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 FY 2023 for India.
Maruti, Reckitt, PhonePe, Proctor & Gamble (digital), Swiggy, Pernod Ricard, Vivo Mobiles, Beiersdorf, Ferrero, Berger Paints and Jaguar Land Rover were among some of the account moves and retentions that dominated the Indian market from January 2023 to December 2023.
The Media Agency Groups were led by GroupM by a wide margin with a total new business value of +$654M, followed by IPG Mediabrands at +$200M new business value and Omnicom Media Group with a new business value of +$128M.
Wavemaker, Mindshare and Lodestar UM led the media agencies’ ranking followed by EssenceMediacom and Havas Media.
In 2023 COMvergence, assessed an overall of 215 account moves and retentions, with media spends estimated to be around $1.5BN. Out of these Local pitches dominated the Indian market, whilst 55% of the total pitches held globally were local in nature (country-specific pitches), making India well above this average with 91% of total pitches being local whereas global and multi-country pitches made up only 9% of the pie for India.
2023 saw a whole of 192 local pitches estimated to be around $1399M and 23 global and multi-market pitches were estimated to be around $132M in India.
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