Demonetisation Pinches Media Agencies And Brands

A mere 15 days after the Prime Minister's ambitious demonetisation of Rupees 500 and 1000 notes, there is bad news for India's advertising industry. According to the media agency Madison, clients, particularly FMCG brands, have been asking them to cancel their booked TV ad spots due to a shortage of cash that has been brought upon by a huge dip in sales. The agency claims this could have lead to losses up to Rs. 300 to 500 crore for TV channels and agencies. GroupM has reported a similar number as well.