Indian AdEx to grow by 10.2% in 2024 to reach INR 1,55,386 crore: GroupM

Indian ad revenue will grow at 10.2% to reach INR 1,55,386 crore according to GroupM's TYNY (This Year Next Year) report. It grew by 11.3% in 2023 to reach 1,40,963 crore.

 

Global ad revenue is expected to grow by 5.3% to USD 936 billion in 2024. It grew by 5.8% in 2023.

The share of digital media globally is estimated to reach 79%, a 2% gain from 2023. TV is expected to drop to 13% (from 15%). The rest, ie, print (3%), outdoor (2%), radio (2%), cinema (.2%) will continue to contribute the same ad revenue.

 

 

In India, digital is expected to grow by 13%, and contribute to 57% of the total ad spends. TV is expected to grow by 7% and contribute 29% of the total ad spends.

 

 

Cinema is expected to see the highest growth, with the report claiming it'll grow by INR 879 crore, a 15% growth from 2023. Outdoor will also see a 12.5% growth and print will see a 4.9% growth.

 

India continues to be ranked eighth among the top 10 markets. USA, China and UK are the top three.

 

Prasanth Kumar, CEO, GroupM South Asia, said, “Despite facing macroeconomic challenges, we remain optimistic about the industry. At 10.2% India will be the fastest growing top market. 2024 will also see an upside from the spends leading to the General Elections. Digital particularly retail media and digital extensions of TV are expected to drive the growth. SME continues to fuel the growth. Linear TV is at a point of inflection and needs to be enabled with rapid deployment of technology to stay relevant.”

 

Ashwin Padmanabhan, president - investments, trading, and partnerships, GroupM – India said, “The advertising landscape is evolving with the fragmentation of search, rapid rise of influencer marketing and retail media. Reflecting this, at INR 88,502 crores of the overall INR 1,55,386 crore, digital will contribute to 57% of all ad revenue. Within digital ad revenue, search contributes 22%, retail media 18% and the rest 60%. Sectors like auto, realty and offline retail are expected to power the overall advertising growth.”

 

Parveen Sheik, head - business intelligence, GroupM India, said, “Global advertising presents a steady picture: a projected 5.3% global growth in ad revenue for 2024, reaching $936 billion, with digital leading the charge at a commanding 79% share of all ad revenue. India continues to be ranked 8th globally and its ad revenue growth among its peers is a testament to its potential and resilience. Adaptability is key to navigating an evolving advertising landscape amidst inflation and geopolitical tensions.”