Mumbai: According to TAM AdEx – 2023 Cross Media Advertising Recap – BFSI Sector TV ad volumes of the BFSI sector increased by 13% in 2023 over 2022. Life Insurance and LIC of India both hold the first position in the top categories and the advertisers lists respectively, in 2023.
Muthoot Finance Loan Against Gold was the leading brand with 8% share of ad volumes in 2023. The top 10 categories together added 84% share of ad volumes on TV with Life Insurance leading the list. Also, Life Insurance and Mortgage Loans retained their first and second positions in 2023 over 2022.
In the top categories, Housing/Construction Loans and Retail Banking were the only new entrants in 2023 over 2022. Life Insurance Corporation of India was the top advertiser of BFSI Sector on TV with 12% share of ad volumes. Together, the top 10 advertisers covered 49% share of ad volumes on TV. News (65%) was the top channel genre followed by Movies (15%) during 2023. News bulletin was the most preferred programme genre to promote brands under the BFSI sector on television. the top two programme genres i.e. news bulletin and feature films together added 60% of the sector’s ad volume. Prime Time, Afternoon and Morning time bands together accounted for 73% share of ad volumes.
Indexed ad volumes for the BFSI sector on TV witnessed growth from 2020 to 2023, in which, 2023 had the highest growth of 39% over 2019. Also, when Tam compared 2023 with 2022, there was growth of 13% in ad volumes for BFSI. Compared to the first quarter of 2023, the second, third and fourth quarters observed a de-growth of 43%, 19% and 33% for the BFSI sector on TV. Advertisers of the BFSI sector majorly preferred 20 – 40 seconds of ad size on TV. 20-40 seconds and <20 seconds ads together covered 91% shares in 2023.
Ad volumes for the BFSI sector were highest during Feb’23 with 13% share of ad volumes followed by
March 2023 with 10%. There was a drastic decline in ad volumes of BFSI during April 2023 of 4.5%
Print: An ad growth of 15% was observed in 2023 over 2022 for the BFSI sector. Among the top advertisers, there were five new entrants during 2023 over 2022. Out of the top 10 brands, four of them belonged to Life Insurance Corporation Of India. The South Zone was the leading territory for BFSI advertising in print with 34% share of ad space. Also, Bangalore was the top city of the South Zone.
Ad space observed consistent growth over the period from 2021 to 2023. There was growth of 26%, 46% and 69% in 2021, 2022 and 2023 respectively over 2019. Whereas, 2020 was the only year in which ad space decreased by 24% over 2019. Additionally, compared to 2022, there was growth of 15% in ad space for BFSI Sector during 2023. While analysing quarterly trends of 2023, Tam discovered there was consistent growth in Q3 and Q4 of 8% and 26% compared to Q1. But, Q2 witnessed 29% of de-growth in ad space over Q1 of 2023.
Life Insurance had a 14% share of ad space. Also, the top 10 categories together accounted for 48% share of ad space.During Y 2023, credit cards and bonds entered the top category list and secured ninth and tenth positions, compared to their 14th and 12th positions respectively in 2022. Together, the top 10 advertisers covered 28% share of ad space with Life Insurance Corporation Of India leading the list. The top advertisers of the BFSI sector included five new entrants during 2023 over 2022.
The top 10 brands of the BFSI sector contributed 16% share of ad space. Out of the top 10 brands present in 2023, 4 of them belonged to Life Insurance Corporation Of India. HDFC Systematic Invest Plan was the only exclusive brand present during 2023 over 2022. During 2023, HDFC Bank-Corporate ascended to ninth position compared to its 5035th position in 2022. English was the top publication language with 55% share of ad space in 2023. General interest dominates ad space in General Newspaper with a 54% share.
Radio: BFSI Sector ad volumes increased by 13% during the 2023 over 2022. In Advertisers, Life Insurance Corporation Of India retained its first position with 24% share of ad volumes in 2023 over 2022. Maharashtra secured first position with 20% share of ad volumes in 2023 for BFSI Sector. Advertising for BFSI was preferred in the evening and morning time-band.
Ad volumes registered growth from 2020 to 2023. Ad volumes of 2021, 2022 and 2023 increased significantly by 35%, 33% and 51% respectively over 2019. There was growth in ad volumes of Y 2020 of 6%. Additionally, 2023 observed growth of 13% compared to 2022. Whereas, BFSI Sector’s Quarterly Trends of Y 2023 reflected de-growth of 67%, 49% and 16% in Q1, Q2 and Q3 compared to Q1.
Life Insurance dominates the category list with 25% of the total BFSI ad volumes. Top 10 categories added 88% share of sector ad volumes on Radio.Automobile General Insurance, Retail Banking and Securities/Sharebroking Organisation entered the top categories list in 2023 over 2022. Life Insurance Corporation Of India remained the leading advertiser in 2023 over 2022 with 24% share of ad volumes. Also, the top 10 advertisers covered 74% share of ad volumes. Among the top Advertisers, AU Small Finance Bank was the only exclusive advertiser present in 2023 over 2022.
LIC Housing Finance was the top brand of the BFSI sector on radio with 14% share of ad volumes. Four out of the top 10 brands were from Life Insurance Corporation Of India. The top 10 brands together added 50% ad volume share in 2023. HDFC Ergo Health Insurance upheaved to fourth position in 2023 compared to its 398th position in 2022.
Digital: Ad impressions for the BFSI sector significantly increased by 40% during 2023 over 2022. Together, the top 10 categories covered 92% share of ad impressions with Mutual Funds leading the list. AMFI was the top advertiser on Digital with 8% share of ad impressions for BFSI Sector. Programmatic was the top transaction method for digital advertising of the BFSI sector in the Y 2023.
On digital, ad impressions observed a surge of 3.3 times and 2.3 times in 2023 and 2022 over 2019.
Also, ad impressions in Y 2021 were increased by 61% over 2019. Whereas, 2020 reflected de-growth of 57% over 2019. Compared to 2022, there was growth of 40% in ad impressions in 2023. Both Q2 and Q4 of 2023 observed growth of 7% and 25% over Q1, but, ad impressions in Q3 were decreased by 43%. Both May 2023 and Nov 2023 had highest share of ad impressions of 11% for the BFSI sector and September 2023 observed the lowest share of 5.7%.
On digital, Mutual Funds ascended to the first position with 19% share of ad impressions in 2023 over 2022. Life Insurance descended to fifth position in 2023 compared to its first position in 2022. In top categories, Retail Banking was the only new entrant in 2023 over 2022. AMFI continued to be the leading advertiser on Digital with 9% share of ad impressions in 2023 over 2022. Together, the top 10 advertisers covered 41% share of ad impressions. Out of the top 10 advertisers in 2023, there were six new entrants among them compared to 2022.
The top brands of the BFSI sector on digital collectively added 35% share of ad impressions with AMFI leading the list. Nippon India Mutual Fund ascended to fourth position in 2023 compared to its 197th position in 2022. Among the top 10 brands present in 2023, four of them were new entrants compared to 2022.
Programmatic was the top transaction method for digital advertising of BFSI Sector in the Y 2023 with 68% of share. Programmatic and Programmatic/Ad Network transaction methods together captured 83% share of BFSI ad impressions on digital.
