BFSI sector sees 19% increase in TV ad volumes and 74% growth in digital impressions in H1 2024, reveals TAM report – Brand Wagon News

The BFSI sector in India has seen an uptick in advertising volumes across television, print, radio, and digital platforms during the first half of 2024 (H1’24), according to the latest TAM AdEx report. The report shows steady growth, particularly in life insurance and mortgage loan categories, highlighting ongoing efforts by major players to maintain visibility and capture market share.

On television, BFSI ad volumes increased by 19% during January-June 2024 compared to the same period in 2022, and 14% compared to H1’23. Life insurance and mortgage loans continued to be the top two categories, retaining their positions from H1’23. Leading advertisers included LIC of India and Muthoot Financial Enterprises, both of which maintained their top spots.

Television continues to be a critical platform for BFSI advertisers, particularly in prime time slots. The top 10 categories accounted for 89% of ad volumes, with life insurance alone taking 26%. The preference for 20-40 second ads suggests a focus on short, direct messaging. News channels, which made up 48% of the ad volumes, remained the most favored genre, likely due to their broad reach among viewers seeking financial information.

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Print media also saw a notable rise in BFSI ad volumes, with a 27% increase in H1’24 compared to H1’22 and 37% compared to H1’23. Life insurance continued to lead the category rankings, while bonds and credit cards appeared as new entrants in the top 10 categories. The southern zone led BFSI print advertising with a 34% share of total ad space.

The consistent growth in print ad volumes reflects the ongoing importance of this medium for BFSI players, particularly in conveying trust and credibility. LIC of India held the top spot among advertisers, accounting for 12% of total ad space, with the top 10 advertisers contributing 31% of total print ad volumes.

In the radio segment, BFSI ad volumes increased by 30% from H1’22 to H1’24, but there was a 2% decline compared to H1’23. Life insurance remained the dominant category, contributing 31% of the sector’s total ad volumes. Maharashtra emerged as the leading state for BFSI radio advertising, accounting for 20% of the total. Advertisers preferred the morning and evening time slots for airing their ads.

The decline in radio ad volumes compared to the previous year could indicate shifting preferences or competition from other media platforms. However, radio still holds significance in specific regions, and time slots like morning and evening continue to attract a dedicated audience.

On digital platforms, ad impressions saw a 74% increase in H1’24 compared to H1’22 and a 17% rise compared to H1’23. Securities and sharebroking organizations led digital advertising with 20% of total impressions, having moved up from the fourth position in H1’23. Programmatic advertising dominated, accounting for 80% of digital ads for the BFSI sector.

The rise in digital ad impressions highlights a shift towards online advertising, with BFSI companies increasingly using programmatic buying to optimize their campaigns. Bajaj Finserv emerged as the top advertiser in the digital space, reflecting the sector’s focus on reaching digitally engaged consumers.

Overall, the BFSI sector’s growth in advertising volumes across television, print, radio, and digital platforms indicates its ongoing efforts to maintain a broad media presence. The increase in digital impressions, combined with steady performance in traditional media, shows the sector’s multifaceted approach to engaging with consumers across various channels.

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