There were some big shifts in the way we consumed media in the COVID years. Digital media, streaming and ecommerce were the big beneficiaries of life under lockdown. At the start of the year we saw headlines about how digital would get almost half of the total advertising spends this year.

So, CNBC-TV18 spoke to Divya Karani, CEO of South Asia at Media Dentsu and Mohit Joshi, CEO of Havas Media Group India, to discuss if that trend has borne out, what the year looked like for media agencies that make decisions for about Rs 1 lakh crore worth of advertising money and what is the next year looking like for the business amid the news of slowing global and Indian economy.

According to Karani, marketing industry is seeing transformation from a brand-led world to consumer-led world.

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"Consumers are inundated with choices and information overload are living their life in media and therefore it is well worth to heed this entire transformation that has happened from a brand-led world to a consumer-led world."

"Brand-led world was all about consumers marching to a pre-scripted brand tune or it was all about changing consumer behavior. However a consumer-led world is actually listening to what the consumer needs, understanding them and then looking at changing brand behavior to serve that expectation," Karani said.

Watch video for entire conversation.