BFSI (banking, financial services, insurance), automotive, and e-commerce brands typically pay the highest CTV CPMs in India. These categories share two characteristics: high audience targeting requirements and high customer lifetime value, which together justify paying a premium per impression. A financial services brand willing to pay more to reach verified urban high-income households, or an auto brand targeting prospective car buyers specifically, will bid above a broad-reach FMCG campaign for the same targeted inventory. The CPM goes up when multiple category advertisers compete for the same audience cohort.
FMCG brands—despite being the largest category by total ad spend in India—tend to buy CTV on a reach and frequency model, which means they often negotiate lower per-CPM rates on direct deals by committing to volume. They are not paying a targeting premium because their audience is broad. Pharma advertising on CTV is growing but remains constrained by regulatory guidelines on what can be communicated. OTT self-promotional inventory (platforms advertising their own content) typically occupies remnant or house inventory at internal transfer pricing, not market CPMs.
Category CPM ranking (directional, agency estimates)
- BFSI: Highest CPMs due to narrow audience targeting (high-income, urban, intent-qualified) and high competition within category
- Automotive: High CPMs during model launches and festive season; strong demand for premium content adjacency
- E-commerce / D2C: High CPMs during sales seasons (Big Billion Days, Great Indian Festival); performance targeting drives up auction prices
- Telecom: Significant spenders; CPMs vary by campaign objective—brand campaigns bid higher than acquisition campaigns
- FMCG: Largest overall spend but lower average CPMs due to volume deals and broad-reach buying model
- Pharma / healthcare: Growing but category-restricted; CPMs mid-range
Full guide
For a complete explanation, read: CTV CPMs by brand category in India: which sectors pay the most?