Local pitches make up 62% of India’s total 2024 ad contracts: Report

The advertising media spend in India was estimated to be around $1.1 billion last year, according to COMvergence's 'New Business Barometer 2024' report for India. The media and advertising market research firm examined 157 account moves and retentions during the year and mentioned that local, country-specific pitches accounted for 62% of the total, in line with the global trend of 60% local pitches for 2024.

GroupM emerged as the top ranker among media agency groups with more than $447 million in new business value. Omnicom Media Group and Publicis Media Group won second and third spot with in over $183 million and over $71 million in new business values, respectively.

The major  account moves and retentions in the Indian market from January to December 2024 included accounts for Amazon, Tata Motors, Kenvue, Tata Consumer Products, Volkswagen, Meesho, Hewlett Packard, Levi’s, Oppo and Spotify. The new business wins for GroupM included Amazon and Tata Consumer Products. Omnicom Media Group bagged   Tata Motors, Volkswagen and HDFC Life accounts and Publicis Media Group secured Kenvue and Relaxo Footwear as the key accounts.

The top media agency chart was led by Wavemaker, Spark Foundry, PHD, Madison Media, and EssenceMediacom.

At the global level, COMvergence evaluated more than 3,900 media account moves and retentions in 2024 which consisted of 2,300 advertisers from 48 countries. The total media spend in these markets touched $39 billion, indicating a growth of 11% compared to the previous year.