The November 2020
Campaign India ‘New Business League’ data by R3 shows some concerning numbers. The total number of business won by advertising agencies between January to November 2020 was Rs. 308.6 crores, down by 44.8% as compared to the same period in 2019. However, the total number of businesses won by agencies is down just by 4.6%
It’s no secret that Covid-19 has hit brands hard; the corresponding dip in the number of business wins isn’t proportional to the size of the shrunken budgets, and that’s worrying.
On a sombre note, Naresh Gupta, managing partner and chief strategy officer and independent agency Bang In The Middle doesn’t expect any miraculous recovery in 2021. He foresees more pressure, culminating in more work and lesser compensation for ad agencies. It’s important to note here, that clients, too are under immense pressure thanks to the pandemic.