GroupM reports says, Indian advertising revenue to reach Rs 1,55,384-crore

GroupM's TYNY (This Year Next Year) report has projected that the Indian ad revenue is expected to grow 10.2% to reach INR 1,55,386-crore. In 2023, the revenue was Rs 1,40,963-crore.

14 Feb 2024 | By WhatPackaging? Team

GroupM’s TYNY report suggests global ad revenue will reach USD 936-billion and grow by 5.3%

The report also mentions that global ad revenue is expected to grow by 5.3% to USD 936-billion in 2024, a growth of 5.8% from the previous year. The share of digital media globally is estimated to reach 79%, a 2% gain from 2023. TV's share is expected to drop to 13% (from 15%). The rest, i.e., print (3%), outdoor (2%), radio (2%), and cinema (0.2%), will continue to contribute the same ad revenue.

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

Prasanth Kumar, the CEO of GroupM South Asia, stated that despite macroeconomic challenges, the industry is optimistic, with India being the fastest-growing top market at 10.2%. “The General Elections in 2024 will also lead to an upside in spending. Digital media, particularly retail media and digital extensions of TV is expected to drive growth, and SME continues to fuel the growth. Linear TV is at a point of inflection and needs to be enabled with the rapid deployment of technology to stay relevant.”

The report also shows that cinema is expected to see the highest growth, with an estimated growth of Rs 879 crore, which is a 15% growth from 2023. Outdoor will also see a 12.5% growth, and print will see a 4.9% growth.

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Ashwin Padmanabhan, the president of investments, trading, and partnerships at GroupM - India, said that the advertising landscape is evolving with the fragmentation of search, rapid rise of influencer marketing, and retail media. “Digital will contribute to 57% of all ad revenue, which is Rs 88,502-crores of the overall Rs 1,55,386-crore. 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.”

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

Parveen Sheik, the head of business intelligence at GroupM India, said that global advertising presents a steady picture: a projected 5.3% global growth in ad revenue for 2024, reaching USD 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 amid inflation and geopolitical tensions.”

(Source: Campaign India)