Viacom18 is set to launch a new streaming platform in 2023 that will showcase the Indian Premier League. As per Paramount Global Chief Robert Bob Bakish, their Indian venture will launch Paramount+, the Direct-to-consumer platform along with the new streaming product.
“So, IPL i.e., India cricket. The deal that was done by our joint venture in India, Viacom18. Their intent and I don’t really leave it to the joint venture, which, by the way, our other partners, Reliance, to speak to that, and they haven’t spoken to it much.
But what they have said is it’s – we obviously have the streaming rights there. It’s going to be part of a streaming offering for the Indian market, that Viacom18 is going to launch in 2023. Bakish was speaking in the company’s Q2 earnings call and stated.
Reliance Industries, Bodhi Tree, and Paramount-backed Viacom18 had bid Rs 23,758 crore for the digital media rights for the Indian subcontinent. Similarly, they have also secured international media rights for the Indian Premier League.
Talking about the international media rights, Viacom18 has the IPL rights for the territories like Australia, New Zealand, Singapore, the Caribbean, South Africa, Sub-Saharan Africa, the UK, Ireland, and Continental Europe.
Bakish also addressed that cricket will be the real catalyst for the growth of Viacom18’s streaming service which will also help the growth of Paramount+ as it will be part of the bundle. He said, “And so, it will be a real engine for streaming and then Paramount+ will benefit by being part of that, even though we’re not directly investing on an O&O basis, we’re obviously part of the joint venture.”
The media rights for IPL have fetched the BCCI an overall 48,390 Crore for the 2023-27 cycle. 52% of these rights are owned by Viacom18 stable as they bagged Package B (Digital Rights for India), Package C (Non-Exclusive Rights of selected matches) and a few of the OVERSEAS Territories rights.
Total breakdown of IPL Media rights:
Package A: Sold to Disney Star for 23,575 Cr
Package B: Viacom bagged the package for 20,500 Cr
Package C: Viacom got this NON-EXCLUSIVE packages for Rs 3,273 Cr
Package D: Overseas TV and Digital Rights are shared by Viacom18 and Times Internet for Rs 1324 crore. Viacom18 won the rights of AUS, SA, and UK territories, while Times Internet bagged MENA & US sectors.