Lalit Modi

Like Americans are getting wealthier, have gotten wealthier every year for a long time. Certainly the NFL will grow. I just don't think it will grow that much. So I think there's a plausible argument to make on demographics alone that the Indian ad market will support 10x IPL media rights revenues, which gets it into the ballpark of the NFL today.

Like Americans are getting wealthier, have gotten wealthier every year for a long time. Certainly the NFL will grow. I just don't think it will grow that much. So I think there's a plausible argument to make on demographics alone that the Indian ad market will support 10x IPL media rights revenues, which gets it into the ballpark of the NFL today.

As I was thinking about this before recording, I was using more kind of population numbers, and there's estimates that the middle class is supposed to double, right? over the coming 10, 20 years in India.

As I was thinking about this before recording, I was using more kind of population numbers, and there's estimates that the middle class is supposed to double, right? over the coming 10, 20 years in India.

Yep. Okay. Biggest lever number one. I sort of haircut that in my analysis. So let's say it's 5X. I think you then basically immediately double that, multiply by another 2x and get to 10x total simply by IPL expanding. I think it is almost a foregone conclusion, no-brainer, that the number of matches that IPL plays will expand, likely in multiple ways. Number of teams and lengthening of season.

Yep. Okay. Biggest lever number one. I sort of haircut that in my analysis. So let's say it's 5X. I think you then basically immediately double that, multiply by another 2x and get to 10x total simply by IPL expanding. I think it is almost a foregone conclusion, no-brainer, that the number of matches that IPL plays will expand, likely in multiple ways. Number of teams and lengthening of season.

So number one is simply just extending the season and extending the window of the season with the existing teams that they have. playing more matches over a longer period of time. Right now, this is only eight week season. It's the shortest season of any major sports league in the world. And there's reason for that of like they had to work around the international cricket calendar.

So number one is simply just extending the season and extending the window of the season with the existing teams that they have. playing more matches over a longer period of time. Right now, this is only eight week season. It's the shortest season of any major sports league in the world. And there's reason for that of like they had to work around the international cricket calendar.

The BCCI also controls international cricket for India. So they care about this. But as IPL becomes bigger and bigger and bigger, and all of the international players are playing in the IPL, it's going to expand the window here. So that's one. The main window is going to expand. Two, team expansion.

The BCCI also controls international cricket for India. So they care about this. But as IPL becomes bigger and bigger and bigger, and all of the international players are playing in the IPL, it's going to expand the window here. So that's one. The main window is going to expand. Two, team expansion.

India as a country geographically and certainly population-wise can support more than 10 teams in this league. No brainer. At least two more teams are going to get added in the next X period of time here. The real wild card here is there is... talk of a second IPL window, which would be interesting. This is kind of a risk.

India as a country geographically and certainly population-wise can support more than 10 teams in this league. No brainer. At least two more teams are going to get added in the next X period of time here. The real wild card here is there is... talk of a second IPL window, which would be interesting. This is kind of a risk.

So like have the first part of the season happen when it currently does between March and May, and then have the second part of the season or maybe the playoffs happen after the international calendar over the summer and then come back at the end of the year. Weird. Anti-climactic almost. I don't know how you would design the media product. I think this is a wild card.

So like have the first part of the season happen when it currently does between March and May, and then have the second part of the season or maybe the playoffs happen after the international calendar over the summer and then come back at the end of the year. Weird. Anti-climactic almost. I don't know how you would design the media product. I think this is a wild card.

It doesn't sound that compelling to me, but I don't know. IPL has designed incredibly compelling media products. Maybe they could find a way to make this really interesting. Yep. So that's a wild card. I don't think you can bet on that, but I think you definitely can bet on 2X expansion of just simply inventory of games played, which combine that with 5X expansion in the ad market. Boom.

It doesn't sound that compelling to me, but I don't know. IPL has designed incredibly compelling media products. Maybe they could find a way to make this really interesting. Yep. So that's a wild card. I don't think you can bet on that, but I think you definitely can bet on 2X expansion of just simply inventory of games played, which combine that with 5X expansion in the ad market. Boom.

There's your 10X. It's going to take you to like roughly the same scale as the NFL. A supporting point on this, which I don't think grows revenue necessarily, but makes it more likely to happen, as we've alluded to, the IPL has basically become the national champion of India.

There's your 10X. It's going to take you to like roughly the same scale as the NFL. A supporting point on this, which I don't think grows revenue necessarily, but makes it more likely to happen, as we've alluded to, the IPL has basically become the national champion of India.

Like the Indian government is highly, highly, highly incentivized to make this continue to be a shining success story for India. And with Reliance so deeply involved, I mean, Reliance is the largest telecom operator in In the country, the largest or one of the largest diversified companies, period. So they're also an advertiser of their products. They own the biggest team.

Like the Indian government is highly, highly, highly incentivized to make this continue to be a shining success story for India. And with Reliance so deeply involved, I mean, Reliance is the largest telecom operator in In the country, the largest or one of the largest diversified companies, period. So they're also an advertiser of their products. They own the biggest team.