Have you ever thought about the economics of Cricket World Cup 2023 to be hosted in India?
India will be hosting the Cricket World Cup 2023 after a gap of 12 years. Also it is the first time India will be the exclusive host. In 1987, it hosted it along with Pakistan, in 1996 with Pakistan and Sri Lanka, and in 2011 along with Sri Lanka and Bangladesh. In Cricket World Cup 2023, 10 teams will play 48 matches between October 5 and November 19, 2023, across 10 venues. Ahmedabad will host the opening match as well as the final.
By now, we all know that ICC makes huge money out of Men’s Cricket World Cup however rightfully, the Indian industry has also geared up to gain from the upcoming matches. The Cricket World Cup 2023 will be held from October to mid November 2023; played at 10 different places in India which include in Hyderabad, Ahmedabad, Dharamsala, Delhi, Chennai, Lucknow, Pune, Bengaluru, Mumbai and Kolkata.
The Covid pandemic impacted the hospitality sector badly however it has surely recovered by now with Indian spending heavy on leisure activities and even the G20 meetings and the Cricket World Cup 2023 have further boosted the opportunities.
Economics of Media industry:
The upcoming Men’s Cricket World Cup 2023 is expected to generate around Rs 2,200 crore in advertisement revenue on Television and digital platforms. Disney Star holds the media rights with ICIC till 2023 and it has declared that it will stream the matches for free on its Disney+ Hotstar app in an attempt to compete with Jio Cinema which streamed the IPL cricket matches for free in 2023. The Disney Star network will also broadcast the matches on its Star network of channels.
As matches are scheduled to start at 10.30 am or 2pm Indian time, it is likely to improve the overall viewership of the Cricket World Cup 2023.
Economics of Hotels:
The hotel industry is already having a great spell with ever increasing tariffs. For example, In Ahmedabad, where the India will face Pakistan on 15 October at India’s largest cricket stadium, most of the five-star hotels have have already run short of rooms against the soaring demand
“About 80 per cent of the rooms for the match days are sold. For the opening ceremony and the first match between England and New Zealand, bookings have already been made by travel agencies from England and major corporations,” Punit Baijal, general manager, Hyatt Regency Ahmedabad, has told Times of India.
Economics of Airline industry:
With the hospitality industry fetching the benefits of Cricket world Cup 2023, why would the Airline industry stay behind?
The Air ticket costs around match days to the host cities are costing nearly double the amount they do normally cost otherwise. And if you think this is for those booking tickets at 11th hour, then you are underestimating the enthusiasm of cricket lovers in India. Not so surprising to guess that the flights prices have already reached its peak 3 months prior to the dates.
For example, an economy-class Delhi-Ahmedabad ticket is priced around Rs. 8,000 on 14 October ie the day before the India-Pakistan match in Ahmedabad. This ticket is costs nearly Rs. 3,000 in in these months of the year. Similar is the case with Mumbai-Ahmedabad route obviously.
Economics of online gaming Industry:
While the Cricket World Cup will certainly fuel the earnings of few online gaming companies in Cricket field, with the recent levy of GST @ 28% on the online gaming, the industry is expected to spend lesser on the advertisement this year in comparison to earlier events. Hopefully the tournament help online gaming industry to ramp up its performance amid the GST issue.
Economics Electronic industry:
As majority of the audience will watch the Cricket World Cup 2023 matches on TV, it is certainly increasing the demand for Television sets in the country.
The increasing trend is also seen in Tier 2 cities like Hubli, Jabalpur, Raipur, Ranchi, Kochi and Nagpur with impressive numbers. The Television industry has come up with attractive offers including easy financing and cashbacks to reach wide spread of consumers.
The timing of the Cricket World Cup 2023 event just before the Diwali festival in India also supports this phenomenon; wherein the Industry can tap the pockets of the consumers before they get empty on the festive celebrations.
Economics of Travel sector:
With the huge number of Cricket lovers coming to India from foreign countries to watch the Cricket World Cup 2023, the travel sector India does expect a boost too.
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