A survey by media agency Mindshare, which interviewed 2,100 people across the five metros, found that Twenty20 was the favourite format of 76 per cent of the respondents. A surprisingly-low 22 per cent picked the 50-over format and a measly 2 per cent Test matches.

"If you look at the reach delivered by this league, this is not the future; this is the present of cricket. One-dayers are dying and this league will hasten the process," says Blah.

Meenakshi Madhvani, founder & managing partner, Spatial Access Media Solutions, says: "Whether or not it is recognised by ICC (International Cricket Council, the game’s governing body) is irrelevant to audiences, who are attracted to watch the best of the world at one forum. In that sense, it is big-ticket cricket."

Unni Krishnan, country manager, Brand Finance, says IPL has a long journey ahead. "These are India’s first steps in what is worldwide a $103 billion merchandising and licensing business."

Krishnan adds that it is best for brands to look at long-term tie-ups, especially with teams. His logic is that the teams will become big brands and develop strong identities with cult following.

Brands seem to share his beliefs. DLF, the country's largest real estate developer, paid Rs 400 crore (Rs 4 billion) to be the exclusive title sponsor for five years. Nokia, Reebok and Master Card have tied up with Kolkata Knight Riders and Mumbai Indians.

Image: Shahrukh Khan beside the logo of the team 'Kolkata Knight Riders' in Kolkata| Photograph: Deshakalyan Chowdhury/AFP/Getty Images