You win some, you lose some

Disney won the television broadcast rights to Indian Premier League cricket matches for the next five years in a deal worth ~$3 billion, sources told the Financial Times.

• But the entertainment giant also lost out on its bid for IPL's exclusive streaming rights, which sold to a joint venture between Paramount and India’s Reliance Industries for ~$2.6 billion.
• Disney is currently the sole owner of IPL's TV and streaming rights under a 2017 deal signed with Fox for $2.5 billion.

🤔💰🏏 Why are we covering this?... Because more than 50 million of Disney+'s 138 million subscribers are signed up for the entertainment company's Indian version, called Hotstar, with local cricket rights being a major draw.

• Losing exclusive IPL streaming rights could slow Disney’s quest to reach 230-260 million Disney+ subs globally by 2024. 

✋ Yes, but... CEO Bob Chapek has previously said the cricket matches are “not critical” to achieving its targets; the average Disney+ Hotstar sub pays just 83 cents per month compared to $8/month in the US.

🧠 In the know: With a combined value of $13.4 million per match, the IPL’s new broadcast deal carries a higher average value than English Premier League soccer ($11 million/match), and is second only to the NFL ($17 million/game).