Volkswagen to Spotify: top account moves of Jan-Jun 2024 according to COMvergence

New Delhi: COMvergence an independent research and data consultancy, which analyses media spend investments and produces studies on new business performances, and Billings and Market share of media agencies, released its New Business Barometer report for India covering the time- period from January 2024 to June 2024 (H1 2024) including retentions. 

Volkswagen, Meesho, Hewlett Packard, Levi’s, Oppo, Spotify, were among some of the account moves that dominated the Indian market from January 2024 to June 2024.

The top three media agencies during this period were PHD (new business value +$63M), Initiative (new business value +$46M) followed by EssenceMediacom and Zenith tying at the third position (with a new business value of +$29M each.)     

GroupM (new business value +$83M), Omnicom Media Group (new business value +$54M) and Mediabrands (new business value +$48M) respectively led the media agency groups. 

Among the 72 moves and retentions with media spends estimated to be $352M assessed by COMvergence in the Indian market for this period, only 5 were global and  multi-market pitches with a new business value of $76M . Whereas 67 accounts moved and pitches with a new business value of $276M were all local in nature. 

This places India above the global average of local pitches which were at 65% whereas India saw 78% of the total pitches being local in nature ( country specific pitches). 

In H1 2024 (January 2024 to June 2024), COMvergence assessed more than 1,740 media account moves and retentions (1,210 advertisers in total) across 49 countries totaling $16.4B globally.