New Delhi: Buoyed by increased viewership and a relatively controversy-free tournament, the Indian Premier League (IPL) has seen a spike in its brand valuation to USD 5.3 billion after the 10th edition, according to global valuation and corporate finance advisor Duff & Phelps.

The IPL's overall value as a business has increased to USD 5.3 billion from USD 4.2 billion last year, representing a three-year CAGR of 13.9 per cent, Duff & Phelps said in a report.

"This IPL season has garnered attention for all the right reasons -- a relatively controversy-free tournament, increase in social media engagement, strategic and highly successful marketing initiatives, and compelling on-field performances - all of which affirmed IPL's standing as the most valuable cricketing league in the world," Duff & Phelps India Managing Director Varun Gupta said.

It noted that the brand values of the individual teams have risen 34 per cent on average in 2017 compared to 2016.

The Mukesh Ambani-owned Mumbai Indians, which won the edition this year, sustained the top position with a brand value of USD 106 million, followed by Kolkata Knight Riders at USD 99 million and Royal Challengers Bangalore in third place at USD 88 million.

Factors contributing to the rise in brand values of individual franchisees include increasingly lucrative advertising, broadcasting and sponsorship deals, reduction in franchise fees beginning with the next season, increased viewership across India and increased fan engagement, evidenced by the rise in social media activity.

The report has not valued finalists Rising Pune Supergiant or Gujarat Lions since their association with IPL came to an end after this season, with Chennai Super Kings and Rajasthan Royals expected to come back next year after serving their suspension.

"Satellite and digital broadcasting rights are up for renewal later this month and will be keenly watched. The renewed deal is anticipated to be significantly higher than the one signed by Sony nine years ago," the report said.

Broadcaster Sony Pictures Networks' ad revenues crossed Rs 1,300 crore this year, while Star India's Hotstar, which had the digital rights, saw its ad revenues more than double to Rs 120 crore from the previous year.

Television viewership also scaled new heights, with nearly 45 per cent of viewership coming from rural India.