GroupM leads in new business wins in 2022: COMvergence
1 min read 27 Mar 2023, 04:14 PM ISTWith new business value of over $332 million, GroupM was followed by Publicis Media Group, which won new accounts worth over $289 million and Japanese giant dentsu International, which clocked a new business value of over $194 million, according to the report, New Business Barometer, for the entire financial year 2022 for India.
PremiumNew Delhi: WPP-owned media agency network GroupM was the leading agency group in India in terms of new business wins in 2022, as per a report by independent global research and data consultancy firm COMvergence.
With new business value of over $332 million, GroupM was followed by Publicis Media Group, which won new accounts worth over $289 million and Japanese giant dentsu International, which clocked a new business value of over $194 million, according to the report, New Business Barometer, for the entire financial year 2022 for India.
Zenith from the Publicis Media Group stable and Wavemaker from the GroupM umbrella led the media agencies’ ranking, interestingly the 3rd rank was tied between Initiative, Havas Media and Spark Foundry (Publicis Media Group) followed by Madison Media and Carat.
Incidentally, Indian media spend accounted for $1.5 billion in 2022, according to the report.
Also, India saw a lower number of account moves and retentions this year of 246 with media spends estimated to be around $1.5 billion as compared to a higher number of account moves in 2021 (332) with media spends estimated to be around $2.3 billion
Mondelez, Pepsico, ITC, Nestlé, Meesho, Lenovo, Hyundai-Kia, NPCI, Abbott Nutrition, Rebel foods, and Truecaller were among some of the account moves that dominated the Indian market in 2022.
As per the report, in 2022 Indian media space was dominated by local pitches, with 81% of total pitches being local, accounting for $1286 million in size, whereas global and multi-country pitches made up 19% of the pie with $297 million in 2022. Local pitches in India were well above the global average of 66%.
COMvergence, which analyses media spend investments, and new business performances, has alliances with companies like Nielsen, Kantar, and the American Association of Advertising Agencies, among others.
