By: M4G Bureau
Last updated : March 30, 2021 11:02 am
The FICCI-EY report on Indian Media and Entertainment also says that DOOH will become more dominant in 2021.
According to the report, OOH media de-grew 60% in 2020 to INR15.6 billion, the value of which includes traditional, transit and digital media, but excludes untracked OOH media such as wall paintings, ambient media, proxy advertising, etc. which is estimated to be around INR3-5 billion in addition to this number.
Highlighting format-wise performance, the report mentioned that the traditional OOH comprised 60% of revenues and remained the largest segment. Transit media comprised 35% of the sector and has started on the path to recovery post the lockdown and removal of restrictions. Digital media grew to 5% of the segment’s revenues as many advertisers experimented with it in 2020.
In terms of clients, real estate, FMCG and financial services were the largest advertisers on OOH despite the deep cut in their outdoor advertising budgets. The top five categories contributed 70% of OOH spends. Wherein real estate and construction became the largest categories to spend on OOH; with revision in home loan interest rates and conducive government policies leading to attractive residential prices for home buyers.
In 2021, greater penetration of OOH in tier 2 and tier 3 markets is expected and DOOH will become more dominant, as per the report.
Sanjay Gupta, Chairman, FICCI Media & Entertainment Committee, said, “Digital is fuelling an unprecedented growth in content creation and consumption in almost every Indian language, creating new economic opportunities for both the media and entertainment industry and creative professionals across the country. We need to capitalise on this and unlock the full potential of India’s creative ability to power India’s economic engine.”
Ashish Pherwani, Partner and Media & Entertainment Leader, EY India, stated, “The M&E sector witnessed a shift in demand patterns as consumers actively sought alternatives and had the time to try new things. Consumption patterns shifted and increased across online news, gaming and entertainment. The supply side too transformed as companies took the opportunity to reinvent themselves. Every segment redefined itself across verticals by becoming medium agnostic and embedded video, audio, textual and experiential products to enhance their offerings. However, the compelling content created around news and escapism, and the passion to build some of India’s most powerful brands remained resolute.”