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Mumbai: PHD, Initiative, Zenith, and EssenceMediacom emerged as the leading media agencies in India for new business wins in the first half of 2024, according to COMvergence’s latest New Business Barometer report.
The independent research and data consultancy highlighted key account moves and retentions between January and June, showcasing significant shifts in the Indian advertising landscape.
PHD secured the highest new business value among media agencies, clocking in at $63 million. Initiative followed with $46 million in new business value, while EssenceMediacom and Zenith tied for third place, each reporting $29 million.
Among media groups, GroupM dominated with $83 million in new business, ahead of Omnicom Media Group’s $54 million and Mediabrands’s $48 million.
COMvergence assessed 72 media account moves and retentions in the Indian market, amounting to $352 million in media spending, in the first half of 2024.
Local pitches, accounting for 78% of the total with a value of $276 million, outpaced the global average of 65%.
The automotive sector led new business, followed by government spending related to the national elections. E-commerce and technology sectors also showed strong activity.
“H1 2024 saw a smaller volume of media spend compared to H1 2023, which featured major pitches like Maruti and Reckitt. However, H2 2024 looks promising with several key pitches on the horizon,” said Priyanka Mehra, regional director-South Asia, at COMvergence.
Globally, COMvergence analyzed more than 1,740 media account moves and retentions across 49 countries, representing $16.4 billion in media spending from 1,210 advertisers during the first half of 2024.
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