 |
|
The recent victory of 18-year-old Gukesh D. in the 2024 World Chess Championship has sent ripples far beyond the chessboard, creating a significant buzz in the marketing and advertising world. His win, a remarkable feat that shattered a decades-old record previously held by Garry Kasparov, has catapulted him into the spotlight, making him an exceptionally desirable brand ambassador. The flood of endorsement offers pouring in from various companies, including FMCG giants, gaming companies, and corporate houses, underscores the immense commercial potential associated with his newfound fame. The estimated value of these endorsement deals ranges from ₹70 lakh to ₹1 crore per year, highlighting the substantial financial opportunities presented to the young champion and his representatives. This surge in interest showcases the growing marketability of chess as a sport and the appeal of associating with a rising global star.
The involvement of Baseline Ventures, a company with a proven track record of managing Gukesh's previous brand partnerships, provides a framework for understanding the strategic approach to these new opportunities. Their confirmed receipt of numerous endorsement proposals speaks volumes about the level of interest from major corporations eager to leverage Gukesh's image and popularity. This strategic partnership ensures a methodical approach to selecting suitable collaborations, ensuring that the endorsements align with Gukesh's image and personal values, and prioritizing long-term benefits over immediate financial gains. The company's plan to consult with Gukesh's family before making any decisions demonstrates a commitment to prioritizing his well-being and career trajectory.
However, the rush to secure endorsement deals also raises concerns among industry professionals. Experts like Indranil Das Blah of AMP Sports caution against the risks of over-commercialization, emphasizing the importance of maintaining a balance between endorsements and Gukesh's commitment to the game. The fear is that an excessive focus on endorsements might distract him from his primary goal of maintaining his position in the competitive chess world. They raise the example of other athletes who experienced a meteoric rise in endorsement opportunities, followed by a downturn in their performance, suggesting a need for cautious strategic planning and brand selection. The challenge lies in ensuring that endorsements enhance Gukesh's image and appeal without jeopardizing his career progression.
Sandeep Goyal, chairperson of advertising agency Rediffusion, reinforces the notion that Gukesh's young age and potential for a long-lasting career in chess should guide the approach to endorsements. He argues that focusing on accumulating substantial wealth early on could be detrimental to Gukesh's long-term success, emphasizing the need for a careful selection of brands that align with his image and values. His comparison with other athletes who struggled to balance endorsements with their careers serves as a stark reminder of the potential downsides of an overly aggressive approach to brand partnerships. The need for a balanced approach, prioritizing high-quality brands and long-term strategies over short-term financial gains, is consistently highlighted by industry experts.
The broader context of celebrity endorsements in India provides further insight into the situation. The dominance of Bollywood stars and cricketers in the top celebrity brand valuations underscores the scarcity of non-cricket sports personalities in this elite group. This highlights the unique opportunity presented by Gukesh's success, creating the potential for a paradigm shift in the landscape of sports endorsements in India. The relatively low representation of non-cricket athletes also suggests a potential for significant growth in this sector, with Gukesh poised to play a prominent role in shaping this emerging trend. The significant financial value associated with celebrity endorsements in India, amounting to $1.9 billion in 2023, indicates the considerable economic potential for athletes like Gukesh who can successfully navigate the complexities of the branding world.
Source: Companies queue up to advertise with youngest-ever world chess champion Gukesh