Week at a glance: Interim Budget 2024; Disney-Viacom18 deal; WPP’s AI push

Interim Budget 2024 - Reactions

Interim Budget: Projected economic growth of 6-6.8% to drive ad spends - Harsha Razdan

Sharing his insights, Harsha Razdan, CEO, South Asia, dentsu, expressed his happiness that the government’s budget priorities include simplifying processes through digital empowerment. He added, “The investment focus towards Infrastructure, Start-ups, Tourism, Women Empowerment, and Green Energy should stimulate consumption, boosting the economy and advertising expenditure.”

Budget will give a boost to the M&E sector: Punit Goenka

The government’s efforts to boost India’s economy through structured policy reforms will accelerate the development of the nation over the next few years, said Punit Goenka, MD & CEO, ZEE Entertainment Enterprises Ltd. “The steps taken by the Finance Minister to empower the youth by fueling the entrepreneurial spirit and fostering innovation in technology through initiatives like the 1 lakh crore research corpus, creates a golden era for sunrise sectors such as M&R,” he added.

Interim budget paves the way for India’s Electric Mobility revolution, say experts

In the Interim Budget, the Government has placed significant emphasis on fostering the growth of the electric vehicle (EV) sector, with a particular focus on bolstering charging infrastructure across the nation. Recognizing the pivotal role of EVs in achieving sustainable and cleaner transportation, the budget outlines a series of measures aimed at accelerating the adoption of electric vehicles and addressing key challenges hindering their widespread deployment.

Budget sparks hope for media, advertising, and startup ecosystems

The Indian media and advertising industry received a dose of optimism with the announcement of the interim budget, despite a slight decrease in the overall allocation to the Ministry of Information and Broadcasting. Industry players celebrated the budget's focus on boosting the “consumption economy and startup ecosystem”, key areas affected by global headwinds in 2023.

Budget opens new opportunities for M&E sector, especially in digitalisation, say experts

Finance Minister Nirmala Sitharaman presented the last Budget before the country goes to the polls. Being the Interim Budget, there were no major announcements, however, there was still much cheer, with Agriculture, Infrastructure (including housing) and Green ecosystem as the key thrust areas.

Business leaders hail Budget, laud Government’s measures for a Vikasit Bharat

A cross-section of industry leaders shared their insights on the implications of the Interim Budget 2024 and what groundwork it lays for the main budget, which is expected to be presented in July this year after the election of the new government.

Other important stories of the week

Disney sells 60% of India business to Viacom18 for $3.9 billion - Report

The Walt Disney Company has entered into a "preliminary agreement" to sell 60% of its India business to Viacom18, valued at $3.9 billion (₹33,000 crore), according to a Wall Street Journal report. This marks a significant shift for Disney in a market that once held high aspirations. Reports had suggested a potential merger with Reliance Industries and a valuation closer to $10 billion.

WPP plans big for AI, allocates annual investment of £250 million

WPP has announced the next phase of its strategy to capture the opportunities offered by AI, maximise the potential of creative transformation and deliver faster growth, higher margins and improved cash generation. “An ongoing annual investment of £250 million in data and technology to support our AI strategy is included in our 2024 financial plans,” said Mark Read, CEO, WPP.

ZEEL vs Sony merger mess: NCLT accepts shareholder petition

The National Company Law Tribunal (NCLT) threw another curveball in the tumultuous ZEEL-Sony merger saga on Tuesday, accepting a petition filed by a ZEEL shareholder seeking to push the deal through. This move puts significant pressure on Sony, now officially known as Culver Max Entertainment Ltd, to respond within three weeks.

ZEEL denies knowledge of Disney legal action ICC TV rights deal

Zee Entertainment Enterprises Ltd (ZEEL) has officially communicated to the Bombay Stock Exchange (BSE) that it lacks awareness regarding any potential legal action by Disney in relation to the $1.4-billion ICC TV rights deal, as suggested by certain media reports.

Fever FM's dramatic shutdown: Rebrand or reality?

Fever FM, the Hindustan Times-owned radio station, sent shockwaves through the media world with its sudden announcement of shutting down operations. However, whispers suggest this drastic move might be nothing more than a bold marketing stunt for a complete transformation.

Political PR has come of age in India, as country gears for mega poll battle this year

As India gears for the big Lok Sabha elections this year, the political machinery is on full swing to woo the voters and highlight their election manifestos. Along with parties’ mandates and candidates’ outreach, Public Relations has come to play a crucial role in the political arena as well.

Jobs Vs Machines - Part 1: Will bots steal our bread? (Or butter it?)

“Are machines the genie which spring from Aladdin’s Lamp of Science to supply every need and desire of man, or are they Frankenstein’s monsters which will destroy man who created them?,” asked MIT president Karl T. Compton in an article he wrote in the 1938 issue of MIT Technology Review. Compton’s conclusion was that technological “unemployment is a myth”.

