Sources told the paper that almost Rs 500 crore worth of ad inventory has been sold as of Wednesday for IPL 11.
In Star India's first year of airing IPL after winning the global media rights last year, the firm has signed 11 sponsors, including major firms such as Vivo, Parle, Coca-Cola, reports The Economic Times.
The firm bagged the media rights for five years after winning the bid for over Rs 16,000 crore. According to reports, the firm has been under the pressure to sell over Rs 2,000 crore of inventory. Sources told the paper that almost Rs 500 crore worth of ad inventory has been sold as of Wednesday for IPL 11.
Star Sports Head of Ad Sales Anil Jayaraj told the paper that the response from advertisers beat the firm's expectations. "We have signed 11 brands already and given the overwhelming demand, we are hopeful of signing more big brands in the coming weeks."
Along with Vivo, Coca-Cola and Parle, Dream 11, Kent and Elica have also hopped on the IPL sponsors' bandwagon. Sources have said that Star India asking rates for bundled ad sales for both TV and digital were coming up to Rs 9-10 lakh per 10 seconds.
In the last IPL, the average rate on TV was at about Rs 6 lakh per 10 seconds and Sony Pictures Network India, who owned the rights until last year, garnered over Rs 1,000 crore."This year, we approached selling in a very different way as this was the first time we have both TV and digital rights. We were able to offer clients a mass reach of TV and a very sharp targeted reach of digital on Hotstar. Along with multiple languages, the packages we are offering are very lucrative for the advertisers," Jayaraj added.