As 2024 draws to a close, the advertising, media, and marketing industries have witnessed a year of transformative change. In this feature, Team Manifest looks back at the five key developments from the year gone by, and speaks to experts to know how these will affect the industry going forward.

Here's part one featuring three of the key developments.

• Mergers and 'Demergers' in the media space

One of the biggest developments in the media space this year are the mergers- one that went through and another that fell through.

While Reliance Jio and Disney Star completed a landmark merger creating a new OTT entity - JioStar in November, the Sony-Zee merger was called off. 

How will the two developments impact the media landscape?

Ashish Bhasin, founder, The Bhasin Consulting Group: Consolidation is a trend across not just television but in the agency business as well. 80% of the advertising business is handled by five networks. The same thing will happen in the media business.

We will see more such mergers in the future. It's a good thing because it gives scale and the ability to invest in more content. The investment provides stability too. 

India is uniquely poised and in the next 10 years, it can be the leader in content globally. 

Right now, we import Korean and Spanish shows. With the storytelling capabilities, the Bollywood experience, talent and the right investments we can become the content hub of the world. 

The other impact of this merger is there could be an impact on advertising rates. I'm not too concerned about that. Advertising and its rates are a matter of supply and demand so that will be taken care of. We have seen consolidation on digital too and they haven't had runaway prices. I see the Viacom18-Star merger as a positive move.

Lloyd Mathias, business strategist and independent director: I think it's the beginning of a much-needed consolidation in the Indian media space. Globally and in India, Alphabet and Meta dominate ad space. Alphabet is clearly India's number one ad space grabber with Google, YouTube and Gmail, closely followed by Meta, which has Instagram, Facebook and WhatsApp. Any advertiser wants to reach a mass audience, and what we have been seeing over the last decade is that the duo have grabbed the biggest chunk of the Indian media space. 

The pressure has been on the more traditional media outlets, whether it's legacy print media or television channels. In that context, the Jio-Star merger is a game-changer, introducing a strong third player to counter the big two. And they are substantive. With Colors and Star channels on TV and OTT platforms like JioCinema and Disney+ Hotstar, Jio-Star has become a significant, fully Indian-owned media giant. It's great to have a large, dominant, significant Indian player.

I believe this is the beginning of a journey of further consolidation. In the next two to three years, one would see a lot of the more legacy media outlets starting to consolidate, to give themselves breathing space.

Clearly, digital is spreading its wings wider, and it is therefore going to take a toll and put pressure on the smaller players. When advertisers and big media agencies buy, the big media players will ensure that they get the lion's chunk of the share. More importantly, these big players will also ensure they get all the big properties, whether it's the Olympics or the football/cricket World Cups. They will ensure that, hopefully, all of that will stay with them, and therefore leaving very little for the other players. So I believe this is a big development.

What's next for Sony and Zee given that their two largest competitors are now under one group?

Ashish Bhasin: They have a common challenge in facing one large player. 

However, each of them has different issues. Zee is rich in Indian and language content but has gone through a tough phase and doesn't have a global partner. It needs to prove it can consistently invest in content that's valuable to the audience. Zee needs to do something different to keep it going.

Sony's challenge is how it can be relevant. They used to be large on cricket rights. They have global experience, but somehow in India, they have been relegated to a smaller player. Perhaps they need to look at other mergers. Or look to enter sports in a bigger way. If they're serious in India, they need to make investments to somehow re-establish itself.

Consolidation opportunities can also come through regional channels. And in business, one never says never. While the merger with Zee has fallen apart for now, there could be a different opportunity coming up in the future.

The positive bit is that the media landscape will do well in India. This is a TV plus digital market rather than a TV or digital market. So, I'm hopeful that most of the channels will do well.

Lloyd Mathias: Unfortunately, the (Sony-Zee) deal came off, however all the acrimony is in the past, now that they've decided to settle out of court. There will be a bit of a struggle, specifically for Zee. Sony is still part of an international network and therefore has access to deeper pockets. Zee is certainly going to be under pressure, and I won't rule out that they will, at some level, be part of some further consolidation. How that pans out one would never know, whether a large industrial group will try and accumulate all its media assets. As to who that media group will be - one can only speculate. We know that the Adanis have some play in media with NDTV. There are standalone entities such as the HT Group, Bhaskar, Amar Ujala, and a lot of regional networks like the Hyderabad-based TV9 Network, or the ABP Group, that are independent and so I believe that there will be some more consolidation.

• Vistara added to brand Air India

After Tata acquired Air India, it merged Vistara into Air India and the former ceased to exist. While Air India had its doubters Vistara was always seen as the fresh, new brand and many saw it as the Jet Airways replacement.

Does this put more pressure on 'Brand Air India' given how Vistara had its loyalists?

