By Our Staff
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 2022 for India.
India saw a lower number of account moves and retentions this year of 246 with media spends estimated to be around $1.5BN as compared to a higher number of account moves in 2021 which were 332 with media spends estimated to be around $2.3BN
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 $1286M whereas global and multi- country pitches made up 19% of the pie with $297M in 2022 for India.
Mondelez ,Pepsico, ITC, Nestlé, Meesho, Lenovo, Hyundai-Kia, NPCI, Abbott Nutrition, Rebel foods, Truecaller were among some of the account moves that dominated the Indian market in 2022.
The Media Agency Groups were led by GroupM with a total new business value of +$332M, followed by Publicis Media Group at +$289M new business value and dentsu International with a new business value of +$194M respectively.
Zenith from the Publicis Media Group stable and Wavemaker from the GroupM umbrella led the media agencies’ ranking, interestingly the 3rd rank was tied between Initiative, Havas Media and Spark Foundry ( Publicis Media Group) followed by Madison Media and Carat.