Broadcasters Star India and New Zealand Cricket failed to renew their media agreement this year due to the financial constraints caused by the Covid-19 pandemic, Exchange4Media reported.

Star India had signed a deal with NZC for over $35 million in 2017 for three years. NZC were looking to renew the contract with its broadcast partner in India at similar rates.

“Given the current market scenario and Covid-19 related business implications, Star India has refused to renew the existing deal,” an official was quoted as saying by the website.

The Pakistan Cricket Board, Cricket West Indies and Sri Lanka Cricket are also struggling to tie up with a broadcast partner in India.

“India has become a very tough advertising market for sports media rights outside of IPL, and this has been further significantly impacted by Covid-19,” the official added.

“...a few years ago, the Indian sports broadcasting market was very competitive with multiple players, but now it is left with two mainstream broadcasters, whose outlook on monetisation is very modest.

“There will be a substantial downward trend in media rights values across the board. Rates from earlier deals cannot be used as a benchmark to negotiate current deals, as the entire ecosystem has changed and cricket boards need to come to terms with this.”

The media rights of the Board of Control for Cricket in India is handled by Star Sports after bagging a five-year deal in 2018. England and Wales Cricket Board and Cricket Australia have deals with Sony Pictures Network India.