Business Daily: Is Cricket Financially Healthy?

Podcast: Business Daily
Host: Will Bain, BBC World Service
Air Date: November 19, 2025

Episode Overview

This episode dives deep into the finances underpinning the global game of cricket, as the sport faces profound change from streaming wars, shifting formats, and widening inequalities between nations. As the storied Ashes Test series between England and Australia reignites fierce rivalries and drives marketing dollars, the episode asks: is cricket financially healthy? Experts from broadcasting, economics, and sports marketing share insights on the sport’s evolving landscape, the rise of lucrative short-form leagues, the changing fortunes of Test cricket, and unprecedented growth—especially in the women’s game.

Key Discussion Points & Insights

1. Cricket in the Age of Streaming and Big Money

• Investment into Sport:
  • Cricket, like other major global sports, is experiencing a boom in media rights and sponsorship, particularly fueled by streaming's rise and the hunt for content.
  • The Ashes remains a vital marketing hook, drawing global interest and blue-chip sponsors (e.g., Warner Bros. Discovery, Fox Group).
    • “Just the fact those ads are for the main rights holders... gives a sense of the value of this series of cricket matches to big media companies.” – Will Bain (02:25)

2. The IPL as an Economic Powerhouse

• IPL's Unique Model:
  • Prakash Warkankar charts IPL's transformation since 2008, emphasizing its American-style razzmatazz—Bollywood, music, entertainment—to make cricket a family event.
    • “It brought Bollywood front and center... It became an entertaining evening with cricket as its ostensible centerpiece.” – Prakash Warkankar (04:45)
• Impact on Indian Society:
  • IPL’s growth has had ripple effects: stadium staff, local vendors, and youth in rural areas have all benefited.
    • “Stories of young people... who probably would have been destined to work in a coal mine or pull a rickshaw... heroes and heroines who've come through.” – Prakash Warkankar (05:36)
• Financial Scale:
  • IPL’s current valuation exceeds $18 billion, with media rights sold for a record $6 billion over five years (03:45).

3. The Decline of Test Cricket in Some Markets

• Shift to Shorter Formats:

  • Test cricket, the long-form game, sees declining viewership and revenue, particularly outside “Big Three” countries (England, India, Australia).
  • South Africa will not host a home men’s Test for 18 months, due in part to economics and stadium refurbishment for the 2027 World Cup (07:11).

• Economic Strains:

  • Test matches are expensive: e.g., Zimbabwe reports $500,000 cost per match — costs often outweigh broadcaster revenues unless playing marquee teams.
    • “They only make money from broadcasters if they are hosting England, India and to a tiny extent, Australia.” – Dosmunda (01:51, 08:53)
  • Fans and younger audiences in Africa and Asia prefer faster T20 matches, which are cheaper to stage and attract more viewers (09:45).
    • “In the space of a test match, you can play 4,020s that week... These are realities.” – Dosmunda (08:53)

4. Women’s Cricket: Soaring Investment and New Models

• Audience Growth and Sponsorship:
  • Women’s cricket is a bright spot, with explosive TV numbers and sponsor interest.
    • Example: India’s Women’s World Cup Final pulled in over 185 million viewers (11:26).
  • Brands see high returns investing in women’s sport:
    • “The LPGA say the return on every dollar invested in women’s golf is $7.” – Jessica Howarth (12:14)
• Different Fanbase and Future Formats:
  • The audience is younger, wealthier, and more female; positive perceptions for brands.
  • There’s a debate whether women’s cricket should follow the men’s Test tradition, or pioneer different, more sustainable formats:
    • “We have a chance to create a new blueprint, a new model... Can we have something that really develops the women’s game?” – Jessica Howarth (13:18)

5. The Ashes: Still a Flagship Brand

• Cultural & Commercial Power:

  • The Ashes draws new and existing fans, breaks broadcast records, and sells tickets at a premium (15:00–15:36).
    • “It was front page news... managed to go beyond to wider fans who are less familiar with the game.” – Russell James (15:00)

• Marketing Halo Effect:

  • The Ashes boosts domestic competitions, fan engagement, participation, and other cricket products in England.
    • “The linkage between the Ashes starting the popularity of the Vitality Blast... a bump in boys and girls coming down to their local cricket club.” – Russell James (17:49)

• Test Cricket's Enduring Value:

  • Despite the commercial dominance of T20, certain Test series retain iconic status and drive the sport’s brand.

6. Cricket's Financial Health: A Nuanced Diagnosis

• No Immediate Crisis—But Warning Signs:
  • The game remains buoyant overall, but the future of traditional long-form cricket looks precarious without intervention.
    • “It is not showing reasons which would make you lose sleep immediately, but... unless something is done about it, some elements of the great game... could really start suffering.” – Prakash Warkankar (18:59)
• The Growing Divide:
  • Deep economic rifts remain between cricket’s wealthiest (Big Three) and the rest, threatening the diversity and sustainability of international cricket.

Notable Quotes & Memorable Moments

• On IPL's Wider Economic Impact:
  “Whether it’s gardeners who beautify the stadium or people who make snack foods... every single one of them has had significant lifts in their business.”
  — Prakash Warkankar (05:36)

• On Hosting Economics for Smaller Nations:
  “It costs them money and so they’ve got to weigh up: are we willing to spend money on hosting teams? That’s why we’ve only seen two test series in South Africa for the whole of the last cycle.”
  — Dosmunda (08:53)

• On Women’s Sport as Smart Investment:
  “There’s a lot of fun stats out right now about the return on investment of brands investing in women’s sport being materially higher than the equivalent for men’s.”
  — Jessica Howarth (12:14)

• On Test Cricket’s Vulnerability:
  “Test cricket and ODI cricket... unless something is done about it, some elements of the great game as we know it could really start suffering big time.”
  — Prakash Warkankar (18:59)

Timestamps for Key Segments

• [01:09] – Introduction & Framing: Is cricket financially healthy?
• [02:24] – The Ashes: Commercial importance and media deals
• [04:04] – IPL’s economic model and origins
• [05:31] – Socioeconomic lift from the IPL through India
• [06:15] – Rise of short-form leagues and decline of Test matches
• [07:11] – South Africa’s choice to suspend home Tests
• [08:53] – Economic realities of hosting internationals
• [11:26] – Growth and investment in women’s cricket
• [13:18] – The case for new formats in the women’s game
• [15:00] – The Ashes as a national and global marketing brand
• [16:32] – Ashes’ value in the streaming content battle
• [18:59] – Final assessment: cricket’s financial present and future

Tone & Language

The episode mixes analysis, first-hand insights, and candid business talk. The guests balance affection for the traditions of cricket with real-world, sometimes harsh, financial realities. The overall tone is informative but occasionally laced with concern about where economic decisions may be taking the game’s heritage.

Summary

Cricket stands at a crossroads: awash with money in some corners, facing existential questions in others. If the highs of the IPL and explosively growing women’s cricket showcase the sport’s immense appeal, the struggles of Test cricket and non-elite nations warn of deepening divides. For now, the spectacle—and the money—remain, but the game’s healthiest future may depend on creativity, compromise, and remembering what first drew fans to cricket’s enduring drama.