Home Business & Finance Facebook Fails to Secure Streaming Rights

Facebook Fails to Secure Streaming Rights

It’s old news that social media networks such as Twitter and Facebook are working to land several streaming rights of most popular sports across the world. As Cricket is easily one of the most popular sports around the world, it’s understandable that Facebook was trying to secure streaming rights for IPL, one of the most popular domestic T20 leagues around the world. However, despite bidding approximately $600 million to secure the streaming rights of the events, the social networking giant has lost out to 21st-Century-Fox-owned Star India.

IPL since its inauguration, remains to be one of the most popular leagues despite other countries creating their own domestic leagues which follow similar tournament style. For example, most of the League’s matches average over fifty million viewers worldwide. Understandably, the social networking giant was trying to secure its deal to stream the matches. The company was joined by likes of Amazon and Yahoo but when they left the bidding, Facebook was the only tech company during the bid.

However, the Star India offered more than six times of Facebook’s $600 million bid which meant the company would miss out on the streaming rights.

Featured Image: Pixabay/Simon

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