BFSI print ad volumes shoot up 37% in H1-2024: TAM report

The print advertising by India’s banking and financial services industry (BFSI) shot up by 37% in volume terms during the January to June 2024 period (H1-2024), as compared to the corresponding period last year (H1-2023). This increase has been 27% when compared with the print ad volumes during H1-2022, as reported by TAM Media Research. Within BFSI, the life insurance category retained its first position in H1-2024 over H1-2023.

In print advertising by BFSI, LIC of India emerged as the No 1 advertiser controlling 12% to total ad volumes during H1-2024. National Payments Corporation of India (6%) and State Bank Of India (3%) claimed the No 2 and No 3 positions, respectively.

Among languages, English language had the highest (55%) share of ad space in print newspapers. The Top five publication languages combined added 91% share of sector’s ad space for print newspapers. Among topics, business, finance, economy and general interest each contributed 50% share to BFSI advertising during H1-2024.

The southern region secured the top position contributing 34% to total BFSI print ad volumes during H1-2024. Bonds and credit cards categories were the new entrants in the top 10 list during H1-2024 over H1-2023. A strong growth in print ad volumes is noteworthy given the decline that print media experienced over the past two decades.

The action on television

The sector’s ad volumes on television increased by 14% and 19% during H1-2024 when compared with H1-2023 and H1-2022, respectively. Within BFSI, the categories of life insurance and mortgage loans retained their last year’s first and second position in TV ad volumes for the first half-year of 2024.

Among genres, ‘news channel’ emerged as the most preferred one controlling 67% of volumes during this period. Movies (15%) and GEC (12%) stood No 2 and No 3 among top genres on TV. Similarly, ‘News Bulletin’ emerged as the top program controlling 48% share of total BFSI TV ad volumes with feature films (15%) and Business programmes (9%) grabbing No 2 and No 3 slots, respectively.

LIC of India (15%) and Muthoot Financial Enterprises (8%) retained their first and second positions, with Association Of Mutual Funds In India (7%) winning No 3 rank, among top advertisers in H1-2024.

Of the total TV advertising by BFSI, the top 10 brands controlled 39% share with ‘Muthoot Finance Loan Against Gold’ leading the list for the review period. National Payments Corporation of India and Share.Market emerged as the exclusive brands, according to TAM Media Research report for during H1-2024. Tata AIG Health Insurance was the new entrant in the top 10 list of brands during the same period.

Trends in radio and digital

On digital medium, BFSI’s ad impressions observed an increase of 17% in H1-2024 when compared to H1-2023. The increase was 74% when compared with H1-2022. Programmatic advertising led the transaction method for digital advertising of BFSI sector in H1-2024 controlling 80% share. The category of securities or share broking organizations ascended to the top position in H1-2024 with 20% share of ad impressions compared to its fourth rank in H1-2023. Top 10 advertisers collectively added 50% share of ad impressions during H1-2024 with Bajaj Finserv leading the pack.

In the case of radio, the index ad volumes by BFSI witnessed a drop of 2% during January-June 2024 compared to H1-2023. However, when compared to H1-2022, it still shows an increase of 30%. Similar to print and TV, life Insurance category dominated the radio advertising during H1-2024 controlling 31% of the total BFSI ad volumes. Maharashtra was the leading state for advertising on radio with 20% share of the sector’s ad volumes in H1-2024. BFSI companies preferred the evening and morning time-bands for their ad placements on radio during this period.