The home & away format of matches is coming back after three years. From this season, Gujarat Titans are playing seven games as home matches at the stadium in Ahmedabad. Narendra Modi Stadium has a maximum capacity of 1,30,000 spectators. In this context, Gujarat Titans is targeting a record revenue through ticket sales. “About 40 per cent of the revenue came from ticket sales,” Gujarat Titans’ Chief Operating Officer (COO) Arvinder Singh told a national media. French private equity firm CVC Capital owns Gujarat Titans.
Match-day revenue, which includes ticket sales, merchandising and food and beverage, contributes about 20 percent of an IPL franchise’s total revenue. The final match of IPL 2022 was held at Narendra Modi Stadium. The final match between Gujarat Titans and Rajasthan Royals set a new Guinness World Record with 1,01,566 spectators present.
The first match of the 2023 IPL season is between Chennai Super Kings and Gujarat Titans on March 31. Tickets were sold out within four days of going on sale online. Out of the total 75,000 tickets, 63,000 tickets were sold online. The rest of the tickets were sold through the counters. But the last few home matches have seen less support from the crowd. An example was the match against Sunrisers Hyderabad on May 15 which saw a poor attendance. Arvinder Singh said that they did not get 90 percent of the audience because Gujarat Titans had already entered the qualifiers.
High engagement, high revenue
The match between Chennai Super Kings and Gujarat Titans set an all-time digital audience record. 2.5 crore people watched the telecast of the match digitally. On April 17, the match between Chennai Super Kings and Royal Challengers Bangalore broke the record of 2.4 crore viewers through digital channels. Higher engagement on digital broadcasts and triple the value of media rights boosts franchisees’ revenue.
The franchisee’s revenue has increased by 38 percent over last year. Singh also said that Gujarat Titans stands at the third position in terms of total revenue of the franchises. Gujarat Titans is also planning to expand the functionality of the mobile app which provides news and features about matches and players.