The figure is an increase of more than $1.4 million from the previous year, with most of the additional money going to singles players competing in qualifying through second rounds.
"Each year, we evaluate every aspect of our event – from prize money to scheduling to amenities and facilities – to ensure a top-tier experience for players and fans," said Steve Christian, COO of the BNP Paribas Open, the tournament's official title.
"This year, we are proud to be dedicating record prize money, and are highly focused on compensating all of the players competing in the BNP Paribas Open."
The tournament is also switching up its schedule and will feature its first all quarter-final day on March 14, when all eight quarter-final matches will be played.
The annual event in the Southern California desert near Palm Springs is owned by billionaire Larry Ellison, who also owns the Indian Wells Tennis Garden.
Last month, players voted it the ATP Masters and WTA 1000 Tournament of the Year for an unprecedented ninth straight time, and more than 450,000 fans attended the 2023 edition.
Carlos Alcaraz and Elena Rybakina are defending champions at the tournament, which runs from March 6-17 this year.
