In a development that could reshape the Indian sports broadcasting landscape, JioStar has reportedly informed the International Cricket Council (ICC) that it may not be able to honour the remaining two years of its four-year India media rights deal. The $3 billion agreement, valid till 2027, includes marquee tournaments such as the T20 World Cup 2026. The move comes after JioStar allegedly suffered heavy financial losses from the deal.
ICC Rushes to Find New Buyers for 2026–29 Rights
Following JioStar’s signal of distress, the ICC has reportedly initiated a fresh bidding process for India media rights for the 2026–29 cycle, with an asking price of around $2.4 billion. The governing body has approached Sony Pictures Networks India (SPNI), Netflix and Amazon Prime Video. However, industry sources suggest that none of these platforms has shown serious interest so far, largely due to the steep valuation and weak profitability outlook.
Why India’s Cricket Market Is Critical for the ICC
India contributes nearly 80% of the ICC’s total revenue, making it the financial backbone of global cricket. Despite this dominance, even established broadcasters like SPNI are becoming cautious. Earlier this year, SPNI sub-licensed the digital rights of the India–England bilateral series to JioStar to reduce risk—an early sign of stress in the sports media economy.
What Went Wrong for JioStar
JioStar’s troubles reportedly worsened after the ban on real-money gaming platforms, which created an advertising shortfall of nearly $840 million. Fantasy gaming giants like Dream11 and My11Circle had earlier driven massive ad spending during cricket seasons. Traditional advertisers have returned, but none have filled the revenue gap at scale.
Meanwhile, Netflix continues to avoid Indian cricket, choosing instead to experiment with global sports entertainment like WWE. Amazon’s exposure to cricket also remains limited, with its New Zealand Cricket deal ending soon.
A Broader Correction in Global Sports Rights
Globally, streaming platforms are becoming selective as rights costs for leagues like the NBA, NFL and MLB continue to surge. Even organizations like FIFA and the International Olympic Committee are reportedly struggling to meet their price expectations in India.
Despite this, cricket remains one of the few properties in India that reliably guarantees massive audiences. While JioStar remains contractually bound till 2027, the current bidding uncertainty signals a clear correction in sports media valuations.
