The surge in advertising volumes and spending by BFSI (Banking, Financial Services, and Insurance) companies on television is on the rise. As per latest TAM reports, the sector’s ad volumes on television increased by 4 percent in January-June 2023 over same period last year.
Life Insurance and LIC of India topped categories and advertisers lists respectively, during the first half of the calendar year.
Between January and June 2023, the top 10 categories collectively held an 85 percent share of ad volumes. Life Insurance and Mortgage Loans maintained their positions at the forefront, securing the first and second ranks during this period compared to the same period in 2022.
Adding to the dynamism, housing/construction loans, multiple loans, and retail banking emerged as new entrants in the coveted top ten categories list in the first half of 2023, presenting a shift from the preceding year.
Further analysis by TAM revealed that the leading 10 advertisers during this period contributed significantly, constituting 58 percent of the total ad volumes.
LIC of India and Muthoot Financial Enterprises continued their dominance, securing the first and second respectively, throughout the first half of 2023 over the corresponding period in 2022.
Piramal Capital & Housing Finance emerged as an exclusive advertiser, capturing a 5 percent share of ad volume in the first half of 2023.
Delving into brand-specific insights, the top 10 brands played a substantial role, commanding a 42 percent share of ad volumes in the first half of 2023 compared to the same period in 2022. Muthoot Finance Loan Against Gold led this list.
Additionally, LIC New Pension Plus and Piramal Finance Home Loan stood out as exclusive brands during January to June 2023, setting them apart from the previous year.
As per the report, advertisers on TV during the first half of 2023 went for 20 to 40-second ad durations. The combined share of 20-40 seconds and less than 20 seconds ads constituted a substantial 92 percent of the total ad volumes during this period, indicating a strategic choice by advertisers in this sector.