Kiran Khalap, co-founder and managing director, chlorophyll: When you think of a brand, you have to think of time. In the social media age (post 2004), you have to think of brand behaviour, not just brand communication. Vistara became Vistara not because of its brand name or logo, but because of the exemplary behaviour of its cabin crew, on par with Singapore Airlines. Air India will become like its former self if it pays attention to detail that inspired Singapore Airlines in 1968! Because of such meticulous attention to detail and excellence, Air India topped the list of airlines in the world in 1968 as per a survey done by the Daily Mail, London. I have also heard that when Singapore wanted to launch an airline (now it is famous as Singapore Airlines), Prime Minister Lee Kuan Yew advised his team to study the high standards that had been set by Air India. According to Skytrax World Airline Awards 2024, Vistara is positioned 16th globally, leading the regional rankings, followed by IndiGo at 52nd and Air India at 90th.

Delta recorded profits of USD 4.6bn in 2023, with an annual turnover of USD 54.67bn. Air India recorded losses of USD 530 million, with an annual turnover of USD 4.7 billion in 2024. It's possible for Air India to join the global top ten, but will require brand behaviour and long-termism.

Amith Prabhu, founder, The Promise Foundation, curator, Praxis, founding dean, SCoRe: I sometimes wonder why Vistara could not have been the name of the no-frills carrier within Air India. It would have been an interesting proposition. That being said, I don't think Air India feels any kind of pressure. On the face of it, what appears is that they are looking at everything as if it's business as usual. Air India seems to find itself in a sweet spot with no competition in its segment any longer. 

What's the future of the Indian aviation industry - given it's now only Air India, IndiGo, Spicejet and Akasa operating right now?

Amith Prabhu: Though IndiGo is trying to fill a vacuum with its business-class offering it does not seem as exciting as it ought to be. The future of aviation is fascinating as new options emerge. A country like India will need another ful-service carrier to make sure there are no monopolies. Akasa shows promise. Time will tell how things unravel. For now, we hope and pray that a brand like Vistara emerges in future. 

• Brand Tata after Ratan Tata

While Ratan Tata stepped down from active management in 2017, he was synonymous with 'Brand Tata'. 

With him passing away, what does it mean for 'brand Tata'?

Mandeep Malhotra,  fouder and CEO, Srishti Media: Ratan Tata’s passing is a moment of great sorrow, but it does not mark the end of Brand Tata. While Ratan Tata was the face and guiding force behind the Tata Group for many years, the brand itself is built on enduring principles that go beyond any single individual. The values of integrity, ethical leadership, and social responsibility that Ratan Tata instilled in the Tata Group will continue to be the foundation on which the group builds its future.

Brand Tata is a collective legacy, shaped by decades of leadership, and it will continue to thrive under the leadership of the current team. Ratan Tata’s vision for the group—to be a force for good in the world, balancing business success with societal impact—remains as relevant as ever. His influence may be felt deeply, but the ethos of the Tata Group is firmly embedded in its culture, its people, and its long-term vision.

As we reflect on his passing, it’s important to recognize that Brand Tata will continue to evolve, guided by the same values Ratan Tata upheld. The strength of the brand lies not in any single individual, but in the enduring principles that will continue to define its path forward.

Manasi Narasimhan, head of communications and fund-raising, CEGIS: I don't think in the immediate term it will change anything - in fact, the outpouring of positive emotion in his passing is a chance to solidify the values he stood for and honour his memory.

Overall, I think 'brand Tata' has gone beyond the man himself and is part of the fabric of India. If the brand could withstand difficult circumstances like the unceremonious boardroom coup featuring the late Cyrus Mistry, I think this natural passing will not affect it at all.

It (if handled right) can be a good way to preserve the memory of the man and some of the causes he stood for, for example, animal welfare. His appeal cut across political lines and that is something the group should both cherish and celebrate.

Does the current leadership team of the Tata Group exuberate the same values associated with the Tata Group under Ratan Tata?

Mandeep Malhotra: Absolutely. The current leadership team of the Tata Group continues to embody the values that have long been associated with the brand under Ratan Tata. While Ratan Tata’s leadership was iconic, his focus was always on empowering others within the group to uphold and continue the legacy of the Tata values. Under the leadership of N. Chandrasekaran, the group has remained committed to the core principles of ethical business, social responsibility, and innovation.

The leadership team today shares the same long-term vision that Ratan Tata had—placing people and society at the heart of the business while maintaining a global standard of excellence. The Tata Group’s core values—trust, integrity, and respect—remain integral to every decision the company makes, from its business practices to its corporate social responsibility initiatives.

The leadership of the Tata Group today continues to build on the strong foundation laid by Ratan Tata, while bringing their own perspectives and expertise to ensure that the group remains a global leader with a conscience. So, while Ratan Tata’s passing is a loss, the principles he championed remain very much alive in the group’s leadership today.

Manasi Narasimhan: I think the leadership certainly benefits from the halo of Ratan Tata and his long innings. Overall in terms of ethics and service to India, the group is a beacon of hope and inspiration and I don't think anyone can point a finger on those counts. The one sad episode for Ratan Tata himself was the ouster of Cyrus Mistry which was done rather unceremoniously but since that did not tarnish the reputation of the group in any way nothing the group does now will tarnish it.

The challenge is to now go beyond what one person embodies and transfer these to the values of the group and the brand Tata. Whether those values will be seen 50 years from now is anyone's guess but for the brand's longevity it needs to go beyond a personality and embody the brand overall.

The article was originally published in Manifest's December issue. Get it here.