Vivo pays mind boggling Rs 2199 crore for IPL deal
Vivo pays mind boggling Rs 2199 crore for IPL deal
29 June, 2017, 20:19
The current deal will swell Board of Control for Cricket in India (BCCI) accounts by Rs 440 crore, yes Rs 440 crore, every year. VIVO, with this five-year deal, will be the title sponsor of IPL. He said that the company that receives Title Sponsorship Deal does not need to do different promotions because the name of the league will be the Vivo IPL.
Audience viewing figures for the competition have risen sharply, with Broadcast Audience Research Council (BARC) India data indicating viewership of 1.25bn this year, up 22.5% from 2016. The beverage maker had paid INR 396 crore for five years in 2013 and this new deal is five-and-a-half times more than what PepsiCo had paid. Two other companies, Xiaomi and Intex, participated but did not go through with the bid. It also acquired the title sponsorship of the Pro Kabaddi League in May this year.
For the renewed contract, VIVO beat another mobile manufacturer Oppo, which had reportedly bid Rs 1,430 crore. And, Vivo is an existing IPL sponsor, so they are continuing their investment into cricket, so that shows the importance of cricket, especially Indian cricket. "We look forward to an enriching affiliation for both stakeholders".
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Earlier this year, BCCI had invited bids for the title sponsorship earlier and the final date of tender process was June 21 with the applications acceptable till noon on June 27.
Acting President of the BCCI, CK Khanna said, "Vivo as a brand has carved its niche and legacy in the market".
"BCCI is a cricket establishment and people who have cricket exposure are there", he said. Vivo made it all the way with a whopping bid of Rs. 2,199 crores to seal the deal. "Maybe Vivo wanted to make sure that it retained the rights", said a brand manager.
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