In light of India hosting the ICC Men’s World Cup this year, a cricketing fervour gripped the nation, creating an unparalleled euphoria. While Australia emerged victorious in the November 19 final in Ahmedabad, after contesting against India, the match drew an astonishing average of 59 million concurrent viewers, breaking the previous Disney + Hotstar record of 53 million during the tournament’s semi-final between India and New Zealand. However, despite losing in the finals, the Indian team won the admiration of millions with an awe-inspiring performance. Amidst this cricketing spectacle, the landscape of brand dynamics is experiencing a paradigm shift. While stalwarts like Virat Kohli and Rohit Sharma continue to shine, a new constellation of cricket stars has emerged, rewriting the narrative of brand endorsements.
The record-breaking feats of cricketers such as Kohli, Sharma, Mohammad Shami, Shubman Gill, Shreyas Iyer, KL Rahul, Suryakumar Yadav, and others have not only contributed to India’s cricketing prowess but have set the stage for an unparalleled surge in brand value. Delving deeper into this evolving landscape, let’s understand from experts how these rising stars, alongside established icons, are becoming the face of numerous brands, reshaping the dynamics of the endorsement arena post the World Cup extravaganza.
Skyrocketing Brand Values
Although India lost in the final, this World Cup journey has cemented Indian cricketers, especially the playing 11, as powerful influencers and brand ambassadors. After the recently concluded bilateral series between India and Australia captivated audiences, the brand narrative continues to evolve with the anticipation building for the upcoming T20 World Cup next year.
“Indian cricketers may not have won the World Cup, but they have emerged as heroes,” says Vishal Chinchankar, CEO of Madison Digital and Madison Media Alpha. With numerous cricket tournaments, be it bilateral series or the IPL, offering year-round visibility on screens, an anticipated 30 percent inflation in endorsement fees for most cricketers, not just notable figures, is foreseen by Chinchankar. He notes a significant shift in brand budgets towards cricketing properties, with many redirecting funds from regular R&F campaigns to capture cricketing events, evident in the influx of new advertisers for the World Cup. With events like IPL and bilateral series garnering higher viewership and platforms like Jio/Hotstar offering free cricket content on mobile, Chinchankar predicts the momentum to grow further in times to come.
“Some of the players are already icons, and there are 25 brands that associate with them, leveraging the positive market perception generated by by them,” shares Rammohan Sundaram, President - Integrated Media, DDB Mudra Group.
Citing a few examples, he further explains, “Sachin Tendulkar – even after retirement, has 8 brands that he endorses actively. Therefore, icons never fall short of followers which further leads to brands wanting to associate with them. Virat Kohli, in this regard, enjoys a similar status, often mentioned in the same breath as Tendulkar. Had we won the World Cup, then Rohit Sharma would have been in the same league as MS Dhoni, and so probably would have been seen in brand endorsements for a long time.”
“The sports endorsement market constitutes about 8 percent of the entire sports market, where cricket takes the lion’s share with over 80 percent dominance. Currently valued at around 750 crores, the total endorsement market is primarily influenced by cricket, making up 85 percent or approximately 600 crores. Notably, there’s a considerable upswing in this segment. While the cricket and sports endorsement market has traditionally displayed steady growth at 10 to 15 percent on a CAGR basis over the last four to five years, the outstanding World Cup performance and cricket’s significant share indicate an acceleration, potentially surpassing 25 percent for the next one to two years—a substantial boost for the endorsement industry,” explains Karan Taurani, Senior Vice President-Research Analyst, Elara Capital.
He further delves into the factors that are driving the surge in brand value for cricketers and the growth of endorsements in the industry, stating, “This growth will be driven by two factors – an increase in the endorsement pricing of popular star players due to their superior performance in the World Cup, and the addition of 2-3 new players to the ‘star players’ group, who would now start charging a premium endorsement fee. These factors serve as catalysts for the industry’s endorsement growth. The current market is not very conducive in terms of ad spends, and there are new-age companies that have not fully recovered in terms of advertising or endorsements. Thus, we believe that if traditional verticals like FMCG and auto dominate the space, it will be favourable for cricketers or cricket as a sport, compared to other sports, as cricket is for the masses.”
