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EssenceMediacom, a media agency under GroupM, secures media mandate for Wonder Cement, the official umpire partner for IPL, marking a milestone for the Indian cement producer.
There are some hiccups in terms of some categories like startups curtailing ad spends and the league clashing with the general election, but GroupM's sports head Vinit Karnik sees no negative impact on IPL's ad market this year
Advertising and consumer promotion expenditure is expected to surge a record 20-25% year-on-year in the second half of 2023, spurred by factors such as the Cricket World Cup, a rainy summer that has led companies to postpone ad spends, and the festive season, said executives.
Advertising and consumer promotion spending is anticipated to increase by 20-25% YoY during H2 2023, driven by the Cricket World Cup, a rainy summer causing companies to delay ad spending and the festive season, according to executives. E-commerce, FMCG, apparel, fintech, banking, hospitality, retail and the automotive industry are expected to lead the advertisement campaigns.
Dream11 was the only serious contender in the race as Disney Star was the only other company that picked the tender document, a source told ET.