newsbanner newsbannermobile

In the News

Cricket, Bollywood, Bharat: What’s driving marketers’ interest in H2 2023?

10/30/23 10:10 AM

This financial year has been nothing short of exhilarating for India. So far, we have already descended on the moon near its southern pole, our women's hockey team is a part of the FIH Pro League now, we had a successful innings as the G20 host, and the men’s cricket team won the Asia Cup 2023. But as they say, picture abhi baaki hai mere dost!

Behind these achievements stands the silent maestro orchestrating it all—marketing. Its role, often understated, remains pivotal in shaping our strategic course. As we delve further into the second half of FY24, let’s explore the trends that will propel us forward on this journey.

1. Festivities

Festivals have always been a darling season for marketers as they offer a strategic opportunity to connect with customers. This year will be no different. As we step into the festive period, marketers will leverage the celebratory atmosphere to boost awareness and consideration, which will reflect in increased advertising spending.

We will also see more regional language content during this period. As the festivities take over and cricket fever rocks the nation, we can expect ad spend to go up by 10-15 percent this year.

2. Cricket fever

Cricketing fans had three major events to look forward to this year – the just-concluded Asia Cup, Australia's tour of India, and the World Cup. This trifecta of cricketing fervour will not only captivate the nation but also garner attention from advertisers.

Companies are already gearing up to leverage this mega event (World Cup). According to the International Cricket Council, the global TV audience for the 2022 ICC Men’s T20 World Cup tournament played in Australia exceeded 1.28 billion. On the other hand, India alone, with its unwavering passion for the sport, witnessed a 4 percent increase in average TV viewership during ICC events.

The spike in TV viewership was driven by multi-language content – Hindi, Tamil, Telugu and Kannada – that was broadcast across dedicated channels and online portals (Star Network, Hotstar and Jio Cinema).

Certain industry reports indicate an estimated advertising spend of about Rs 10,000 crore across television and digital platforms, with the lion's share allocated to cricket.

The surge in advertising expenditure is expected to comprise 12-13 percent of the country's total advertising spend this year. This will have a direct impact on brands aiming to reach their target audience.

3. Bharat sentiment

The onset of the New Year will bring a heightened sense of national consciousness, particularly as it sets the stage for general elections. January specifically will see a rise in 'Bharat' sentiment as Indians witness the consecration ceremony of the Ram Mandir. We will see a continued narrative around cultural pride until the run-up to the elections.

Brands will ride the wave of national pride, raise awareness about civic responsibilities, and motivate citizens to exercise their voting rights.

4. Rise of the action hero

In Bollywood, the prominence of action heroes had waned as filmmakers leaned towards realistic scenarios and relatable heroes in tune with contemporary life. However, there has been a subtle shift in filmmaking dynamics.

Directors are now skilfully blending real-life settings with action heroes, offering audiences a blend of authenticity and thrilling heroics. The trend of the continuing emergence of the action hero will offer a unique opportunity for brands to leverage an under-tapped opportunity of in-movie branding.

These movies will also offer an opportunity for "moment marketing" to craft more engaging content tailored to their target audience.

As cricket, entertainment, and the festivities intersect, the stage is set for a dynamic and vibrant advertising landscape in the second half of FY24.

Abhishek Gupta is the chief marketing officer, Edelweiss Tokio Life Insurance

Asset Publisher