“Given the stupendous performance of star-studded cricketers throughout the World Cup, brands are making a beeline to sign up new endorsements with them. While Virat Kohli and Rohit Sharma will continue to be popular choices for brands, other top performers in the World Cup like Mohammad Shami, Shreyas Iyer, and Shubman Gill are expected to have good brand pull. We are looking at an overall increased traction of 20 to 30 percent in the coming months,” anticipates Aviral Jain, Managing Director, Valuation Advisory Services Practice, Kroll while sharing that the endorsement fees for top-established cricketers broadly range from INR 3 crore to INR 7 crore per annum. Furthermore, for emerging cricketers, it ranges from INR 1 crore to INR 2 crore per annum.
Nikhil Bardia, Head of Sponsorship Sales & Talent at RISE Worldwide, the agency representing cricketers like Rohit Sharma, Shreyas Iyer, and Jasprit Bumrah shares, “The endorsement fees for standout Indian cricketers from the World Cup are poised to increase by around 30-40%, fueled by the brand value they’ve built through consistent excellence. Fans associate these players with reliability and quality, traits that brands seek to integrate into their products. Cricketers like Rohit Sharma, Virat Kohli, Jasprit Bumrah, Hardik Pandya, and Shreyas Iyer, cross linguistic and regional boundaries and therefore provide a platform for brands to craft impactful global/national campaigns. Their widespread recognition facilitates effective campaigns with cricketers at the forefront, both on and off the field.”
Saurajit Chatterjee, the Founder of Flair Media Group, a Kolkata-based talent management agency that represents Mohammed Shami, shares the significant surge in brand endorsement deals for Shami since the World Cup. “When an ICC event, especially the World Cup, happens in India, the craze around it goes to a different level. On top of that, if the player is performing well, then brands will come knocking. For example, if you open any newspaper, you’ll see Shami bhai wearing Puma’s spikes; even the brand is getting much more traction now.”
With 24 wickets to his credit, Shami became the leading wicket-taker in the tournament and was also onboarded by Puma a few days before the World Cup began. Speaking about the surge in Shami’s endorsement fees, Chatterjee clarifies, “There are a lot of different figures and estimates coming out from various sources. It has always been a mutual thing between the brand and the talent. There is no specific figure, but of course, it has doubled up; whatever we were quoting, we are now quoting more.”
“From the standpoint of viewership, cricket holds a substantial 80% contribution to the genre, with estimated endorsement deals in India making up approximately 85% for cricketers, totalling over INR 630 cr. (2022). The inclination of brands to associate with cricket is notably higher, accompanied by a greater willingness to pay a premium. According to a research report, cricketers command an average deal value 1.8 times that of athletes in emerging sports. Cricketing seasons witness a surge in advertisements from brands associated with cricketers. Brands place significant emphasis on the Digital and social media presence of cricketers, affirming their selection as endorsers. Much like celebrities, cricketers possess distinct personas, digital identities, and brand imagery. Categories that align with these personas derive profound meaning from such associations,” states Chandrashekar Mantha, Partner, Media and Entertainment Sector Leader, Deloitte India.
“The enduring popularity of iconic figures such as Virat Kohli and Rohit Sharma is expected to keep their endorsement quotes consistent with previous pricing. Some may opt for longer-term deals, especially as they approach the final phase of their playing careers. The lasting appeal of these prominent names will extend well beyond their active playing years,” notes Dhruv Jha, Co-Head of Mediabrands Content Studio, India. He emphasizes that brand ambassadors are not transient choices, but rather involve establishing enduring associations over time. The strategy focuses on identifying a younger generation of cricketers with the potential to serve as consistent brand builders, underlining the importance of sustained connections in the dynamic realm of endorsements.