Jobs Vs Machines - Part 2: Collaborative strategies to mitigate AI-driven job displacement

Mitigating the impact of AI-driven job displacement requires collaborative efforts from governments and the tech industry. They include investing in education programmes, fostering collaboration for solutions, implementing robust reskilling initiatives, emphasizing diversity and inclusion, etc.

The transformative impact of AI on Advertising

Advertisers can use AI to generate compelling copy, design graphics, and even create videos, streamlining the creative process and saving time. As we delve into the insights provided by industry experts, we uncover the evolving landscape where AI seamlessly intertwines with human creativity, propelling the advertising industry into uncharted territories.

Television in India: Experts decode potent force in building brands

Adgully’s premier Marketing event, CMOs’ Charcha – Delhi Chapter 2024, took place on January 23. The event saw an engaging panel discussion on “The Relevance of Television as a Media of Choice for Reaching Indian Consumers”. In the ever-evolving landscape of media and advertising, the relevance of television as a preferred medium for reaching Indian consumers has undergone significant shifts.

Enhancing versatility of television to fulfill advertising objectives

Adgully’s premier Marketing event, CMOs’ Charcha – Delhi Chapter 2024, saw an engaging panel discussion on ‘Enhancing Versatility of Television to Fulfill Ad Objectives’, which featured distinguished industry leaders, including Session Chair Lloyd Mathias, Business Strategist & Ind. Director; Jignesh Kenia, President & Head - Corporate Strategy & Digital Transformation, Times Network; Neelima Burra, Chief Strategy, Transformation & Marketing Officer, Luminous Power Technologies; and Vidit Jain, Co Founder, kindlife.

India's advertising market is anticipated to reach a projected value of US$15.84 billion

The Indian advertising market secured the 8th spot in global ad spend, emerging as the fastest-growing market among the top 10 in 2023. Initially projected to grow at a moderate rate of 8–10% in the fiscal year 2022-23, the digital advertising sector defied expectations. Fueled by Economic Tailwinds in 2023-24, digital ad expenditure is forecasted to more than double, reaching US$ 21 billion by 2027-28.

Pepperfry is targeting significant double-digit growth in 2024-25: Kushal Budhia

In conversation with Adgully, Kushal Budhia, Chief Category Officer, Pepperfry, shares some key insights from Pepperfry’s Home Report Card 2023, the company’s expansion plans, insights into the new products or categories. Budhia also speaks about how Pepperfry’s marketing and communications strategy has evolved over the years, as well as their focus areas for 2024.

Congress taps DDB Mudra for 2024 Lok Sabha polls: Reports

The Indian National Congress has reportedly selected advertising agency DDB Mudra to spearhead its publicity campaign for the upcoming 2024 Lok Sabha elections, sources close to the development have informed Adgully. The decision was taken by the Congress publicity committee, consisting of leaders like K C Venugopal and Ajay Maken.

Bombay HC affirms music licensing authority of PPL and Novex

In a groundbreaking judgment, the Bombay High Court has unequivocally upheld the authority of music licensing giants Phonographic Performance Ltd (PPL) and Novex Communications Pvt Ltd (Novex) to issue licenses as copyright owners, transcending the need for registration as copyright societies.

Kärcher International’s 12-yr journey in India: A path of innovation & growth

Over the past 12 years, Kärcher India has emerged as a formidable force in the cleaning industry. In this interaction with Adgully, Christian May, CEO & CSO, Kärcher International, dwells on Kärcher’s commitment to innovation and quality which is reflected in its 13 branches, 19 service points, and 80+ dealers Pan-India, demonstrating a dedicated footprint that delivers unparalleled cleaning experiences throughout the country.

Women leaders are breaking barriers: Raadhika Khetarpal

In an exclusive interaction with Adgully, Raadhika Khetarpal, Co-Founder, Radiant Sports, speaks about her journey being an entrepreneur and how she created a business out of content and was able to scale it, growing diversity in leadership positions, how organizations can effectively encourage and groom women leaders, and more.

How Nayara Energy has emerged as a prominent downstream energy player

In conversation with Adgully, Madhur Taneja, Chief Marketing Officer, Nayara Energy, speaks about how the company has emerged as a prominent downstream energy player, focussing on “In India for India” philosophy, adopting a “Rural First” strategy to cater to previously underserved rural markets, and more.

How Suta is weaving a sustainable and successful story for sarees

In an interaction with Adgully, Sujata Biswas and Taniya Biswas, Co-Founders, Suta, speak about the growth and entrepreneurial journey of Suta, making the saree relevant to GenZ, supporting mindful and sustainable fashion, what budding entrepreneurs should do to set up a successful venture, and much more.