The Indian Premier League has lost an Associate Sponsor with Hotstar, Star India’s online streaming platform, withdrawing as onground sponsors of the league.
“There was an exit clause in the deal and Hotstar chose to exercise it,” a BCCI source told India Today.
The deal it is learnt was worth Rs 42 crores per year. IPL Associate sponsorships are reported to be in the range of 40-80 crore rupees.
Hotstar had joined as on ground sponsors around the same time in 2017 when Star India cracked a five year IPL media rights deal. Star India’s consolidated winning bid for television and digital rights was worth a whopping 16347.5 crores.
This move will however have no bearing on Hotstar’s digital streaming rights. Although the media rights deal was seen as being an ambitious one, this year after the end of the IPL, Hotstar claimed to have crossed 300 million viewers and to have registered a 74 percent increase in watch-time compared with last year’s IPL.