Online wallet and money transfer app has adopted quite an aggressive promotion strategy in the country after its launch flooding television channels with the advertisement of the app. In order to prop up their promotions up, even more, the Flipkart-owned app has now struck up a deal with Star Sports who are the broadcasters of unarguably the sporting event with the biggest brand value in the country, the Indian Premier League.
The 11th edition of the IPL was the first edition to be broadcast on the Star Network. Star Sports beat the Sony Pictures Network in order to procure the rights for the tournament for five years between 2018 and 2022 with a mammoth bid of Rs 16,347.5 crores.
Advertisement slots during the broadcast are the main source of revenues for the broadcasters to recoup their massive investments and Star has started on the right note by striking up a deal with PhonPe for the tournament.
According to a report on the website Insidesport.co, Star are looking for an amount between 5.5 lakhs to 13 lakhs for 10-second ad broadcast during the tournament.
The report has also stated that Star, which made approximately around Rs 1,800 crore from advertising revenues last year with tie-ups with 80 brands, are aiming for a 20% increase in the revenue for the upcoming 2019 edition. The figure which they are targeting for the upcoming season is believed to be around the 2,100 crore mark.
If they reach their target, it will showcase the kind of brand which IPL has established in more than a decade with it becoming a must-watch event in the Indian households throughout its duration in a season. According to figures by Insidesport.co, the advertisement revenues during the first edition of the tournament were around the 300 crore mark and has steadily witnessed a boom throughout the years.
Facts and figures courtesy Insidesport.co