Digital ad impressions for BFSI up 40% during 2023 over 2022: TAM AdEx

Digital ad impressions for the BFSI Sector significantly increased by 40% during Y 2023 over Y 2022, while ad volumes on Television and Radio increased by 13% each during the Y 2023 over Y 2022, as per RAM AdEx’s cross-media advertising for the BFSI Sector in 2023. Advertising growth of 15% was observed in Print in Y 2023 over Y 2022 for the BFSI Sector.

Television

Indexed Ad Volumes for the BFSI Sector on TV witnessed growth from Y 2020 to Y 2023, in which, Y 2023 had the highest growth of 39% over Y 2019. Also, when compared Y 2023 with Y 2022, there was growth of 13% in ad volumes for BFSI. Compared to 1st Quarter of Y 2023, 2nd , 3rd and 4th quarters observed de-growth of 43%, 19% and 33% for BFSI Sector on TV.

Ad volumes for the BFSI Sector were the highest during Feb’23 with 13% share of ad volumes, followed by Mar’23 with 10%. There was a drastic decline in ad volumes of BFSI during Apr’23 of 4.5%.

The top 10 categories together added 84% share of ad volumes on TV, with Life Insurance leading the list. Also, Life Insurance and Mortgage Loans retained their 1st and 2nd positions in Y 2023 over Y 2022. In the top Categories, Housing/ Construction Loans and Retail Banking were the only new entrants in Y 2023 over Y 2022. Life Insurance Corporation of India was the top advertiser of BFSI Sector on TV with 12% share of ad volumes. Together, the top 10 advertisers covered 49% share of ad volumes on TV.

Muthoot Finance Loan Against Gold remained the top brand of BFSI Sector on TV during Y 2023 over Y 2022 with 8% share of ad volumes. Piramal Finance Home Loan was an exclusive brand during Y 2023 over Y 2022. The Top 10 brands together accounted for 36% share of ad volumes.

News was the most preferred Channel Genre by the BFSI Players with 65% share of ad volumes in Y 2023. News and Movies Channel Genres together contributed 81% share of ad volumes for BFSI on TV.

News Bulletin was the most preferred program genre to promote brands under BFSI Sector on Television. The Top 2 program genres, that is, News Bulletin and Feature Films together added 60% of the sector’s ad volumes.

Prime Time garnered the highest advertising on TV, followed by Afternoon and Morning time-bands. Prime Time, Afternoon & Morning time bands together accounted for 73% share of the ad volumes.

Advertisers of the BFSI Sector majorly preferred 20-40 seconds ad size on TV. 20-40 seconds and <20 seconds ads together covered 91% shares in the Y 2023.

Print

Ad Space in Print for the BFSI Sector observed consistent growth over the period from Y 2021 to Y 2023. There was growth of 26%, 46% and 69% in Y 2021, Y 2022 and Y 2023, respectively, over Y 2019. Whereas, Y 2020 was the only year in which ad space decreased by 24% over Y 2019. Additionally, compared to Y 2022, there was growth of 15% in ad space for the BFSI Sector during Y 2023. While analyzing Quarterly Trends of Y 2023, it was discovered that there was consistent growth in Q’3 and Q’4 of 8% and 26% compared to Q’1. But, Q’2 witnessed 29% of de-growth in ad space over Q’1 of Y 2023.

Sept’23 and Mar’23 both had the highest share of ad space of 11.2% and 11% in Y 2023 for BFSI Sector, whereas, Apr’23, May’23 and Feb’23 had the lowest shares of 3.6%, 4.5% and 5.7%, respectively.

Life Insurance retained its position as the top category in the BFSI Sector in Y 2023 over Y 2022 with 14% share of ad space. Also, the Top 10 categories together accounted for 48% share of the ad space. During Y 2023, Credit Cards and Bonds entered the top category list and secured 9th and 10th positions, compared to their 14th and 12th positions, respectively, in Y 2022. Together, the Top 10 advertisers covered 28% share of ad space with Life Insurance Corporation Of India leading the list. The top advertisers of the BFSI Sector included 5 new entrants during Y 2023 over Y 2022.

LIC dominated the Top Brands list in the Y 2023. The Top 10 brands of the BFSI Sector contributed 16% share of the ad space. Out of the Top 10 brands present in Y 2023, 4 of them belonged to Life Insurance Corporation of India. HDFC Systematic Invest Plan was the only exclusive brand present during Y 2023 over Y 2022. During Y 2023, HDFC Bank-Corporate ascended to the 9th position compared to its 5035th position in Y 2022.

