COMvergence, an independent research and data consultancy, which analyses media spend investments and produces benchmark studies on new business performances, has released its latest New Business Barometer- India for FY 2023.
According to the annual report by COMvergence which takes into consideration developments 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.
Moreover, it was media agencies like Wavemaker, Mindshare and Lodestar UM which led the media agencies’ ranking followed by EssenceMediacom and Havas Media as per the report.
In 2023, the research and data consultancy firm assessed an overall of 215 account moves and retentions, with media spends estimated to be around $1.5 billion.
While 55% of the total pitches held between January and December across the globe, last year, were local in nature (country specific pitches) on an average, India was well above as 91% of the total pitches that happened in India in 2023 were local (for India) and only 9% pitches were global and multi- country.
As per COMvergence, in the year 2023. India saw a total of 192 local pitches estimated to be around $1399M happening in the country and 23 global and multi market pitches which were estimated to be around $132M.
But the account movement and retention which dominated the Indian market from January 2023 to December 2023 were that of brands such as Maruti, Reckitt, PhonePe, Proctor & Gamble (digital), Swiggy, Pernod Ricard, Vivo Mobiles, Beiersdorf, Ferrero, Berger Paints and Jaguar Land Rover amongst others.
