Week at a glance: Media job cuts; Festive fervour; What ails Malayalam film industry?

Dear friends,

The festive has begun in all earnest. After Raksha Bandhan and Janmashtami, the country, especially Maharashtra is all decked up to celebrate Ganesh Chaturthi today. Brands are expecting a bumper festive season this year as market sentiments are largely positive.

However, all’s not well in the media industry, which has been marred by job cuts. Ad revenues face a squeeze, resulting in media organisations going for, what they call, ‘cost rationalisation’. Mergers, acquisitions and consolidations have also resulted in companies going in for leaner teams.

Downsizing woes: Layoffs dampen Indian media industry’s growth story

The year 2024 started off with a spate of layoffs in the media industry globally and in India. While there are no definitive numbers available, according to various industry sources, between 400 and 600 media personnel have been laid off so far in 2024 across print, television and digital news media.

Upskilling, relevance, AI adoption - Industry’s mantra for future media jobs landscape

The downsizing happening in the media industry – both globally and in India – is an open secret that no one wants to talk about. While the mass layoffs in the IT industry always makes big news, the hundreds being asked to leave from media houses big and small remain under-reported.

Malayalam cinema’s dark underbelly

Will India’s movie industry learn from Malayalam cinema’s shocking exposure?

The Kerala government-appointed Hema committee’s report opened a Pandora’s box, baring the dark underbelly of the Malayalam movie industry. The report’s fallout has been cataclysmic, leaving the Malayalam cinema industry reeling, with a bevy of actors caught in a whirlwind of sexual harassment scandals.

New ASCI Chairman

Partha Sinha elected as new ASCI Chairman

The Advertising Standards Council of India (ASCI) has appointed Partha Sinha, President & Chief Brand Officer, BCCL, as Chairman of the ASCI Board of Governors for 2024-25. Sudhanshu Vats, Deputy MD, Pidilite Industries, has been appointed Vice-Chairman, and S Subramanyeswar, Group CEO & Chief Strategy Officer - APAC, MullenLowe Lintas India, has been appointed Honorary Treasurer.

Amazon, eBay account wins

Amazon awards $20-billion global media account to WPP and Omnicom

Under the new arrangement, GroupM, a division of WPP, and Omnicom Media Group will manage Amazon's global media strategy, planning, and buying across all business segments, including e-commerce, Amazon Prime, AWS, and various subsidiaries.

eBay selects iProspect for global media duties in $350 mn deal

The review, which began in April, included the Australian market and saw three agencies competing: EssenceMediacom, iProspect, and Havas. Previously, EssenceMediacom managed eBay’s media account since 2019.

Subhash Chandra Vs SEBI Chairperson

SEBI Chairperson the main reason behind ZEE-Sony deal falling apart: Subhash Chandra

Essel Group Chairman and former Rajya Sabha MP Dr Subhash Chandra has levelled serious allegations against Madhabi Puri Buch, Chairperson, SEBI, at a press conference held this week.

Festive Fervour

Festive frenzy: Advertisers gear up for record-breaking spend

As we approach the second half of 2024, the global advertising landscape is poised for remarkable growth. Experts expect at least a 10% to 15% increase in ad spends compared to last year.

Luxury brands power festive push with social media, influencers, cross-brand partnerships

India has become one of the most thriving markets for luxury goods. As of 2024, prestige cosmetics and fragrances and luxury watches and jewellery have had the highest revenue, amounting to over $2 billion, respectively. Contrastingly, luxury eyewear has reported a revenue of about $344 million.

BFSI sector gears up for festive season with regionally relevant & personalized campaigns

With a surge in mobile banking, people adopting digital banking options and spending a considerable amount of time on social media, banks are increasingly relying on digital marketing, and social media marketing strategies to reach out to more customers, for retention of existing customers, and for resulting in more sales of their products and services, leading to higher revenue.

Other headlines:

WPL’s value surges by 8% while IPL’s value dips by 10%

Sunil Kataria on Raymond’s significant ad spend hike for festive season this year

Raymond Lifestyle eyes on 7% share in men’s-wear wedding market by 2027

Ayushmann Khurrana books 400% returns on angel investment in The Man Company

We’re expecting 15-20% growth in H2 of 2024: Amit Pratihari, MD, De Beers India

Until next week...

Shanta Saikia

Editor

Adgully