in India, hotel rents have increased by an average of 150 percent. Companies expect the December quarter to be strong this time. One reason for this is the festive season in India. Which runs from the month of September to the month of January.
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