The Future of Cricket Fandom: Co-branded Credit Cards for IPL Fans
IPL 2024 has just ended (on a slightly muted note, some may add) but KKR fans are ecstatic! Rewind to the moment when Kolkata Knight Riders (KKR) hoisted the coveted trophy, their triumph echoing in the hearts of millions of fans of the franchise, bringing two months of intense engagement and closely contested matches to a thrilling culmination. These emotions resonate far beyond the cricket field, creating new opportunities for brands, businesses, and fans to connect like never before.
The IPL’s Brand Value Surge
Cricket has always been a religion in India, and the IPL has taken its fervour to meteoric heights. After a bumper 2023 season, the total combined brand value of the IPL system grew 28% to USD 10.7 billion, according to Brand Finance, the world’s leading independent brand valuation consultancy. This increase is attributed to full-capacity stadiums, increased viewer consumption, major media partnerships, and renewed advertiser confidence. The IPL is now a prime platform for launching new products, reaching India’s largest audience. In just 15 years since its 2008 launch, the IPL’s brand value has surged by 433%!
The Fantasy Gaming Boom
One of the clear spin-offs of the IPL fervour and the surge in user engagement is the unprecedented growth of the gaming industry. Fantasy leagues like Dream11 and My 11 Circle have gained immense popularity by allowing users to play along with their favourite IPL players in addition to interactive gaming experiences, more cash rewards, and innovative marketing strategies.
The IPL 2024 season has seen a remarkable surge in both daily active users and revenue per person on gaming platforms, with a 2.8X increase in daily cash users and a 2.3X rise in revenue compared to standard levels as per Redseer Strategy Consultants, a strategy advisory organisation. They peg that the fantasy sports revolution is making waves in tier 2 cities and beyond in 2024, with more than 65% of revenue coming from these local internet economies.
With the ongoing trends at the start of the IPL 2024 season, fantasy sports revenue was expected to surge by 25-30% compared to 2023, reaching $500-525 million in IPL 2024.
The Case for Co-branded Credit Cards of Your Favourite Sport
Imagine a credit card offering exclusive rewards, discounts, and cashback tailored specifically for fans of your favourite IPL team.
Inspiration for these already exists with some successful examples worldwide.
The Barclaycard NFL Extra Points Credit Card (USA) allows fans to use everyday spending to accumulate points for NFL-specific products, discounts on shopping at NFLShop.com, game tickets, team gear, or VIP experiences like team training camp access.
The MBNA Toronto Raptors Rewards Mastercard (Canada) enables fans of the Toronto Raptors to earn rewards for purchases, including exclusive access to team merchandise and game tickets.
These examples showcase the potential for co-branded credit cards tailored specifically to the passion and loyalty of IPL fans.
Seizing the Opportunity
For financial institutions and IPL franchise owners alike, the convergence of gaming and financial services presents a golden opportunity to cater to the evolving needs of gaming enthusiasts and loyal fans of IPL teams across the country through co-branded credit cards.
Harnessing Passion: The Next Big Thing in Fan Engagement
As cricket fandom reaches new heights, now is the time for bold initiatives. The Co-branded Credit Card of Your Favorite IPL Team could be the next big thing, offering unparalleled benefits and tapping into the passion of IPL fans nationwide.
Hyperface Co-branded Credit Cards Module
Hyperface re-integrates with banks and brands to launch co-branded credit cards in weeks instead of months, all this whilst ensuring strict regulatory compliance. To know more, just reach out.
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