ET World Leaders Forum: Broader media economics key to cricket's success, says JioStar's Uday Shankar

The success of the Indian Premier League (IPL) is closely tied to the broader economics of the media business and its ability to reach audiences at scale, JioStar Vice Chairman Uday Shankar said on Friday, highlighting the financial challenges facing both sports and traditional media.

Speaking at the ET World Leaders Forum in New Delhi, Shankar said sports has been a strong investment for JioStar but remains financially challenging, while the media industry is under pressure as advertising models come under strain globally.

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The session, titled "From Broadcast to a Broader Ecosystem: The New Economics of Media and Sport", was a fireside chat between Shankar and Satyan Gajwani, Chairman, Times Internet, The Times of India Group.

IPL's success tied to wider media economics

"Success of the IPL is not an accident, it is relevant. It talks to the people of the country in a language they understand, everyone has a team they can connect with," Shankar said.

He stressed that the commercial sustainability of sport cannot be assessed only through stadium attendance, arguing that the wider media ecosystem is critical to the economics of sporting properties.

"While filling stadiums is important, but it isn't that important for the viability of the sport. You need the broader media economics for the success of the sport," Shankar said.

Shankar said sports had proved to be a good investment for JioStar, although it remained "very financially challenging". Recalling his early investment in cricket, he said, "When I first invested in cricket, I was told by everyone that it has peaked."

He also said cricket's governing bodies needed to do more to build the sport in newer markets. "Custodians of cricket are still a step behind, but that is changing," Shankar said.

On the International Cricket Council's (ICC) efforts to expand cricket to newer countries, Shankar said the agenda was "a very good one" but called for a more structured system to create a clear progression for emerging cricket nations.

"Right now, its just that any country plays any country, it doesn't matter, you know, because, no offense, but India playing most countries does not get anyone excited. And the players of those countries lose, they get demotivated. It's not a great business arrangement. It's not a great morale booster. It's not a great talent discovery," he said.

Shankar also spoke on the growth potential of women's cricket.

"Women's cricket is real, the quality of women's cricket team is very high. On a good day, the women's team can defeat the men's team," he said.

Meanwhile, Gajwani noted that women's sports had been "the fastest growing business model the world over".

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Advertising under pressure as media business model faces strain

Shankar said the traditional media industry globally faces a structural challenge as advertising comes under pressure and digital platforms reshape how audiences consume content.

"The Business model of media is under pressure," he said, adding that advertising is "a space getting affected everywhere".

"There is a real challenge for tradition media cos the world over," Shankar said.

He said JioStar was working on two broad priorities: improving the content experience for audiences and addressing the underlying economics of the business.

"Working on two clear areas: keep improving the content experience for people and second is to fix the business model," he said.

"Advertising and subscription remain the only ways for media cos to make money," he said.

He also argued that India's next phase of growth would require much wider digital access, including in sectors such as education, healthcare and career development.

"Every single area in this country needs digital accessibility," Shankar said.

"It's only technology that can allow you to take quantum leap in that arena," he added.

Discussing JioStar's initial strategy, Shankar said its decision to offer content for free had helped the platform scale rapidly.

"The free strategy was just the right strategy, it proved to be the fastest ramp-up for a media platform at the time," he said.

He also pointed to the broader investment approach of Bodhi Tree Systems, the strategic investment platform founded by Shankar and James Murdoch, which has expanded beyond media into areas including consumer technology and education.

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AI set to reshape content and revive the power of brands

Shankar said artificial intelligence is likely to dramatically increase the volume of content while driving significant innovation across the media industry.

"I think there is going to be way more content, and the level of innovation that will come with AI, is going to be phenomenal. People should be ready for that," he said.

He added that AI and digital technology could fundamentally alter the relationship between media companies, audiences and brands.

"The power of brand will be reinvented," Shankar said, adding that it is "currently being undermined".

Responding to Gajwani's question on whether he would invest in news, entertainment or sports, Shankar said news organisations need to respond more effectively to the disruption caused by social media platforms.

"News needs to turn the tables on social media platforms hurting their business," he said.

Shankar also emphasised the wider potential of technology to address gaps in access and scale across the economy.

"The power of digital tech in solving problem is huge," he said.

The ET World Leaders Forum is underway in New Delhi and kicked off on Friday, bringing together business and policy leaders for discussions on the changing global and Indian economic landscape.