What are brands doing?
In response to the soaring popularity of Indian cricketers following their exceptional performance in the ICC Men’s World Cup, brands are strategically repositioning their marketing endeavours. They are capitalizing on the cricket fever by securing lucrative endorsement deals. This shift in focus towards cricketing personalities is reshaping the advertising landscape, with brands allocating substantial budgets to cricketing properties and exploiting the digital and social media presence of cricketers.
“In India, cricket commands a high level of advertising presence (20+%), mostly on television. Whether they are focusing on up-and-coming talents like Shubman Gill (Gillette) or iconic players like Virat Kohli (MRF), MS Dhoni (Lays), Rohit Sharma (Booking.com), brands intentionally align themselves with these star players. Brands also utilise ‘The Dual Method’, where they either capitalise on the quick impact of established cricketers or secure younger and upcoming talent for potentially long-term partnerships at more reasonable costs,” shares Ashish Karnad - Head, Media & Digital, Hansa Research.
Mattress brand Duroflex ensured quality sleep for Virat Kohli during the World Cup by delivering standardized mattresses across all tournament venues. According to the brand, Kohli requested Duroflex to assist in standardizing his sleep throughout the World Cup as he prefers the ‘Back Magic Mattress’ from the Duropedic range. The brand utilized Print and Social Media platforms to execute and promote this campaign, creating a lot of curiosity among fans who wondered if he customized his mattress in every hotel in every city he visited for the tournament. Additionally, Max Life Insurance recently unveiled its latest social media campaign, ‘Sharma Ji Ka Beta,’ featuring brand ambassadors Rohit Sharma, captain of the Indian Men’s National Cricket Team, along with his spouse and entrepreneur, Ritika Sajdeh.
Further, strengthening its long-standing association with cricket at the global level, Seagram’s Royal Stag launched an innovative and immersive AI-led fan experience ‘A billion films for a billion fans’. The campaign featured Rohit Sharma, Jasprit Bumrah, and Surya Kumar Yadav. Also, Booking.com onboarded Sharma as its Global Brand Ambassador right before the World Cup.
“Brands are also partnering with endorsers whose positioning is synergistic with the brands’ values, to have a strong connection and a deeper impact on the audience. For example, Zepto, a grocery delivery service that promises speedy delivery, strategically conceptualized a creative campaign with Jasprit Bumrah called ‘Bumrah Speed Delivery’ to showcase their speed, consistency, and precision in deliveries similar to Bumrah’s yorkers,” notes Jain.
Also, smaller brands are making bold moves in the advertising landscape, placing significant bets on cricket and opting for cricket stars as their trusted brand ambassadors, leveraging the immense popularity and influence these players bring to the table. A lot of new-age and lesser-known brands were seen advertising during the World Cup matches this year.
“We have seen many smaller brands taking the Mobile route, given that there is a lot more supply on mobile and so selling on impressions adds to the advantage of Digital advertising, which makes it easier for smaller brands to participate. Or else it will be impossible for them to invest on meaningful impact on TV,” notes Sundaram. “Smaller brands have seen equity partnerships with brand ambassadors working well for them, as Yuvraj Singh has with Healthians or Virat Kohli with Wrogn – such partnerships yield long-term outcomes that are commercially beneficial for both parties. However, there are a few that can be cited, given the volatility of the start-up ecosystem,” he adds.
“During this World Cup, Hotstar started a self-served platform for SME advertisers, this is a good indication that even smaller brands are attracted towards investing in cricket with multiple smaller investment options. Caltex Lubricants launched their brand in India with Ravindra Jadeja, The Souled Store on the other hand had Hardik Pandya as their brand ambassador. This clearly shows their positive inclination towards investing in cricket,” observes Chinchankar.
