[eMarketer] Amazon ends $7.7 billion quest to purchase cricket rights
Amazon is withdrawing from the bidding war over exclusive cricket streaming rights for the Indian Premier League (IPL), handing one of the planet's biggest sporting events to rivals including Disney, Sony, and Reliance Industries.
According to those familiar with the situation, the commerce and media giant decided to walk away from the auction rather than engage in competitive bidding.
The rights were expected to bring in as much as a record-breaking $7.7 billion.
Streaming services have competed intensely for sports streaming rights around the world, of which cricket has become the most expensive.
Although cricket rights represent a critical opportunity for streaming services in the prized Indian market, the extraordinary cost comes as tech companies and streaming services carefully reconsider spending.
According to eMarketer, bidders are counting on the rights to help them dominate an increasingly online Indian consumer market.