Sports broadcasting rights in India will likely grow at a compound annual growth rate (CAGR) of 3 per cent to touch $1.3 billion by 2024 as key marquee properties continue to increase, media reported. Sports media rights market was worth $1.1 billion in 2019. Across 11 Asia-Pacific markets, sports rights grew 2.4 per cent in 2019 to touch $5.5 billion, while sports revenue from TV and online video streaming increased 7.8 per cent to reach $5.2 billion.
Despite a surge in interest in other sporting events, cricket continues to dominate the Indian market, representing 87 per cent of the value of sports media rights. The report said television remains the core driver of this growth. However, the implementation of the new pay-TV tariff order by the Telecom Regulatory Authority of India could limit the value and growth of non-cricket sports.
With increasing internet and smartphone penetration in India, digital videos accounted for 20 per cent share of the sports rights pie in 2019 and is expected to grow to 40 per cent by 2024. Sports monetization on television, as well as digital, will be robust, driven by a number of factors, including the addition of more than 16 million new pay-TV homes and 250 million broadband subscribers over 2019-2024. Improved sports content delivery and innovation will further drive the growth of digital. Incumbents across broadcast, online video and telecom sectors will continue to place a premium on marquee sports rights.
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