GroupM retains crown as India's top media agency in 2023
agency group for new business wins in India for the year 2023, according to the New Business Barometer 2023 report by independent global research and data consultancy firm COMvergence. GroupM surged ahead with a new media business value exceeding $654 million, demonstrating its continued dominance in the Indian advertising market.
It was followed by IPG Mediabrands, with a new business value of over $200 million, and Omnicom Media Group, securing a new business value of approximately $128 million. In the agency realm, Wavemaker, Mindshare, and Lodestar UM emerged as dominant players, followed by EssenceMediacom and Havas Media.
In 2022, Zenith from the Publicis Media Group stable and Wavemaker from the GroupM umbrella led the media agencies’ ranking. The 3rd rank was tied between Initiative, Havas Media and Spark Foundry (Publicis Media Group) followed by Madison Media and Carat.
Maruti Suzuki, Reckitt, PhonePe, Proctor & Gamble (digital), Swiggy, Pernod Ricard, Vivo Mobiles, Beiersdorf, Ferrero, Berger Paints and Jaguar Land Rover were among some of the account moves and retentions that dominated the Indian advertising market from January to December 2023. The 2023 report unveiled that out of 215 account moves and retentions — the clients which asked for media pitches and then changed or retained their media agencies — assessed by COMvergence, the cumulative media spends(spends on media advertising like TV, print, digital)were estimated to hover around $1.4 billion.
Remarkably, local pitches took the lion's share, constituting 91% of the total pitches within India, far surpassing the global average of 55%. COMvergence revealed that 192 local pitches (account movements based in India)accounted for approximately $1.4
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