WPP-owned media agency network GroupM has consolidated its position as the leading media company agency group for new business gains in India for the year 2023, according to the New Business Barometer 2023 report by independent global research and data consulting firm COMvergence.
GroupM surged ahead with new media business value exceeding $654 million, demonstrating its continued dominance in the Indian advertising market. It was followed by IPG Mediabrands, with a new business value of more than $200 million, and Omnicom Media Group, securing a new business value of approximately $128 million.
In the agency sphere, Wavemaker, Mindshare, and Lodestar UM emerged as dominant players, followed by EssenceMediacom and Havas Media. In 2022, Zenith from the Publicis Media Group stable and Wavemaker from the GroupM umbrella led the ranking of the media agencies. The third rank was tied between Initiative, Havas Media and Spark Foundry (Publicis Media Group) followed by Madison Media and Carat.
Maruti Suzuki, Reckitt, PhonePe, Proctor & Gamble (digital), Swiggy, Pernod Ricard, Vivo Mobiles, Beiersdorf, Ferrero, Berger Paints and Jaguar Land Rover were among some of the account moves and retentions that dominated the Indian advertising market from January to December 2023.
The 2023 report revealed that of 215 account moves and retentions — the clients who requested media pitches and then changed or retained their media agencies — evaluated by COMvergence, the media spends. (spends on media advertising such as TV, print, digital) were estimated to hover around $1.4 billion. Notably, local pitches took the lion’s share, accounting for 91% of the total pitches within India, far exceeding the global average of 55%.
COMvergence revealed that 192 local presentations (account movements based in India) accounted for approximately $1.4 billion, while 23 global and multi-market performances contributed an estimated $132 million to India’s advertising expenditures.
In 2022, 81% of total launches were local, accounting for $1.29 billion in size, while global and multi-country launches accounted for 19% of the pie with $297 million. The global average of local pitches was at 66% in 2022, which also dropped to 55% in 2023.
The report also points out that India saw a lower number of account moves and retentions in 2023 compared to 246 in 2022. However, the media spend was estimated at the same level at approximately $1.5 billion.
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Published: 03 Apr 2024, 13:32 IST