Livemint : Aug 28, 2019, 09:56 AM
NEW DELHI : Ace shuttler P.V. Sindhu, who became the first Indian to win gold at the BWF World Championships, is expected to witness a surge in her brand endorsement fee and value, said sports marketing executives.
Sindhu’s annual brand fee is expected to double from ₹1-1.5 crore to ₹3 crore, said Tuhin Mishra, managing director and co-founder of Baseline Ventures, which manages her portfolio.
“Because to this win, there’s a lot of interest, but Sindhu is already the No. 1 woman athlete in India. She has been commanding a certain price because of what she has achieved in the last three years," Mishra said. “We always ensure that her deals complement her personality. Moreover, deal size is also dependent on market dynamics."
Sindhu, with 14 deals worth around ₹40 crore in her kitty, endorses a wide variety of brands, including Yonex, JBL, Bridgestone, Moov, Bank of Baroda and Gatorade. In February, she had signed a four-year sponsorship deal worth ₹50 crore with Chinese sports brand Li-Ning.
Although some sports marketing executives said the 24-year-old’s current commanding price looks a little inflated, they say that the run-up to the 2020 Olympics will provide a big window of marketing opportunity.
Sindhu’s win is one of the biggest in Indian sport, said Indranil Das Blah, chief executive of Kwan Sports. “I won’t be surprised if her overall commercials increase by at least 25% in value. Also, brands could hopefully ride on her potential to win a gold medal at the Olympics, which seems a distinct possibility now."
With total earnings of $5.5 million, Sindhu is tied for the 13th place in The Highest-Paid Female Athletes 2019 list released by Forbes that includes prize money, salaries, bonuses, endorsements and appearance fees between June 2018 and June 2019.
Although Sindhu is India’s most successful female athlete, her brand value doesn’t come close to cricketer Virat Kohli, who is worth ₹200 crore. Experts said marketing opportunities have opened up in recent years for female athletes due to the growth of social media platforms.
With over 5 million followers on Instagram, Twitter and Facebook, Sindhu strikes a deep connection with fans. “India needs sports icons such as Sindhu. She’s young and authentic on social media platforms, which helps her connect well with her fans, which brands want to leverage," said Jigar Rambhia, national director for sports and entertainment partnerships at Wavemaker India.