IPL, 2nd most innovative sports event: Fast Company!
As per media reports, IPL is been credited for creating a new concept that has refurbished and rationalized a nearly 500-old-year game "Cricket' to modify it to today's short attention spans and entertainment infrastructure.
According to the magazine study, Lalit Modi, VP, BCCI with Andrew Wildblood, Executive, IMG has developed a speed-up version of the cricket called "Twenty20'. This concept cuts matches from multiple days to a more TV-friendly 3 hours.
And to make it more interesting they have instituted a franchise-ownership structure. And, this concept has worked out and has attracted Bollywood biggies like ' Shah Rukh Khan, Shilpa Shetty, Preity Zinta, and business honchos like - News Corp scion Lachlan Murdoch, Reliance Industries' Mukesh Ambani, UB Group's Vijay Mallya and many more.
Fast Company study also said it is expecting that IPL will generate revenue of nearly $2 billion over its first decade, including proceeds from TV rights - $918 million, promotion - $108 million, and franchises - $724 million.
The magazine further quoted, "Last year, the league's second season, the IPL proved it's here to stay, selling the 2010-2019 rights to screen IPL games in cinema halls across India for about $70 million and inspiring an international version of the league."