COMvergence, an independent research and data consultancy, which analyses media spend investments and produces benchmark studies on new business performances, and Billings and Market share of media agencies, has released its New Business Barometer report for India covering the time- period from January 2024 to June 2024 (H1 2024) including retentions.
As per the same, Volkswagen, Meesho, Hewlett Packard, Levi’s, Oppo, Spotify, etc. are some of the account moves that dominated the Indian market from January 2024 to June 2024.
That being said, as per COMvergence’s New Business Barometer H1 2024 for India, the top three media agencies during the stipulated time 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.)
Similarly, 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 moves 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.
