Why the fundamental fault lines in the business won't be resolved by the Omnicom–IPG merger

The Omnicom–IPG merger is now more than just a balance-sheet event as India's advertising sector faces one of its largest structural changes in decades. In a sector already struggling with AI disruption, customer distrust, and shifting talent economics, it is a stress test for scale, relevance, and trust.Veteran executives Ashish Bhasin, Anita Nayyar, Shubho Sengupta, and Kunal Lalani provide starkly different interpretations of what consolidation actually means, including whether it signals the emergence of a three-player oligopoly, a long-overdue efficiency reset, or a defensive reaction to an industry that has already moved on.One thing unites their opinions: size by itself is no longer a guarantee of advantage. The next stage of competition will be characterised by speed, specialisation, and credibility rather than scale as holding corporations compete to handle conflicts, merge cultures, and reassure clients. In 2026, artists, agencies, and advertisers will focus more on who still matters than on who is the biggest."This era of consolidation in advertising and media did not begin recently—it has been unfolding over the past decade," notes Ashish Bhasin, founder of The Bhasin Consulting Group and former CEO APAC, Dentsu. He reminds us that media owners and broadcasters have travelled the same route as agencies, with mergers like Star and CNBC indicating what was to come. Given that "the top four or five holding companies now account for nearly 80–85% of the market share," as noted by Bhasin, the merger of Omnicom and IPG seems like the next obvious step.

The level of competition has changed. "A very formidable competitor emerges for WPP," which has long maintained the top spot in India, as a result of the merger. "Going forward, WPP, Omnicom, and Publicis are likely to become the three largest holding companies in India," according to Bhasin, who envisions a market dominated by three titans. Scale will continue to be important, especially in the media, driving rivalry and making "further consolidation inevitable."However, Bhasin takes pains to avoid portraying this as everyone else's demise. He acknowledges that "the overarching trend clearly points towards consolidation," but adds that "India remains a large and fast-growing market, so there is space for multiple players to coexist."