Brand Ambassadors and Brand Recall
The strategic selection of brand ambassadors plays a pivotal role in establishing a lasting brand recall. Cricket stars who are often chosen for their resonance with the target audience, engage in meticulous negotiations with brands to align their personas with the product or service. This symbiotic relationship not only enhances consumer engagement but also contributes significantly to the overall success of the brand.
Bardia emphasizes a strong long-term strategy for each player. Using Rohit Sharma as an example, Bardia notes ongoing conversations with 4-5 brands during the World Cup. “We have had 4-5 brands approach us while the World Cup was on and those conversations continue. We believe, apart from the things that fans and brands have loved about Rohit, there were so many new things that everyone discovered about him. He has always had the sharpness of a leader. His tactical awareness and astute reading of the game, stood out. Rohit has almost 20 categories that he is currently endorsing, across both national and international brands, and each of the distinct characteristics that he showcases on and off the field is then evaluated with the brand narrative and developed.”
“A brand value study found that among India’s top 20 celebrities, five are cricketers, showcasing their broad influence across various categories. Some cricketers with diverse personas can effectively endorse multiple brands and products. Demographic segments exhibit unique attributes, with certain stars possessing distinct on-field and off-field personas that establish their brand image even before endorsement. Legendary cricketers attract audiences based on their well-defined brand positioning. Some stars strategically avoid associations that may compromise their imagery or conflict with core principles,” explains Mantha.
“Globally, the average age of cricket fans is approximately 34, with a male-to-female ratio of 60:40, highlighting cricket’s broad appeal across age groups and its strong connection with brand associations,” he adds.
“For any brand seeking to enlist cricketers as brand ambassadors, it’s crucial to assess the brand’s identity and whether the cricketer, considering not only their on-field performance but also their social media persona, aligns with it. This forms the foundational aspect. Subsequently, we delve into the details of how the brand aims to capitalize on the cricketer’s popularity—perhaps incorporating specific traits or distinctive qualities of the cricketer in their communication strategy stemming from the association. This is a crucial consideration for optimizing commercial success,” explains Siddharth Raman, Deputy CEO at Sportz Interactive.
“Over the last few years, consumer engagement and brand recall with cricketers have grown significantly, owing to the popularity they enjoy among the masses. This is not just reflected in their growing endorsement pie which has increased by ~50% in the last three years, but also the growing engagement rate with their followers on social media, giving tough competition to their Bollywood counterparts,” says Jain.
Highlighting the negotiation dynamics between brands and cricketers, Monika Daga, Business Head at ITW Influence explains, “It is influenced by factors like Performance Impact, Increased Market Value, Timing, and Momentum. Exceptional on-field performances contribute to heightened visibility and popularity, making brands inclined to associate with successful players. Negotiations may focus on a player’s marketability, considering achievements, consistency, and overall team impact. Timing is crucial, especially after a successful World Cup campaign, as it sparks an increased interest in collaborations. Negotiating during this period of heightened momentum provides players with better bargaining power.”
“Research suggests that the image of the celebrity should always align seamlessly with the product, for crafting a persuasive message. If we closely analyze Rahul Dravid’s endorsement of MAK Lubricants, the focal point remains dependability. Dravid’s nickname was ‘Mr. Dependable’ when he was in active cricket, and that message comes out in the advertisement today. This collaboration also communicates MAK Lubricants’ attributes of strength, performance, and dependability—values that harmonize beautifully with Mr. Dependable,” elucidates Karnad.
Beyond the victory and defeat on the field, the World Cup has elevated the brand value of cricket stars, both established icons and emerging talents. The surge in brand endorsements, negotiation dynamics, and the strategic alignment of cricket stars with various brands signify a paradigm shift in the advertising industry. As cricket continues to dominate the sports advertising arena, it’ll be interesting to see how the narrative unfolds in the ever-evolving world of brand endorsements, and whether the other bilateral series and the upcoming T20 Cup can keep the momentum going.
