Cricket is no more a game but a feeling for the people in cricket capital countries. Talking about the world, cricket is the second most popular sport after football. In India, the sport is connected with the emotions of billions of fans. The cricket market in India has a valuation of $95.3 billion which defines the popularity of this sport. Indian Premier League is on in the country, players are playing in the fields and fans are now taking part in the same game with fantasy cricket apps. Let’s know about both concepts a little-
Indian Premier League
IPL also known as Indian Premier League is a cricket tournament where the domestic teams named after the different regions of the country play against each other to reach the finals and win prizes. The value of the IPL tournament alone is $8.4 billion which is huge when compared to other sports tournaments around the world. Moreover, talking about the viewership, JioCinema (a platform where one can watch live IPL) observed a viewership of 1.47 billion on the very first day of the tournament
Fantasy Cricket Apps
As we just finished talking about the craze of cricket in countries like India, other nations like Pakistan, Bangladesh, England, and Australia are not much far behind. However, just watching the game on television or stadium might not satisfy a die-hard cricket buff, fantasy cricket apps have played a significant role in helping fans take part in the game digitally.
Fantasy cricket apps and software are digital solutions that enable users to build a team of players and rank them according to their expected performance in the actual game. If the prediction regarding players’ performance goes right, the user wins exciting and huge monetary and non-monetary prizes.
Turning toward the stats, the Indian Fantasy Sports market size was valued at $4.2 billion in 2021, securing a CAGR of more than 32% in the forecasted period 2022-2032. Dream11, one of the most popular fantasy cricket apps, has more than 10 million downloads on the Google play store alone. There are tens of other similar apps which are not far behind in terms of downloads.
While people are enjoying the concept of cricket fantasy apps, the owners of these platforms are receiving a handsome income from the same. Fantasy cricket apps have emerged as one of the best digital business ideas, bringing fortune to those who own them.
Let’s go through some of the reasons which make this app development concept an innovative and exclusive business idea.
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Reasons Why Fantasy Cricket App Development Is a Great Business Idea for All
Developing a fantasy cricket app in modern times where billions of fans are keen to take part in the game virtually is a top-notch business idea. Not only does it bring a huge user base in one place, monetary benefits of this software development are also significant. Here are some of the reasons why it can be a profitable deal-
- Frequency of Cricket Tournaments
The success of any fantasy app depends on the frequency of tournaments and games it entertains. Cricket fantasy apps have an upper hand here as cricket tournaments and games continue for the complete year. Several games create opportunities for fans to take part in fantasy gaming. The major tournaments of cricket are IPL, Big Bash League, ICC, Asia Cup, etc.
- Number of Fans
Cricket is the second most popular sport in the world having more than 2.5 billion fans worldwide. This huge fanbase of cricket increases the number of users who are keen to leverage the services and benefits of the fantasy cricket app. It becomes easier in this landscape to attract millions of users to the platform by providing the right features.
- Moderate Competition
Despite having a huge audience and technological advancements in cricket, the competition in fantasy cricket app development is still moderate. There are only a few known names that are ruling the market. These apps have managed to establish a good presence in the landscape, still, there is space for new ideas and concepts to rule the market. So, if you enter the market with a unique concept and idea there are chances that you can win over your competitors.
- Multiple monetization models
When talking about the fantasy cricket app as a business idea, it becomes important to learn a monetization model that gives a return on investment. Multiple monetization models can be implemented in a cricket fantasy app in order to establish revenue streams. The monetization models are not limited to a subscription-based model but can be extended to a freemium model, in-app purchase, advertisement, sponsorship, etc.
Running the business requires considering and adhering to all the legal aspects in the market so one doesn’t have to face the consequences. India is the biggest cricket market and using fantasy cricket apps is legal in India but with certain rules. Make sure your team researches and abides by these rules when planning and conceptualizing the application.
- Easy to Achieve Customer Loyalty
Converting the users into loyal customers is not hard. Providing the right features and integrating the tournament opportunities into the app is sufficient to ensure that users don’t opt for a substitution. Thus, long-term customer relationship management is easier in the fantasy cricket app.
- Plenty of Room for Growth
These software and tools provide plenty of room for growth and improvement. For example, adding new features like live scoring, live video streaming, players’ performance statistics, etc. can easily bring an extended target audience to the platform which doesn’t even have the intention of taking part in fantasy gaming.
The craze of cricket has only increased over time, expanding in different countries. The cricket capital countries like India have presented an entirely new landscape of this sport via a different tournament. Similarly, technological advancements have also introduced a transformation in the landscape by putting fantasy gaming in place. Developing a cricket fantasy app is considered one of the best business ideas since it easily attracts a huge audience base as well as can provide the ROI with different monetization models.