A four-hour and twenty-eight-minute podcast about the IPL on a US tech-business platform? Sounds like a hard pass, right? But hold on—this is ‘Acquired,’ one of the top three tech podcasts on Apple and Spotify, diving into the “stories and strategies” behind major companies like Visa, Ikea, Costco, and Hermes.

So, what could hosts Ben Gilbert and David Rosenthal, who used to be venture capitalists and are now full-time podcasters, possibly discuss about the IPL for that long? Sure, we get that it’s the “fastest growing, most dynamic, and most disruptive force in the sports industry today.” But then they drop the bombshell: “it might just be on track to surpass the NFL as the world’s most valuable sports league.” Whoa, let’s take a breath and slow down a bit.

Right from the start, Acquired gives US listeners a solid introduction to the IPL, sharing some intriguing details that many might not know. For Indian listeners, the podcast compares the IPL to major American leagues like the NFL, NBA, MLB, and NHL. Early on, Gilbert mentions that the IPL “carefully studied all the mechanics that made the NBA and the NFL successful… and then applied them on steroids.” Throughout the episode, we get a fresh perspective on the IPL, viewing it purely as a sports entertainment powerhouse. Acquired offers a deep dive into the IPL’s structure, its elements, and what the future might hold.

Let’s start by looking at the idea of the IPL potentially outpacing the NFL. Currently, the IPL is valued at $16 billion and generates annual revenues between $1.6 billion and $1.7 billion. Rosenthal highlights an interesting point: “Here’s the kicker. This is for a league that only plays 74 games in a two-month season.”

What puzzles the global sports industry is the IPL’s ability to generate significant revenue with fewer games. For comparison, Major League Baseball (MLB) runs for six months, features 30 teams, and hosts around 2,500 games, with media rights valued at about $1.7 million per game. The NFL has a five-month season with 32 teams and 285 games, commanding $45-49 million in rights value per game. In contrast, the IPL earns $16-17 million per match, while the Premier League brings in $15-16 million per match. Gilbert remarks, “The NFL is so far ahead of everything else that it’s somewhat ridiculous to claim the IPL is second.” However, with its 10 teams, the IPL may not be the NFL or the NBA, but it’s impressive that in just 16-17 years, it has entered the billion-dollar conversation.

Acquired takes a closer look at the IPL’s framework, noting that during the early years under Lalit Modi, it incorporated elements deemed essential for “designing the perfect sports league”: featuring the best athletes in well-matched competitions. The podcasters dismiss the romanticized narratives of basketball and European football regarding unbeaten title runs as flaws in the business model. They argue that baseball has “really, really gone wrong over the last few decades,” while European soccer exemplifies competitive imbalance, with a few top franchises consistently spending the most and winning every year. This perspective challenges traditional views, history, and fan loyalty, but is rooted in the idea that sports operate as a business.

It's clear that the auction and the glitz of Bollywood are key elements that contribute to the continuous entertainment offered over two months. “The IPL is like the Oscars. It’s awards season, but it happens every night.” According to Rosenthal, the IPL is “addressing every little issue that other sports leagues face.”

One of the most striking differences between the IPL and the Big Four is well-known. Despite the IPL's substantial financial backing, its players—who are the main reason broadcasters shell out nearly ₹137 crores per match—earn the least compared to those in other major leagues. While players in other leagues typically receive “50 percent of the league’s revenues,” IPL player salaries account for only about 12-15% of the league's total revenue.

Acquired also points out an interesting tidbit – the IPL stands out as one of the few global sports leagues with a nearly balanced male-female viewership. While Gilbert-Rosenthal mentions a 50-50 split, the latest research from India shows the IPL's male-female viewership at 57-43. Additionally, no other sports league worldwide—especially when considering the U.S.—has seen a men's match-day jersey feature a beauty product logo. In 2018, Kings XI Punjab showcased Lotus Herbals on Chris Gayle’s chest, marking a “hardcore female brand on an alpha male.” This year, KKR has a sleeve with the skincare brand Joy. Plus, since 2018, RR has donned pink and even launched a campaign in 2020 aimed at breaking menstruation taboos.

Acquired takes a comprehensive look at the IPL’s valuations, growth paths, and future potential. It discusses the possibility of the IPL reaching NFL-level revenues through various scenarios. The optimistic outlook includes factors like Saudi investments, a rising Indian middle class, cricket's growth in the U.S. with Major League Cricket and the LA 2028 Olympics, along with baseball's decline. On the flip side, the pessimistic view raises concerns about how the JioStar merger might impact media rights values and the challenges of operating in India’s “low trust environment,” which Acquired notes is changing.

From an American perspective, India’s stadiums “aren’t shabby” but rather resemble “American sports stadiums from the 1970s.” While the Indian cricket fan experience isn’t explored, a challenging question arises: “Is there a need for a governing body above the league?” Remember, the NFL doesn’t have one!

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