Digital Agencies

Digital media eats into traditional media spend

Published

12 years ago

April 14, 2014

MUMBAI: India’s low ad-spend-to-GDP ratio makes it one of the most promising ad markets globally, says IIFL’s Institutional Equities. In a Media sector report titled “India: Ad-vert > Ad-word – Digital yet to come of age,” IIFL states that digital media is eating ad space with the other traditional forms of media like the print and television media and has been the fastest growing advertising media. This trend is likely to continue as the Internet user base expands at a brisk pace.

India’s digital ad market grew at 43% CAGR over the past decade to ~Rs25bn, far in excess of the overall ad-spend growth of 13% during this period. Digital now accounts for 7% of the total ad spend, compared with 1% in CY03. A multi-fold rise in the Internet user base over CY03-13 (from 5m to 169m) and increasing acceptance of the digital platform among advertisers drove this growth. The supernormal growth in Internet penetration is likely to continue, driven by the Internet on mobile, the report states.

However, India still is behind developed markets in terms of mobile technology and internet connectivity, hence there is no immediate threat to Print and Television advertising from the digital media ad spends, the report adds.

Emergence of digital would materially harm the print industry in the medium to long term. English print is at a higher risk compared with regional print. Moreover, given the limited reach of the Internet, certain India-specific factors would help print to face competition from digital media. Ad spend on Indian print is expected to continue to increase in the medium term.

“However, a larger audience base and diversified viewer profile make television advertising indispensable. Additionally television is a better-suited medium for certain types of ads such as new product launches or brand building. Hence, the impact of the Internet on television would be lower as compared with print. An analysis of ad spends for the past ten years reveals that print ad spend is more sensitive to economic growth. These factors make television ad spend more resilient,” says Bijal Shah and Jaykumar Doshi of IIFL Institutional Equities, authors of the report.

Print media ad spends growth decelerated sharply from 16% CAGR during CY03-07 to a meagre 4.5% CAGR in the past three years. The slowdown in English was more pronounced than in vernacular languages. Vernacular papers benefited from continued strength in smaller towns and villages. A drop in ad spend from large national categories such as BFSI, telecom, and consumer durables, partly explains the weaker growth for print. Additionally, education and real estate, the two big categories, witnessed a sharp deceleration. Local advertisers maintained their higher spends, riding on the buoyancy in consumption.

FMCG, Consumer durables and Auto constitutes to 65% of overall ad spends on television. Both FMCG and Auto ad spends have shown signs of slowing down, where as the Consumer durable companies are witnessing sluggishness in sales volumes, impacting the Television ad spend going forward and we can witness marginal growth in this segment. However Mobile handsets and e-commerce ad spends have supplemented in the overall as spends on television and have emerged as new categories. The television ad spend growth is expected to soften to high single digits.

A sustained 6%+ GDP growth could accelerate ad-spend growth to 15%+, compared with 9% CAGR over CY10-13, as per IIFL’s Institutional Equities research report on media industry. The report further states that in medium term, TV and print should dominate ad budgets whereas digital would play a complementary role. Digital advertising is gaining traction, but limited reach and minimal fresh and vernacular content are limitations.

Following the general elections, government ad spend, a key tailwind for print media in FY14, would taper. Thus, print media ad-spend growth could remain lacklustre in FY15 unless GDP growth picks up.

Some key highlights from the report are:

· India’s low ad-spend-to-GDP ratio and rising consumerism make it one of the most promising ad markets

· A sustained 6%+ GDP growth could accelerate ad-spend growth to 15%+ compared with 9% Cagr over CY10-13.

· Given its miniscule reach and slow Internet speed in India, digital is unlikely to emerge as a key advertising vehicle in the short-to-medium term

· However driven by rising Internet penetration digital ad spends will continue to grow by 2-3 times the total ad spends

· TV would continue to be the mainstay for advertisers, given limited fresh content and absence of certain key target audience group such adult females on digital

· Television ad spend is double that of digital in the US

Few stocks recommended in the media industry:

Zee Entertainment

Zee Entertainment (Zee) is the best play on structural improvement in India’s pay television market and resilient consumption. Zee’s distribution joint venture with Star network, coupled with digitisation, would help secure its rightful share of subscription revenue. Furthermore, a diversified bouquet of channels and improving network market share would translate into above-industry ad-revenue growth. Meanwhile, Zee is investing in new channels and markets, which we believe lays the foundation for long-term growth.

Call: ADD

SUN TV Network

Sun TV Network (Sun) is a strong player in the Rs36bn southern ad market with a leadership position in three of the four markets. Its diversified revenue stream and bouquet of channels, large movie library, and low-cost operations are advantages that are difficult to replicate. Subscription revenue is growing at a brisk pace and the momentum is likely to sustain. We expect ad revenue growth to resume following a drop for two consecutive quarters. At PER of 16x FY16ii, Sun is trading at ~15% its median multiple and at 33% discount to Zee. We believe the risk-reward is favourable.

