MAM
GroupM downgrades India’s ad expenditure growth to 6.6% in 2012
MUMBAI: A weakening Indian economy has prompted GroupM to cut by almost half its India ad growth forecast for 2012, from 12 per cent to 6.6 per cent.
In its mid-year forecast, GroupM has downgraded advertising expenditure in 2012 to Rs 355.92 billion, from its January estimate of Rs 373.97 billion. The WPP agency had pegged the ad spend size in India in 2011 at Rs 333.88 billion, up 13 per cent from the earlier year.
What has darkened the ad horizon is a feeble growth in the first half of the year with inflation staying stubborn, rupee depreciating and government not moving forward on policies. Though elections are source of additional advertising, political spending limits per candidate have been applied more strictly. “This resulted in the spends being lower than expected,” the new forecast said.
GroupM, however, expects ad demand to improve in the second half. “This is most likely to happen with larger categories like Telecom which reduced expenditure considerably in the first half of the year: most of the pullback has been among large national advertisers rather than regional players. Perhaps as a result, there is a reduction seen in the more premium media properties such as sponsorships,” the report said.
Television
Though television is the most affected medium by first-half pullbacks, it will still constitute the highest share with 41.6 per cent amongst other mediums.
The growth of the medium is expected to be 5.6 per cent to gross Rs 148.12 billion.
“2011 had the cricket World Cup which attracted an incremental Rs 8.5 billion. This was obviously expected to drop out in 2012, but April-May IPL cricket did not perform as strongly as previously to compensate. In addition, the Telecom category cut down spends substantially in the first half of the year. Financial services have been adversely affected by poorer economic conditions here as elsewhere in the world. Even consumer durables spent less in the first half of 2012 than the prior year period. Occupancy of premium inventory has decreased with advertisers choosing to stay with safer tried-and-tested formats,” the report says.
GroupM, however, expects a bounce back in 2013 and predicts ad spend growth to climb 14 per cent that year.
Print (dailies) growth is expected to be a little less than formerly expected. The regional publications have expanded into new markets and have actively developed local advertisers, largely in the retail categories. They have, therefore, added some ad volume, even though the larger national advertiser categories have scaled back investments.
GroupM predicts the medium to have 39.2 per cent share with five per cent growth in 2012. Print, as a medium, is expected to grow to Rs 139.68 billion from Rs 133.03 billion in 2011.
Radio
The radio segment has been impacted by the slowdown in the first half. Phase III FM auction has been pushed to 2013, so delaying this uplift to next year. Individual markets have seen very varied demand according to local retail conditions. The medium will have 4.5 per cent share and is likely to see 9 per cent growth, higher than TV, newspaper and outdoor.
Ad growth in the radio industry is expected to be 9 per cent, touching Rs 15.89 billion. The medium is expected to grow at 10 per cent in 2013.
Outdoor
The agency has also revised its 2012 outdoor growth forecast from nine to six per cent. Reduced consumer demands and the current global turmoil have caused 2012 budget reductions in categories including telecom, automotive, banking, financial services and insurance (BFSI), real estate, and FMCG vis-a-vis 2011. The trend began in 2011 and continued into the first quarter of 2012, which is considered to be seasonally very important for BFSI.
In the first half of 2012, there has, however, been increased investment from the entertainment and media category in OOH medium. The reduction is affecting the metro markets but not the non–metros and smaller towns, where demand from local advertisers in a few categories like jewelry, apparel, Education, real estate and construction has offset the withdrawal of national activity. Smaller towns are actually seeing ad demand rise as much as 25 per cent.
OOH ad industry is estimated to be around Rs 17.98 billion in 2012, which will grow to Rs 19.06 billion by next year.
Digital medium ad growth remains unchanged since the last forecast. Given that it typically has smaller outlays and is very response-based, it has not been affected like other media. Digital medium with share of 5.5 per cent is expected to grow at 30 per cent, more than any other medium.
Retail Media and Cinema
Retail Media and Cinema are also performing as expected. Even though telecom advertising fell in the first half, categories like FMCG and durables have risen in these media. As previously envisaged, destinations in smaller markets have experienced raised demand of about 10 per cent. Leisure destinations have also expanded their presence in these smaller markets that has helped drive spends, the report said.
MAM
India’s financial sector spent less on TV ads in 2025 but flooded the internet
Banks, insurers and lenders cut tv ads as digital jumps, LIC and Muthoot lead tv and Axis Bank tops online
MUMBAI: India’s banking, financial services and insurance sector, one of the most prolific advertisers in the country, delivered a split verdict on media in 2025. It spent less on television, held its nerve in print, turned up the volume on radio and deluged the internet with a ferocity that left every other medium looking pedestrian. The picture that emerges from TAM AdEx’s cross-media report for the BFSI sector is of an industry in transition, still wedded to the news bulletin but increasingly seduced by the algorithm.
Television: a retreat with caveats
TV ad volumes for the BFSI sector fell 16 per cent in 2025 compared with 2024, a sharp reversal after two years of consistent growth that had pushed volumes 16 per cent above 2021 levels by 2023 and a further 7 per cent higher by 2024. Within 2025 itself, the drop was concentrated in the middle of the year: the second and third quarters saw ad volumes slide 35 per cent each against the first quarter, with a partial recovery of 13 per cent in the fourth.
