BFSI ad volumes surge on TV in 2023 despite quarterly dips
Life insurance, Muthoot Finance and LIC lead the top category, brand and advertisers list of 2023 in terms of ad volumes.
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The Banking, Financial Services, and Insurance (BFSI) sector saw a significant increase in advertising volumes on television from 2020 to 2023, with the highest growth of 39 percent in 2023 compared to 2019. However, there were some fluctuations within 2023. While overall ad volumes grew 13 percent year-on-year, the second, third, and fourth quarters experienced declines of 43 percent, 19 percent, and 33 percent respectively, compared to the first quarter.
Life insurance and mortgage loans lead the pack
Life insurance remained the top advertised category at 22 percent of total ad volume share, followed by mortgage loans at 19 percent. Other prominent categories included banking services and products, corporate financial institutions, credit cards, and mutual funds.
February saw the highest ad volume contributing close 13 percent of the entire year’s share followed by March that stood at 10 percent.
Muthoot Finance tops brands, LIC leads advertisers
Muthoot Finance Loan Against Gold, IIFL Finance Gold Loan, AMFI (Association Of Mutual Funds In India) LIC Jeevan Akshay 7/Jeevan Shanti, Visa Card, Piramal Finance Home Loan, Bandhan Bank, LIC New Pension Plus, Shriram Life Assured Income Plan and UPI Chalega were the top ten brands on TV in 2023.
When it came to advertisers, Life Insurance Corporation Of India, Muthoot Financial Enterprises, IIFL Finance, AMFI (Association Of Mutual Funds In India), Piramal Capital & Housing Finance, Visa International Service Association, Shriram Life Insurance Company, HDFC Standard Life Insurance Company 2, Bandhan Bank and the National Payments Corporation Of India were the toppers.
News Channels and prime time ruled
At 65 percent, news channels were the preferred platform for BFSI advertising, followed by movies (15 percent) and general entertainment channels (GECs) (14 percent). Prime time garnered the highest ad volume (followed by afternoon and morning), and 20-40 second ad spots were most popular (accounting for 91 percent of all ads).
