Field of Dreams: Edition 5

Greetings dear reader!

As I write each new edition for you all, I am reminded of how dynamic the sports market is! To say that it is “expansive” would also be a grave understatement.

We’re always expecting the unexpected in IPL news.

A season that commenced with two teams setting high expectations for 2023’s IPL worked their way up to take on each other in what was quite the grand finale!

Both, the Gujarat Titans and the? Chennai Super Kings Cricket Limited , held their nerves on a reserve day match due to the unrelenting downpour in Ahmedabad!

Despite the circumstances, Jio Cinema- official digital streaming partner of IPL 2023- smashed it out of the park by breaking the world record for the most concurrent views with over 3.2 crore viewers for a live-stream event!

A hearty congratulations on the well-deserved win to our 5th Title Champions- Chennai Super Kings!

If you’re anything like me- obsessed with all there is to know about the cosmos that sport-related experiences create, you would have seen what they call the “Oscars of Sports Tech”.

More on it later ??

Walk with me as I take you through the journey that the month of May has been!

Team Tales

With a month left to complete half the year, you will only witness the full forces of morale at ITW Universe Offices across the globe!

While the ‘Domino Effect’ has tendencies to be looked at in a negative light, I would like to provide the example of my team being the example of a positive one!

Not one, not two, not three but 13 awards were bagged by various ITW champions and their teams at the Leaders in Sales and Sponsorship Forum & Awards organized by ACEF Asian Leaders Conference and Awards .

Here’s a glimpse:

Tech for Thought

The Oscars of Sports Tech - The Sports Technology Awards!

Celebrated by the The STA Group , these prestigious awards aim to discover only the best tech-led innovations in sports.

While there was an array of awards including those for betting technology, smart apparel and more, what caught my attention was the winner of “Blockchain, NFT and Web3 Tech of the Year”- RUN IT WILD , the studio of NFT Tech.

This NFT was sold out in a whole of 3 minutes and 2 seconds- The AO Art Ball!

An idea arising from the brilliant minds at RUN IT WILD , it came as an attempt to revamp the fan experience of the Australian Open’s empty stadiums after what was being called the strictest lockdown.

The AO Art Ball was a seasoned amalgamation of sport, art and tech that was the first in the world that encapsulated real-time court data in the form of an NFT.

It allowed fans from all over the world to engage by owning a piece of the most iconic part of the game- its court!

If the ball landed on the part of the court that one is holding on to, they receive access to Metaverse Actions, tennis-themed wearables and exclusive live-stream events!

If you come to think about it- with the Fantasy Sports Market stipulated to reach 25,240 crores by 2027, a wild combination of NFTs and Fantasy sports could do wonders for new players looking to explore innovations in the sports tech industry!

Additionally, for how much of a craze the IPL fever is in India, I can’t begin to imagine the possibilities!

Market Mania

Warren Buffett once said, “If you cannot control your emotions, you cannot control your money.”

While the stock market remains a popular investment destination, sports teams have evolved a long way as an investment avenue since

Pink Floyd dreamed of “buying (me) a football team” in their song “Money” back in the 1970s.

Owners of sports teams have made multifold returns, whether it is film producer and sports enthusiast Mark Cuban striking it rich with the National Basketball Association (NBA) ’s Dallas Mavericks or a Steve Ballmer at the LA Clippers .

Closer home, the Indian Premier League India has emerged as an investment hotbed, the valuation of its teams driven by a growing audience that is the prime TG for brands willing to splash their marketing budgets.

Case in point?

The recent moves from CVC - who have made creating value from sports investments an artform - to buy an IPL team ( Gujarat Titans , for INR… in 2021) and Capri Global Capital Ltd. who paid a staggering INR 757 Crores for the UP Warriorz WPL team, or even Satya Nadella being gung ho about Major League Cricket in the US, becoming a part owner of the Seattle Orcas (which is majority owned by GMR Group , the guys behind the Delhi Capitals ).

Sports teams are being run as businesses and startups these days, becoming a commercial vehicle above and beyond the community they create

A trend that seems to be here to stay, and will create the biggest opportunities in the coming decade.

On that note,

I look forward to an exciting second half of 2023- excitement that I will be eager to share!

Until then…

Signing off,

Bhairav Shanth