BFSI sector's digital ad impressions soar by 74% in H1 2024 compared to 2022: TAM report

The TAM AdEx Half Yearly Advertising Report (Jan-Jun 2024) provides a comprehensive analysis of advertising trends in India's BFSI sector across television, print, radio, and digital platforms. The report highlights a strong surge in ad volumes, with BFSI advertisers significantly expanding their presence, reflecting the sector's continued focus on consumer engagement. Notably, television and digital media were pivotal in driving growth, with BFSI ad volumes on TV rising by 19% compared to 2022, and digital impressions soaring by 74%.

Life insurance remained the dominant category, while mortgage loans, mutual funds, and credit cards also featured prominently. LIC of India, Muthoot Financial Enterprises, and Bajaj Finserv were among the top advertisers, capitalising on prime-time TV slots and digital programmatic transactions to strengthen their brand visibility. Additionally, regional advertising played a key role, with South Zone leading in print and radio placements. Overall, the report captures the evolving dynamics of BFSI advertising and underscores the sector's adaptability to shifting media consumption patterns in 2024.

Here are detailed summary points from the TAM AdEx Half Yearly Advertising Report for the BFSI Sector covering January to June 2024, based on data from television, print, radio, and digital media:

Key Highlights

Overall Advertising Growth

The BFSI (Banking, Financial Services, and Insurance) sector's advertising volumes saw significant growth across all media. TV ad volumes increased by 19% compared to 2022 and 14% compared to 2023. Print ad volumes rose by 27% compared to 2022 and 37% compared to 2023. On the digital front, ad impressions surged by 74% compared to 2022 and 17% compared to 2023.

Radio witnessed a 30% growth in ad volumes compared to 2022 but a 2% decline compared to 2023.

Television

Top Categories: Life insurance and mortgage loans remained the leading categories, together accounting for over 44% of ad volumes. New entrants in the top 10 categories include Bonds and Credit Cards.

Top Advertisers: LIC of India and Muthoot Financial Enterprises retained their top spots, with the top 10 advertisers contributing 54% of ad volumes.

Preferred Channels: News channels were the most popular, capturing 67% of BFSI ad volumes, followed by movies (15%) and general entertainment channels (12%).

Time Slots: Primetime (6:00 to 22:59) was the most preferred slot for BFSI ads, accounting for 31% of ad volumes.

Ad Sizes: The sector predominantly used 20-40 second ads, which made up 74% of the total ad content.

Print

Top Categories: Life insurance remained the top category, while bonds and credit cards entered the top 10 in 2024. The top 10 categories captured 47% of the total ad space.

Top Advertisers: LIC of India continued to lead, contributing 12% of the ad space. The top 10 advertisers together accounted for 31% of print ad space.

Languages and Regions: English publications led with a 55% share of ad space. Business and finance publications, along with general interest newspapers, equally dominated BFSI ads, each holding a 50% share.

Regional Distribution: South Zone led with a 34% share, with Chennai and New Delhi being the top advertising cities.

Radio

Top Categories: Life insurance led with a 31% share of ad volumes, followed by housing and mortgage loans.

Top Advertisers: LIC of India dominated, accounting for 27% of ad volumes. The top 10 advertisers contributed 78% of the total radio ad volumes.

Preferred Time Bands: Evening (17:00 to 21:59) and morning (6:00 to 10:59) slots were the most favoured, collectively making up 89% of the ad volumes.

Regional Focus: Maharashtra was the leading state for radio advertising with a 20% share.

Digital

Ad Impressions Growth: Digital saw a 74% increase in ad impressions compared to 2022. Securities and sharebroking organisations led the category with a 20% share.

Top Advertisers: Bajaj Finserv topped the list, contributing 9% of ad impressions, followed by LIC and ICICI Bank. The top 10 advertisers collectively accounted for 50% of ad impressions.

Top Brands: Bajaj Finserv was the top brand, with a 9% share of digital ad impressions. Programmatic advertising was the dominant transaction method, accounting for 80% of digital ads.

The BFSI sector demonstrated robust advertising growth across all mediums in the first half of 2024, with particular strength in digital and print. LIC of India maintained its dominance across TV, print, and radio, while newer players like Bajaj Finserv capitalised on digital opportunities. Programmatic advertising was a standout trend in digital marketing. Regional preferences leaned heavily towards the South Zone, particularly in print and radio, while prime-time TV remained the go-to slot for the sector.

The full report can be accessed here.