Since the suspension of the IPL 2021, all the franchises have been in a dilemma of thinning away money, TV rights and sponsorship deals. With no significant source in order to generate revenue, teams’ owners have been looking for different alternatives. Royal Challengers Bangalore, Kolkata Knight Riders, and Punjab Kings have established ties with Socios.
It is a platform that boosts revenue by elevating fan engagement through cryptocurrency and blockchain technology. Socios is developed by Chillz, which is a huge blockchain fintech provider for sports & entertainment. It has ties with big European clubs like PSG, Barcelona, Juventus. In order to participate in exclusive activities organised by the club, fans need to buy Chillz token through a cryptocurrency exchange. Teams can facilitate fan token offerings on Socios. By acquiring Chillz tokens, fans can engage in exclusive activities such as chat forums, competitions, polls, and VIP rewards organised by their favourite clubs.
The use of fan tokens to engage fans is rising in popularity among sports fans. USD 120 million is reported to be spent on these tokens in 2021 so far. Since the IPL has been suspended and offers no solid guarantee of being resumed, teams were required to look for alternate sources in order to generate revenue.
KKR CEO Venky Mysore said, “We were keen to look at new ways of enhancing and optimizing how we engage with our fans, and Socios.com seemed like the right fit. Socios.com has already proven what a powerful tool it can be for fan engagement with some of the biggest sporting organisations in the world.”
IPL’s streaming partner, Disney+ Hotstar, has previously had advertisements from two extremely well-known Indian cryptocurrency platforms in WazirX and Coinbase. Cryptocurrency platforms are a growing industry in India, and the teams associated have looked into their best financial interests by the association here.