India's athlete endorsements touch INR 1,224 crores in 2024: Report

India’s sports sponsorship industry surpassed INR 16,633 crores in value terms in the year 2024, recording a 6% annualised growth. This was revealed by the latest ‘Sporting Nation: Building A Legacy, 12^th Edition’ report released by GroupM ESP, the entertainment and sports division of GroupM India. The overall Indian sports market is now inching towards $2 billion mark, posting sevenfold growth since 2008.

The GroupM ESP study shows that India’s sports economy has now become a serious business, growing by 3.6 times over the past decade. Sports is now being viewed as a thriving business sector. With a sustained compound annual growth rate (CAGR) of 13% during the last 17 years, the industry has shown long-term resilience, according to the study.

The highest revenue-generating game, cricket, was beset with a few issues last year. While the Indian Premier League (IPL) and the International Cricket Council (ICC) underwent a rights cycle reset, the Team India played 20 matches less compared to 2023, thus, limiting the monetisation opportunities. But in spite of these challenges, the Indian sports market clocked a stable, 1% growth in 2024, indicating its resilience and robust commercial foundation.

The dominant sport, cricket, accounted for 85% of the INR 16,000 crore market. However, while cricket has maintained its dominance, the non-cricket endorsements also posted a substantial 46% surge. 

The athlete endorsements rose to an all-time high of INR 1,224 crores in 2024, demonstrating a massive 32% year-on-year growth from INR 927 crores in 2023. The sports icons such as Neeraj Chopra, PV Sindhu, and Manu Bhaker spearheaded this growth in non-cricket endorsements.

Ashwin Padmanabhan, chief operating officer, GroupM South Asia, said, “We are witnessing a shift driven by legacy and emerging sports. The rise of non-cricket athletes, the Olympic buzz, and the digital revolution are reshaping the landscape. With brands recognising the power of sports as a platform for deeper consumer engagement, the momentum is undeniable. It is the evolution of an industry that is diverse, digital, and driven by innovation.”

The momentum created by the Olympic stars boosted even other sports sponsorships, which touched INR 2,461 crores in 2024, rising by 19% from the INR 2,065 crores level in 2023. Interestingly, the distance running sport controlled nearly 25% share of this segment, suggesting India’s rising focus on fitness and endurance sports.

The non-cricket sports exhibited a strong growth in terms of sponsorships and engagements, with digital media playing a major role in this transformation, the report notes. The media spending by brands in the digital space registered a 25% growth, proving beneficial to these sports.

Vinit Karnik, managing director, of content, entertainment and sports, GroupM India, echoed this sentiment. He said, “While traditional powerhouses continue to drive momentum, the real story lies in the rise of emerging sports, athlete-driven brand value, and the digital explosion, which alone saw a 25% jump in media spending. The record-breaking Rs 1,224 crores in athlete endorsements signals a shift—brands are betting big on individual icons across sports.”

Going forward, innovation will be key in unlocking the next wave of commercial success in Indian sports, Karnik mentioned.