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 2021 for India.
The report stated that the media agency groups were led by GroupM with a total of the new business value of +$1028 million, followed by Publicis Media Group at +$188 million new business value and dentsu International with a new business value of +$161 million respectively.
Mindshare from the GroupM umbrella led the media agencies’ ranking by a large margin followed by Wavemaker at the second rank, Starcom at third, Initiative and Madison Media at the fourth and fifth rank respectively.
In 2021, COMvergence assessed an overall of 332 account moves and retentions in India with media spending estimated to be around $2.3 billion. This figure (of around $2.3 billion) represents about 25% of the Indian media agency billings ($9.2 billion), whilst the retention rate for India is 43% for 2021.
Around $922 million of the account size was from global and multi-country pitches and $1338 million was from local pitches in 2021.
Unilever, Coca-Cola, L’Oréal and Meta ( formerly Facebook), PhonePe, Cred, Viacom, Perfetti, Tata Consumer Products, Rohit Surfactants (RSPL), Oppo Electric Corp, Ola (Electric) were among some of the account moves that dominated the Indian market in 2021.