The retreat did not reshuffle the deck. Life insurance retained first place among TV categories with 19 per cent of ad volumes, mortgage loans held second with 16 per cent, and the top ten categories together accounted for 82 per cent of all BFSI television advertising. The dominance of news channels was equally pronounced: news claimed 68 per cent of ad volumes, general entertainment channels a distant 14 per cent and movies 12 per cent. Together, news and GEC captured 82 per cent of the sector’s television spend. News bulletins alone took 48 per cent of programme-genre volumes, with feature films second at 12 per cent. Prime time, between 6pm and 11pm, drew 34 per cent of ad volumes, followed by afternoon at 22 per cent and morning at 20 per cent. A full 82 per cent of all ads ran between 20 and 40 seconds.
Life Insurance Corporation of India was the sector’s biggest TV spender with 11 per cent of ad volumes. Muthoot Financial Enterprises came second with 9 per cent, followed by National Payments Corporation of India at 6 per cent, Tata AIG General Insurance at 5 per cent and State Bank of India at 5 per cent. The top ten advertisers together accounted for 51 per cent of total TV volumes. Three names were new to the top ten in 2025: Tata AIG General Insurance, IIFL Finance and Tata Capital. At brand level, Muthoot Finance Loan Against Gold led with 9 per cent share, Tata AIG Health Insurance entered the top ten for the first time, and the top ten brands together contributed 35 per cent of ad volumes.
Print: the long climb continues
Print told a different story. Ad space for the BFSI sector has grown every year since 2021, rising 16 per cent in 2022, 30 per cent in 2023, 51 per cent in 2024 and 64 per cent in 2025, all measured against a 2021 baseline. Within 2025, ad space was flat in the second quarter but surged 46 per cent in the third and 33 per cent in the fourth compared with the first. Life insurance led print categories with 21 per cent of ad space, followed by mutual funds and banking services and products at 13 per cent each, and corporate financial institutes at 11 per cent. The top ten categories together took 82 per cent of print ad space. LIC led print advertisers with 6 per cent share, and the top ten together covered just 19 per cent of ad space, a reflection of how fragmented print spending remains. Three new entrants joined the top ten in 2025, with Billion Brains Garage Ventures the only exclusive presence not seen in 2024’s list. In the top ten brands, LIC dominated with a 2 per cent share, while Nippon India Mutual Fund rose to third position from fourth in 2024. English accounted for 62 per cent of print ad space, Hindi for 20 per cent. Business and finance publications took 59 per cent of the genre split. The south zone led regional spending with 33 per cent of print ad space, Bangalore topping that zone, while New Delhi and Mumbai were the leading cities nationally.
Radio: louder than ever
Radio ad volumes for the BFSI sector have climbed steadily, rising 12 per cent above 2021 levels in 2023, 36 per cent in 2024 and 45 per cent in 2025. The quarterly pattern within 2025 was volatile: a sharp drop of 43 per cent in the second quarter and 42 per cent in the third, followed by a near-full recovery in the fourth. Life insurance led radio categories with 22 per cent of volumes, banking services and products second at 14 per cent and corporate NBFCs third at 11 per cent. LIC of India held its position as the leading radio advertiser with 20 per cent of ad volumes; the top ten radio advertisers together covered 69 per cent. Muthoot Financial Enterprises led radio brands with 10 per cent share, five of the top ten brands belonged to LIC alone, and SBI Mutual Fund made a remarkable leap to fifth position from 272nd in 2024. Evening and morning time-bands together captured 84 per cent of radio ad volumes, with evenings at 44 per cent and mornings at 40 per cent. Maharashtra was the leading state for radio BFSI advertising with 18 per cent share; Maharashtra, Gujarat and Uttar Pradesh together accounted for 43 per cent.
Digital: the five-times surge
If one number defines the 2025 BFSI advertising story, it is five. Digital ad impressions for the sector multiplied fivefold between 2021 and 2025, having already doubled in 2023 and doubled again in 2024 before the 2025 leap. Within the year, impressions dipped 19 per cent in the second quarter and 12 per cent in the third before recovering 8 per cent above the first quarter by the fourth. Banking services and products led digital categories with 27 per cent of impressions, life insurance and credit cards tied at 19 per cent each, and securities and sharebroking organisations fell from first place in 2024 to fourth in 2025. Axis Bank was the runaway leader among digital advertisers with 12 per cent of impressions, followed by ICICI Bank at 9 per cent, IDFC First Bank at 7 per cent and Kotak Mahindra Bank at 6 per cent. The top ten digital advertisers covered 59 per cent of impressions, and seven of them were new entrants compared with 2024, signalling rapid churn in the digital spending hierarchy. At brand level, Axis Bank led with 9 per cent, ICICI HPCL Super Saver Credit Card vaulted to third place from 921st in 2024, and six of the top ten digital brands were new to the list. Programmatic buying accounted for 91 per cent of all digital BFSI transactions; combined with ad networks, it captured 96 per cent.
The data from TAM AdEx paints the portrait of a sector that still believes in the power of the television news bulletin to sell insurance to the masses, but increasingly knows that the next generation of borrowers, investors and cardholders is scrolling, not watching. The race is now on to reach them before the algorithm serves up someone else’s loan offer first.
