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