Call: ADD

DB Corp

DB Corp, through its flagship brands Dainik Bhaskar, Divya Bhaskar, and Divya Marathi, enjoys a well-entrenched franchise in several print media markets. Over the past two decades, it has evolved from a single-city newspaper to a strong player in several regional markets. DB Corp delivered double-digit ad-revenue growth even during periods of subdued ad spend. It has built a strong readership base and it is poised for gains in revenue market share. Healthy ad-revenue growth along with margin expansion would drive 20% EPS CAGR over FY14-16ii. At 16.4x FY15ii, scope for re-rating is limited; we expect returns in line with earnings growth.

Call: BUY

Jagran Prakashan

Jagran Prakashan (Jagran), publisher of Dainik Jagran, India’s most read Hindi daily, enjoys a strong brand franchise in the key Hindi markets of Uttar Pradesh (UP), and Bihar and Jharkhand (BJH). Competitive intensity is on the rise in UP and BJH, which together contribute ~75% to Jagran’s ad revenue. DB Corp’s entry in Bihar and Hindustan’s readership gains in UP as per IRS 2013 are medium-term risks. In the interim, lower losses at subsidiaries would help margins. At 12.3x FY15ii P/E, Jagran is valued attractively and it is trading at ~35% discount to its three-year median multiple despite 17% EPS CAGR FY14ii-16ii.

Call: ADD

HT Media

HT Media is one of the largest print media players in India with a well-entrenched franchise in the English and Hindi markets. We believe the long investment phase in new businesses is nearing an end. Two key properties, HT Mumbai and Hindustan UP, are at inflection points and should boost ad-revenue growth in a weak environment. Losses in digital would continue but will likely remain stable. At PER of 9.8x/7.9X FY15ii/FY16ii, valuations are compelling, given upside risks to our forecast of 20% EPS CAGR.

Call: BUY

Disclaimer: The views expressed in the research report accurately reflect such research analyst’s personal views about the subject securities and companies; and that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendation or views contained in the research report.`

Related Topics:Bijal Shah CAGR DB Corp digital media FMCG HT Media Jagran Prakashan Jaykumar Doshi Sun TV Network Zee Entertainment.

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GUEST COLUMN: Deepankar Das on the feedback problem slowing creative teams

Published

1 week ago

February 2, 2026

indiantelevision.com Team

BENGALURU: For years, creative teams have learned to live with ambiguity. Vague comments, last-minute changes, feedback that arrives without context, clarity, or conviction. It became part of the job – something teams worked around rather than getting it solved.

But as we head into 2026, that tolerance is wearing thin.

Creative work today moves faster, scales wider, and involves more stakeholders than before. Teams are producing more content across more formats, often with distributed collaborators and tighter timelines. In this environment, guesswork is no longer a harmless inconvenience. It’s a cost – to time, to budgets, and to creative mindspace.

The real problem isn’t feedback, it’s how it’s given

Most creative professionals you see today will tell you they’re not against feedback. In fact, they rely on it. Good feedback sharpens ideas, strengthens execution, and pushes work forward. The problem is ‘unclear’ feedback. When someone says “this doesn’t feel right” without context, they aren’t just revising – they’re basically decoding. They’re guessing what the problem might be, trying different directions, and burning time in the process. Multiply that by a few stakeholders and a few rounds, and suddenly days disappear.

In 2026, when teams are expected to deliver faster without compromising quality, interpretation is a luxury most can’t afford.

Scale has changed rverything

Creative projects used to be smaller and simpler. A designer, a manager, maybe one client contact. Feedback loops were short, even if they weren’t perfect.

Today, the same project might involve internal marketing teams, agencies, freelancers, brand reviewers, and regional teams. Everyone has a say. Everyone leaves comments. And often, those comments don’t agree. More people reviewing work means alignment matters more than ever. Clear feedback isn’t just about being nice to creative teams, it’s about keeping projects moving when complexity increases.

Guesswork quietly wears teams down

One of the less talked-about impacts of unclear feedback is what it does to people.

When feedback is vague or contradictory, creatives second-guess their decisions. They hesitate. They overwork. They keep extra time buffers “just in case.” Over time, confidence drops. Ownership fades. Work becomes safer, not stronger. Creative energy gets spent on managing uncertainty instead of pushing ideas forward. And in an industry already grappling with burnout, unclear feedback adds unnecessary mental load.

Actionable feedback is a shared skill

Clear feedback doesn’t mean controlling creative decisions or dictating every detail. It means being specific enough that someone knows what to do next.

Actionable feedback answers three basic questions:

What exactly needs attention?
Why does it matter?
What outcome are we aiming for?
This applies whether you’re reviewing a video frame, a design layout, or a copy draft. The clearer the feedback, the fewer follow-ups it creates. In 2026, teams that treat feedback as a skill and not an afterthought, will move faster with less friction.

