Mumbai: COMvergence, an independent global research firm specializing in media spend analysis and benchmarking, has released its latest New Business Barometer for India (2024). The report highlights key account moves, agency rankings, and industry trends in the media sector.
In 2024, COMvergence assessed 157 account moves and retentions in India, with total estimated media spend reaching $1.1 billion. Local pitches accounted for 62% of total pitches, aligning with the global trend of 60% for country-specific media account decisions.
Key Account Moves and Industry Leaders
Major brands that dominated India’s media landscape in 2024 include Amazon, Tata Motors, Kenvue, Tata Consumer Products, Volkswagen, Meesho, Hewlett Packard, Levi’s, Oppo, and Spotify. These companies played a significant role in shaping the year’s account shifts and retentions.
Media Agency Groups Performance
GroupM maintained its leadership position among media agency groups, securing new business worth +$447 million. Omnicom Media Group followed with a +$183 million new business value, while Publicis Media Group reported a +$71 million new business value.
- GroupM’s major wins: Amazon and Tata Consumer Products.
- Omnicom Media Group’s key wins: Tata Motors, Volkswagen, and HDFC Life.
- Publicis Media Group’s new accounts: Kenvue and Relaxo Footwear.
Top Media Agencies in India
Wavemaker, Spark Foundry, PHD, Madison Media, and EssenceMediacom led the agency rankings in India. These agencies played a crucial role in shaping the country’s media investments and strategy.
Global Perspective
On a global scale, COMvergence analyzed over 3,900 media account moves and retentions, involving 2,300 advertisers across 48 countries. The total media spend assessed amounted to $39 billion, marking an 11% increase compared to 2023.
