e-Auction : Tata IPL Broadcasting and Media Rights e-Auction

What is an e-Auction and how it is different from the Traditional one.

An e-Auction is an electronic auction where suppliers bid online against each other for contracts against a specific tender.

It is also known as "Reverse Auction".

In traditional method of auction, suppliers bid against each other and are physically present at the time of auction, while in e auction they bid against each other online, they know what the highest amount of the bid is at a particular time but they do not know who is the owner of that particular bid.

There is also one type of auction which is "Closed Bid Auction" or "Final Bid Auction" in which all parties present their bid amount in a closed envelope containing their bid amount unknown to each other.

Advantages and Disadvantages of e-Auction:

1.Buyers can view objects up close and ask questions during traditional auctions. At specific sites, bidders can speak with the seller and obtain facts before the auction begins, allowing the buyer to make an informed decision about purchasing the piece.

2.Online auctions are extremely convenient for bidders because they are virtual. Bidders do not need to leave their homes; instead, they simply open their internet and search for their preferred item.

3.Sellers benefit from online auctions since they do not have to pay costs to conduct an auction event in a specific location. Sellers can also invite anyone to attend the online auctions, increasing the number of bidders and raising the bidding prices.

4.When compared to the online space, traditional auctions require the bidder to be there to purchase the item, removing the element of endless competition.

5.Online auctions may result in a greater price for the object being bid on than a traditional auction. With everyone online having access to the auction, there's a chance that more bids will be placed against yours. This can, however, mean that you'll be able to find fantastic, low-cost things online. No one else noticed the object because there isn't an auctioneer to point it out.

6.Traditional auctions provide a fascinating and exciting experience for bidders since they are a part of the thrill and hype of the moment.

Tata IPL Broadcasting Rights e-Auction:

For the first time, the IPL has decided to conduct the bidding via an e-auction. On Sunday, June 12, it will begin at 11 a.m. IST in Mumbai. There is no predetermined finish date, and the IPL has left the possibility of the e-auction extending into the next day(s) wide . The auction will continue until all bids have been submitted.The rights cycle spans for five IPL seasons: from 2023 to 2027.

A, B, C, and D are the four bundles available. Package A is made up entirely of television rights for the Indian subcontinent. Only digital rights for the Indian subcontinent are covered by Package B. Package C includes digital rights for a limited number of matches, including the playoffs, that are exclusive to the Indian subcontinent. Package D, which includes both TV and digital rights for the rest of the world, is separated into two sub-categories: combined ROW and four distinctive zones.The tournament opener, weekend evening matches, and the four playoffs, including the final, are all included in this Special Package. While the first match and playoffs will be mandatory, the IPL will decide how many and which evening matches from double-headers will be included based on the total number of games in a season.

Who can win the Rights?

Along with Reliance, all of the big broadcasting conglomerates are involved, including Disney Star, Sony, Zee, and Viacom.

Star India paid a record sum of INR 16,347.5 crore (approximately US$ 2.55 billion at the time) to secure the IPL rights for five years in 2017. (2018-22). It was the largest media rights deal in cricket history, costing 158 percent more than the previous IPL rights cycle. Star won the IPL rights based on its global consolidated bid, which was INR 528.5 crore (only 3.34 percent) higher than the sum of the highest bids in each category (INR 15,819.51 crore).

This will be a keen ocassion to keep an eye on for all the Cricket lovers not just across the country but also across the world.

Source:Various Sites on Google.com