Vivek Zhang, Vivo chief marketing officer, has revealed the reason behind the Chinese mobile handset manufacture’s decision to retain the Indian Premier League (IPL) title sponsorship rights with a whopping bid of INR 2199 crores (approximately US $341 million) for the next five years. The official said that the company’s association with India’s premier T20 tournament has proved to be ‘really beneficial’.
“The association with the IPL proved to be really beneficial for our brand and it was natural to continue the strong partnership, Cricket is big in India and IPL is only getting better and bigger with each passing year. And not just cricket we believe in promoting other sports too and therefore the association with Kabaddi. We recently got associated with the FIFA World Cup for the next six years,” Vivek was quoted as saying by PTI.
Vivo had bagged the title sponsorship a couple of years ago for two editions after PepsiCo India ended its five-year contract, worth INR 396 crore, two years ahead of its scheduled expiry. Vivo’s previous contract saw them paying around INR 100 crore for the two-year deal.
However, realising the immense popularity of the IPL, the mobile manufacturing company registered a winning bid which was a mammoth 554 per cent more from the previous contract. The current contract will see the Indian board earning approximately Rs 440 crore per year.
VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract! pic.twitter.com/6D7RXooTvB
— IndianPremierLeague (@IPL) June 27, 2017