BFSI sector sees significant growth in advertising volumes in H1′ 24

In the first half of 2024, India’s BFSI sector saw a rise in advertising volumes across television, print, radio, and digital platforms. The TAM AdEx report indicates steady growth, particularly in the categories of life insurance and mortgage loans.

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According to the recent TAM AdEx report, the BFSI (Banking, Financial Services, and Insurance) sector in India witnessed substantial growth in advertising volumes across television, print, radio, and digital platforms during the first half of 2024 (H1’24). This growth was particularly evident in the life insurance and mortgage loan categories, as leading companies sought to enhance visibility and capture market share.

Television advertising for the BFSI sector, as per the report, increased by 19% in the first half (January-June) of 2024 compared to the same period in 2022, and by 14% compared to H1’23. Life insurance and mortgage loans maintained their positions as the top categories, with prominent advertisers like LIC of India and Muthoot Financial Enterprises continuing to lead. The top 10 categories accounted for 89% of ad volumes, with life insurance alone representing 26%. The inclination towards 20-40 second ads indicates an emphasis on concise and direct messaging.

News channels were the preferred platform, capturing 48% of ad volumes due to their extensive reach.

In print media, BFSI ad volumes rose by 27% in H1’24, compared to H1’22 and by 37% compared to H1’23. Life insurance continued to dominate, while bonds and credit cards made their debut in the top 10 categories. The report noted that the southern region led in print advertising, making up 34% of the total ad space. LIC of India was the top advertiser, holding a 12% share of the total print ads, with the top 10 advertisers contributing 31% of overall print volumes.

In the radio segment, BFSI advertising volumes increased by 30% from H1’22 to H1’24, although there was a slight decline of 2% 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 ads, accounting for 20% of the total.

in H1’24, Digital advertising saw a remarkable 74% increase in ad impressions compared to H1’22 and a 17% rise from H1’23. Securities and sharebroking companies led this segment with 20% of total impressions, while programmatic advertising constituted 80% of digital ads.

The BFSI sector’s growth in advertising across television, print, radio, and digital platforms highlights its commitment to maintaining a strong media presence. The rise in digital impressions, along with stable performance in traditional media, reflects a multifaceted strategy for engaging consumers across diverse channels.