Ad sales in India grew by 11.8% in 2023

The Asia Pacific advertising economy grew +8.2% to USD 286-billion this year. Magna states that India, Pakistan and China are the predominant contributors to this growth. In 2024, Magna estimates APAC advertising revenues to increase by 6%.    

In terms of growth, India is the fastest-growing market and is forecast to reach number eight by 2028. This year it's ranked number 11 in terms of ad sales, as it grew by 11.8% to reach Rs 1,099-billion.      

Digital continues to be getting the largest advertising pie with a 46% share of the ad sales which amounts to Rs 500-billion. But given the pie is increasing, the growth of digital in percentage terms has reduced to 14.2, compared to 25.7 in 2022.    

In 2023, linear formats in India are estimated to grow by +9.9% with both television and print growing equally at +8%. Radio is estimated to grow by 12.1% and OOH at 29.8%. In 2024, the Indian advertising market is estimated to grow by 11.4%. Digital's growth will slow to 13.9% and reach Rs 569-billion. Linear ad sales are estimated to grow by 9.3% to reach Rs 655-billion.

Venkatesh S, SVP, director - intelligence practice, Magna India, said, “In 2023H1 advertising spend grew +9.6%, accelerated in the second half of 2023 to +13.8%. The recovery is driven by festive spending and marquee events like ICC WC and elections. Globally, traditional media owners’ (TMO) ad revenue growth is slowing down, while in India both linear (+9.9%) and digital formats (+14.5%) are growing. Traditional formats will still be the largest, at least till 2027, though pure play digital is driving the adex. Non-linear formats (AVOD, digital newspaper, podcasting and DOOH) of TMOs are growing steadily in double digits and contribute 5% to the total revenue of TMOs.”   

Hema Malik, chief investment officer, IPG Mediabrands India, added, “India continues to script its unique narrative in the advertising landscape, boasting robust growth across diverse mediums despite evolving consumer preferences and market dynamics. The promising trajectory across television, digital, radio, and out-of-home channels signifies the dynamic nature of our advertising landscape. I am optimistic about the future as India's advertising story unfolds, driven by innovation, adaptability, and a burgeoning consumer base."

(Source: Campaign India)