English was the top Publication Language with 55% share of ad space in Y 2023. General Interest dominates ad space in General Newspaper with 54% share.

South Zone was the leading territory for BFSI Sector advertising with 34% share of ad space in Y 2023. New Delhi and Mumbai were top cities in Pan India during Y 2023.

Radio

Ad volumes on Radio for the BFSI Sector registered growth from Y 2020 to Y 2023. Ad volumes of Y 2021, Y 2022 and Y 2023 increased significantly by 35%, 33% and 51%, respectively, over Y 2019. There was growth in ad volumes of 6% in Y 2020. Additionally, Y 2023 observed growth of 13% compared to Y 2022, whereas, BFSI Sector’s Quarterly Trends of Y 2023 reflected de-growth of 67%, 49% and 16% in Q’1, Q’2 and Q’3 compared to Q’1.

The BFSI Sector’s ad volume on Radio was highest during Mar’23 and Feb’23 with 17% and 11%, respectively. But, it suddenly witnessed a major decline in Apr’23 of 2.5% after reflecting the highest share of ad volumes in Mar’23. From Jul’23 to Nov’23, ad volume share witnessed consistent growth.

Life Insurance dominates the Category list with 25% of the total BFSI ad volumes. Top 10 categories added 88% share of sector ad volumes on Radio. Automobile General Insurance, Retail Banking and Securities/ Sharebroking Organization entered the top categories list in Y 2023 over Y 2022. Life Insurance Corporation of India remained the leading advertiser in Y 2023 over Y 2022 with 24% share of ad volumes. Also, the Top 10 advertisers covered 74% share of ad volumes. Among the top Advertisers, AU Small Finance Bank was the only exclusive advertiser present in Y 2023 over Y 2022.

LIC Housing Finance was the top brand of BFSI Sector on Radio with 14% share of ad volumes. Four out of the Top 10 brands were from Life Insurance Corporation of India. The Top 10 brands together added 50% ad volume share in Y 2023. HDFC Ergo Health Insurance upheaved to 4th position in Y 2023 compared to its 398th position in Y 2022.

The BFSI Sector’s advertising share was highest in Maharashtra with 20% in Y 2023. Maharashtra, Gujarat and Tamil Nadu together accounted for 46% share of the ad volumes.

Advertising for BFSI was preferred in the Evening, followed by Morning time-band on Radio. 88% share of the BFSI Ad Volumes was in the Evening and Morning time-bands in the Y 2023.

Digital

On Digital, ad impressions observed a massive surge of 3.3x and 2.3x in Y 2023 and Y 2022 over Y 2019. Also, ad impressions in Y 2021 increased by 61% over Y 2019, whereas Y 2020 reflected de-growth of 57% over Y 2019. Compared to Y 2022, there was growth of 40% in ad impressions in Y 2023. Both Q’2 and Q’4 of Y 2023 observed growth of 7% and 25% over Q’1, but, ad impressions in Q’3 were decreased by 43%. Both May’23 and Nov’23 had the highest share of ad impressions of 11% for the BFSI Sector and Sept’23 observed the lowest share of 5.7%.

On Digital, Mutual Funds ascended to the 1st position with 19% share of the ad impressions in Y 2023 over Y 2022. Life Insurance descended to the 5th position in Y 2023 compared to its 1st position in Y 2022. In the top Categories, Retail Banking was the only new entrant in Y 2023 over Y 2022. AMFI continued to be the leading advertiser on Digital with 9% share of ad impressions in Y 2023 over Y 2022. Together, the top 10 advertisers covered 41% share of ad impressions. Out of the Top 10 advertisers in Y 2023, there were 6 new entrants among them compared to Y 2022.

The top brands of BFSI Sector on Digital collectively added 35% share of the ad impressions, with AMFI leading the list. Nippon India Mutual Fund ascended to the 4th position in Y 2023 compared to its 197th position in Y 2022. Among the Top 10 brands present in Y 2023, 4 of them were new entrants compared to Y 2022.

Programmatic was the top transaction method for Digital advertising of the BFSI Sector in the Y 2023 with 68% of share. Programmatic and Programmatic/ Ad Network transaction methods together captured 83% share of the BFSI ad impressions on Digital.