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LIC India leads BFSI sector TV advertising with 12% share: TAM
National Payments Corp of India was the leading advertiser on digital with 6% share of ad impressions in 2024 over 2023.
Life Insurance Corporation of India was the top advertiser of BFSI Sector on TV with 12% share of ad volumes. Together, the top 10 advertisers covered 48% share of ad volumes on TV. In the top advertisers, SBI Life Insurance Company, SBI (State Bank Of India) and Bank Of Baroda were the only new entrants in 2024 over 2023.
Television ad volumes for the BFSI sector demonstrated a consistent upward trend from 2021 to 2024, with 2024 recording the highest increase—35% compared to 2020. Furthermore, a year-over-year comparison indicates a 7% growth in ad volumes in 2024 over 2023, as per TAM.
However, within 2024, ad volumes saw a sequential decline after the first quarter. The second, third, and fourth quarters experienced a de-growth of 42%, 35%, and 35%, respectively, relative to Q1.
The top 10 categories together added 86% share of ad volumes on TV with Life Insurance leading the list. Also, Life Insurance and Mortgage Loans retained their 1st and 2nd positions in Y 2024 over Y 2023.
Life Insurance Corporation of India was the top advertiser of BFSI Sector on TV with 12% share of ad volumes. Together, the top 10 advertisers covered 48% share of ad volumes on TV. In the top advertisers, SBI Life Insurance Company, SBI (State Bank Of India) and Bank Of Baroda were the only new entrants in 2024 over 2023.
Muthoot Finance Loan Against Gold remained the top brand of BFSI Sector on TV during Y 2024 over Y 2023 with 10% share of ad volumes. National Payments Corp Of India was an exclusive brand during 2024 over 2023.
Digital
On Digital, ad impressions saw a significant surge rising 12.65 times in 2023 and 11.02 times in 2024 compared to 2020. Additionally, impressions in 2022 increased by 8.54 times over 2020.
In 2024, ad impressions recorded a 29% growth over 2022. There was a de-growth of 19%, 46%, and 41% in Q2, Q3, and Q4 of 2024 respectively compared to Q1.
On Digital, Securities/Sharebroking Organization leading 1st position with 18% share of ad impressions in 2024 over 2023. Life Insurance descended to 2nd position in 2024 compared to its position in 2023.
In top Categories, Health/Accidents General Insurance was the only new entrant in 2024 over 2023. National Payments Corp Of India was the leading advertiser on Digital with 6% share of ad impressions in 2024 over 2023. Together, the top 10 advertisers covered 45% share of ad impressions.
The top brands of BFSI Sector on Digital collectively added 27% share of ad impressions with UPI Chalega leading the list. Programmatic was the top transaction method for Digital advertising of BFSI Sector in the Y 2024 with 78% of share. Programmatic and Programmatic/Ad Network transaction methods together captured 87% share of BFSI ad impressions on Digital.
Ad space in Print for the BFSI sector showed consistent growth from Y 2021 to Y 2024, with increases of 66% in 2021, 93% in 2022, 1.22 times in 2023, and 1.71 times in 2024 compared to 2020.
Moreover, ad space in Y 2024 grew by 16% compared to Y 2023. However, an analysis of quarterly trends in Y 2024 revealed a consistent decline in ad space in Q2, Q3, and Q4, with reductions of 27%, 2%, and 4% respectively compared to Q1.
Life Insurance retained its position as the top category in BFSI Sector in 2024 over 2023 with 10% share of ad space. Also, the top 10 categories together accounted for 38% share of ad space. During 2024, Bonds and Corporate-NBFCS entered the top category list and secured 8th and 9th positions, compared to their 11th and 13th positions respectively in Y 2023.
Together, the top 10 advertisers covered 25% share of ad space with LIC of India leading the list. The top advertisers of BFSI Sector included 3 new entrants during Y 2024 over Y 2023.Hyundai Motor India was the only exclusive in Top 10 Advertisers present during Y 2024 over Y 2023.
LIC dominates the Top Brands list in the Y 2024. The top 10 brands of BFSI Sector contributed 14% share of ad space. Out of the top 10 brands present in Y 2024, 3 of them belonged to Life Insurance Corporation Of India. The top brands in the BFSI sector during Y 2024, compared to Y 2023, were Bhim App, Hyundai Motor India–IPO and LIC Index Plus Exclusive..
During 2024, LIC Jeevan Utsav , AMFI (Asso Of Mutual Funds In India) and SBI (State Bank Of India) ascended to 3rd , 6th and 8th position compared to its 34th , 22nd and 102nd in 2023.
South Zone was the leading territory for BFSI Sector advertising with 33% share of ad space in 2024. New Delhi & Mumbai were top cities in Pan India during 2024. New Delhi & Mumbai were top cities in Pan India during 2024.
Radio
Ad volumes on Radio for BFSI Sector registered growth from 2021 to 2024. Ad volumes of 2021, 2022 and 2023 increased significantly by 27%, 26% and 43% respectively over 2020. Additionally, Y 2024 observed growth of 22% compared to 2023. Whereas, BFSI Sector’s Quarterly Trends of Y 2024 reflected de-growth of 51%, 17% and 4% in Q’2, Q’3 and Q’4 compared to Q’1.
Life Insurance dominates the Category list with 30% of the total BFSI ad volumes. Top 10 categories added 88% share of sector ad volumes on Radio. Fixed Deposits, Personal/Professional Loans and Credit Cards entered the top categories list in Y 2024 over 2023. LIC of India remained the leading advertiser in 2024 over 2023 with 27% share of ad volumes. Also, the top 10 advertisers covered 76% share of ad volumes.
LIC Housing Finance was the top brand of BFSI Sector on Radio with 12% share of ad volumes. The top 10 brands together added 49% ad volume share in Y 2024. LIC Jeevan Utsav upheaved to 2nd position in 2024 compared to its 306th position in 2023.
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