COMvergence, an independent research and data consultancy, which analyses media spend investments and produces benchmark studies on new business performances, released its latest New Business Barometer for the FY 2022 for India.
According to the report, India saw a lower number of account moves and retentions (246) in 2022 with media spends estimated to be around $1.5 bn as compared to a higher number of account moves (332) in 2021 with media spends estimated to be around $2.3 bn.
In 2022, 66pc of the total pitches held globally were local in nature (country specific pitches). India was well above this average with 81pc of total pitches being local which is $1286 mn whereas global and multi- country pitches made up 19pc of the pie with $297 mn in 2022 for India.
Mondelez, Pepsico, ITC, Nestlé, Meesho, Lenovo, Hyundai-Kia, NPCI, Abbott Nutrition, Rebel foods, Truecaller were among some of the account moves that dominated the Indian market in 2022.
The Media Agency Groups were led by GroupM with a total new business value of +$332 mn, followed by Publicis Media Group at +$289 mn new business value and dentsu International with a new business value of +$194 mn respectively.
Zenith from the Publicis Media Group stable and Wavemaker from the GroupM umbrella led the media agencies’ ranking, interestingly the 3rd rank was tied between Initiative, Havas Media and Spark Foundry (Publicis Media Group) followed by Madison Media and Carat.
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