The banking, financial services, and insurance sector (BFSI) sector advertising volumes have considerably increased across digital, TV, and print in the first half of 2024.
However, the volume saw a drop in the radio medium, according to the TAM Adex report.
According to the report, the sector’s ad volumes saw an increase of 37% in print in the first half of 2024, compared with the same period in 2023. The volume saw an uptick of 14% on TV and a 17% uptick in ad impressions on digital but a 2% drop in index ad volume growth on radio.
Television
BFSI sector’s ad volumes on television increased by 19% in during in H1’24 H1’22.
The top 10 advertisers included Muthoot Fin Loan Against Gold which accounted for a total of 8% of the ad volume, followed by AMFI (Asso Of Mutual Funds In India) at 7%, SBI Life at 4%, Visa Card at 4%, National Payments Corp Of Ind (3%), Tata Aig Health Insurance (3%), IIFL Finance Gold Loan (3%), LIC Jeevan Akshay 7/Jeevan Shanti (3%), Share.Market (3%) and LIC New Pension Plus at 2%.
In the period, the news channel genre was preferred the most by the BFSI sector.
Top two program genres i.e. news bulletin and feature films together added 63% of the sector’s ad volumes. In terms of ad volumes, the prime time, afternoon, and morning time bands collectively accounted for 74% share.
Also, advertisers of BFSI sector preferred 20 – 40 sec ad size on TV during H1’24. 20-40 seconds and <20 seconds ads together covered 92% share. Print
BFSI sector’s ad volumes on print increased by 27% in during H1’24 compared to H1’22.
The top ten advertisers included LIC of India (12%), National Payments Corporation of India (6%), SBI (State Bank Of India) (3%), Union Bank Of India (2%), AMFI (Asso. of Mutual Funds In India) (2%), Aadhar Housing Finance (2%), Canara Bank (2%), Indiabulls Housing Finance (1%), SBI Funds Management (1%) and Nippon Life India Asset Mgmt (1%).
The English language had the highest share of ad space, i.e., 55%.
The report further noted that South Zone was the leading territory with a 34% share of BFSI advertising in print in H1’24. Meanwhile, Chennai and New Delhi were the top cities in the South Zone and North Zone respectively.
Radio
Index ad volume growth of BFSI sector witnessed an increase of 30% during H1’24 compared to H1’22.
The top ten advertisers included LIC of India (27%), LIC Housing Finance (15%), Acko General Insurance (8%), Union Bank Of India (7%), Manappuram Finance (6%), SBI (State Bank Of India) (5%), Punjab National Bank (3%), Bank of Baroda (3%), National Payments Corp. of India (2%) and AU Small Finance Bank (2%).
The report claimed that Maharashtra was the leading state for advertising on radio with 20% share of the sector’s ad volumes in H1’24.
89% share of the BFSI ad volumes were in evening and morning time-bands in H1’24.
Digital
On digital medium, ad impressions observed an increase of 74% during the H1’24 compared to H1’22.
The top ten advertisers included Bajaj Finserv (9%), Life Insurance Corp. of India (5%), ICICI Bank (5%), ICICI Prudential Life Insurance Co. (5%), National Payments Corp of India (5%), Max Life Insurance Co. (4%), IDFC First Bank (4%), Angel Broking (4%), AMFI (Association of Mutual Funds in India) (4%) and
Kotak Securities (4%).
Programmatic was the leading transaction method for digital advertising of the BFSI sector in H1’24 solely covering 80% share.