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Srinivasan K. Swamy, Executive Group Chairman of R K Swamy Ltd, recently took charge as President of the Advertising Agencies Association of India (AAAI) for 2025-26. Widely regarded as one of the most influential voices in the Indian advertising industry, Swamy inherits an ecosystem grappling with regulatory scrutiny, stalled audience measurement surveys, and an urgent need to attract fresh talent.
In an exclusive conversation with e4m, Swamy outlined his vision, tackled tough questions around CCI’s investigation, BARC’s credibility, and the state of the Indian Readership Survey (IRS), while underscoring that the industry’s real challenge lies in human capital.
Priorities as AAAI Chief
Unlike leaders who announce sweeping agendas when elected to top positions, Swamy is cautious about disrupting what he sees as a steady ship. “The ship is already sailing well,” he said. “My role is to ensure we don’t do anything unnecessary or disruptive. At the same time, it’s important to acknowledge that the industry is facing complex challenges as technology evolves. We need to help people understand these complexities and navigate them wisely.”
The Biggest Challenge
For Swamy, the most pressing issue of the ad industry is - people. “Attracting and retaining talent is the single biggest challenge,” he admitted candidly. “For some reason, younger generations don’t view advertising as a preferred career anymore. We need to build a strong pipeline of talent through outreach campaigns in mass communication institutes and beyond.”
He was clear that agencies must also take responsibility: “If we want highly skilled people, we must be willing to compensate them well and keep them engaged. Too often, industry leaders ignore this reality. But the future depends on smart investments in talent.”
CCI investigation: ‘Price is NOT the core issue’
On the Competition Commission of India’s (CCI) ongoing investigation into alleged cartelization by top media agencies, Swamy was blunt. “Agency rates are determined by a very complex process — strategy, teams, technology — and price is not much significant. A difference of 0.2% or 0.5% in pricing doesn’t matter much in the bigger scheme of things.”
Swamy stressed that advertising is not a monolithic business but an ecosystem where agencies, clients, and media platforms interact in complex ways — a reality that, he argued, regulators often fail to grasp when framing competition policies.
“Unfortunately, CCI doesn’t fully understand the complexity of the advertising system. What they have done so far is only a preliminary investigation. A more detailed investigation is now underway, and I hope it will bring clarity,” Swamy noted.
The case reportedly stems from whistle-blowers alleging that large agencies consolidated big advertiser accounts by promising TV ad inventory at lower rates, while striking deals with broadcasters for increased investments. Complicating matters further, the watchdog is also scrutinising the Indian Society of Advertisers’ (ISA) Model Agency Agreement, launched in August 2023, which complainants argue curtailed advertiser-agency negotiations and hit agency revenues.
One TRP System or Many?
With measurement standards under the spotlight, Swamy defended the Broadcast Audience Research Council (BARC), the country’s sole television rating system. “I believe BARC is doing a good job. AAAI, ISA, and IBDF are all partners in BARC. Globally, most markets operate with one system, which works well. I don’t see merit in starting another system — we should focus on making the existing one more robust rather than paying for multiple systems,” says Swamy.
When asked about criticism that BARC has delayed key initiatives, including its baseline survey and a Connected TV study, he reassured: “Yes, I understand those concerns. But let me assure you, as a member of the BARC board, that these issues are very much on our radar. The intentions are sincere, and all the pending initiatives are part of our plan going forward,” quips Swamy.
Reviving IRS
The long-stalled Indian Readership Survey (IRS) is also high on Swamy’s agenda. “The IRS must be revived. Funding has been the main stumbling block,” he said. “I’m told there is now a proposal to conduct the survey with a smaller sample size to bring down costs, and an RFP for this should be issued soon.”
Publishers remain divided on methodology, with many concerned that physical surveys will no longer be feasible in post-Covid housing societies due to restrictions and privacy concerns. Swamy, however, stressed urgency in moving forward.
A Legacy of Technology and Credibility
Looking ahead, Swamy summed up his ambition in simple terms: “For me, it’s about ensuring that the industry embraces technology fully and uses it to our benefit. If we can make that shift while keeping the fundamentals of credibility and creativity intact, I’ll consider my role meaningful.”
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