Tools shape behaviour (whether we admit it or not)

The way feedback is delivered is often dictated by the tools teams use. Comments buried in long email threads, messages split across chat apps, or notes detached from the actual work all contribute to confusion.

When feedback lives outside the work, context often gets lost. When it’s disconnected from versions and timelines, decisions get questioned. When it’s scattered, accountability disappears. More teams are starting to realise that feedback problems aren’t just communication issues, they’re workflow issues. How work moves between people matters just as much as the work itself.

From Opinions To Alignment
One of the biggest shifts happening in creative teams is a move away from purely opinion-driven feedback. Instead of “I like this” or “I don’t,” teams are asking better questions:

● Does this meet the brief?

● Does this solve the problem?

● Does this align with the goal?

This change reduces unnecessary back-and-forth and helps feedback feel less personal and more productive. It also makes decisions easier to explain and defend. As creative work becomes more strategic, feedback has to support that shift.

2026 Is About Fewer Loops, Not Faster Loops

There’s a misconception that speed means moving through feedback cycles faster. In reality, the most creative teams aren’t just accelerating loops, they’re reducing them. Clear, actionable feedback upfront leads to fewer revisions later. Clear approval stages prevent last-minute surprises. Clear decisions stop work from circling endlessly.

In 2026, efficiency won’t come from working harder or longer. It will come from designing workflows that respect creative time and attention.

Ending guesswork is a mindset change

Ultimately, ending creative guesswork isn’t just about better tools or processes. It’s about mindset. It’s about recognising that clarity is an act of respect – for the work, for the people doing it, for the time invested and for the mindspace used. It’s about moving from “figure it out” to “here’s what we’re aiming for.”

Creative teams that embrace this shift will find themselves not only delivering faster, but also enjoying the process more. And in an industry built on imagination, that might be the most valuable outcome of all.

Digital Agencies

Kunal Wanvari steps up as senior brand and digital marketing manager at Franklin Templeton India

Published

3 weeks ago

January 19, 2026

indiantelevision.com Team

MUMBAI: Franklin Templeton India has elevated Kunal Wanvari to senior brand and digital marketing manager, signalling a continued push towards data-driven brand building and digital-first engagement in a crowded asset management market.

Wanvari has spent nearly eight years with Franklin Templeton India, steadily rising through the marketing ranks. Prior to this role, he served as marketing manager and assistant marketing manager, working across brand strategy, content, digital media and campaign execution from the firm’s Mumbai office.

Before joining Franklin Templeton, Wanvari built his digital credentials at WATConsult, where he handled brand strategy and account leadership roles, and earlier at Kush Infosystems, focusing on SEO and performance marketing. His career began in sales and marketing roles, giving him a ground-up understanding of commercial storytelling.

A computer engineer by training with deep digital marketing expertise, Wanvari’s elevation reflects Franklin Templeton’s bet on hybrid marketers—equal parts brand, data and digital—as competition for investor attention intensifies.

Digital Agencies

PSB Xchange appoints Ankush Aggarwal as CXO, Sahil Sikka as CBO and CFO

Published

1 month ago

January 2, 2026

indiantelevision.com Team

MUMBAI: PSB Xchange, India’s digital marketplace for financial solutions and a flagship platform of Veefin Solutions Limited, has reinforced its leadership team with two senior appointments as it prepares for its next phase of growth.

Ankush Aggarwal has been named chief experience officer, bringing with him more than 20 years of experience across corporate banking and the SME ecosystem. In his new role, he will focus on shaping simple, seamless and results-oriented experiences for banks, corporates and ecosystem partners. Aggarwal has previously held leadership roles at Kotak Mahindra Bank, IndusInd Bank and SG Finserve, where he led initiatives across customer onboarding, credit processes, servicing operations and digital transformation.

Widely recognised for connecting technology, operations and business strategy, Aggarwal has consistently built scalable and compliant experience models. At PSB Xchange, his focus will be on strengthening platform thinking, governance and continuous improvement to enhance efficiency and customer outcomes.

Alongside him, Sahil Sikka joins PSB Xchange as chief business officer and chief financial officer. With over 15 years of experience in banking and financial services, Sikka has played a key role in building and scaling businesses. He was part of the founding leadership team at SG Finserve, where he helped create a listed NBFC, overseeing business strategy, capital planning, product development and governance. His work earned him the best CFO financial services award at the India CFO Awards 2024.

Earlier in his career, Sikka worked with HDFC Bank, Aditya Birla Finance and Kotak Mahindra Bank, driving growth across corporate banking and structured finance. In his dual role at PSB Xchange, he will focus on strengthening growth strategy, scaling operations sustainably and delivering long-term value through strong governance and collaboration.

Commenting on the appointments, PSB Xchange and Veefin Solutions Limited CEO Sorabh Dhawan, said the additions reflect the platform’s ambitions as it expands its engagement with banks and financial institutions. He added that Aggarwal’s experience-led approach and Sikka’s strategic and financial expertise will be central to driving sustainable growth and value creation in the years ahead.