The Indian advertising market is predicted to grow 11.8% to reach Rs 1,22,155 crore ($14.75 billion) in 2024, primarily driven by digital media, which is poised to grow faster at almost 16% to reach US$ 6.98 billion (Rs. 57,757 crore).
Despite this, traditional media, including TV, print, radio, and outdoor, is expected to grow 8.4% to $7.78bn (Rs 64,398 cr) and maintain a 53% share of the total ad spend, with digital media taking up the remaining 47%.
IPG Mediabrands’ Magna Global Advertising Forecast 2024 notes that India’s traditional media market share is twice that of the global (29%) and APAC (24%) size, and digital’s share of total ad spends could reach 50% by 2026. TV ad revenues are projected to grow by 8.7% to reach an estimated $4.75bn (Rs 39,333 cr) while print media will grow at 6.1% to $2.27bn (Rs 18,771 cr), per the report.
Additionally, a normal monsoon and increased government spending are expected to boost rural demand, prompting corporates to increase their ad spending.
India, the fastest-growing ad market globally, is projected to move into the top 10 markets in 2025 and is expected to be in the 11th spot in 2024, behind South Korea. Magna estimates the Indian ad market to grow at a CAGR of 10% to reach $20.53bn (Rs 1,70,000 cr) by 2028. The report cites the good performance of listed companies, double-digit growth in the FMCG sector, and the auto industry’s expected boost in marketing activities as driving factors.
APAC Picture
The APAC ad market is predicted to grow at 8.5% in 2024, reaching $266bn, following a 9.5% growth in 2023. The IMF predicts a slightly slowing but stable economic environment with real GDP expected to grow by 5.2% in 2024.
Inflation in APAC is declining, with some economies facing deflationary risks. Global disinflation and monetary easing increase the likelihood of a soft landing.
In 2024, the Asia-Pacific region is expected to experience a growth of +8.5%, with traditional media owners achieving +0.8% growth to reach $68bn (24% of budgets) and digital pure player publishers achieving +11.1% growth to reach $220bn (76% of budgets). Television budgets in 2024 are set to level off and are projected to increase by +0.2% from the previous year’s -2.3% decline in 2023.
The growth surge is mainly fueled by the positive effects of sporting events, especially the Paris Olympics 2024. The UEFA Euro 2024 competition and other sports competitions generally have only a small effect on the APAC market.
“The digital dominance in APAC is expected to persist, with digital revenues forecast to account for 81% of total budgets by 2028, up from 76% in 2024,” said Leigh Terry, CEO IPG Mediabrands APAC.
“This shift underscores the growing importance of digital channels in reaching and engaging consumers in the region. Sri Lanka, India, and Japan are poised for significant growth in 2024, with mature markets in the region also showing signs of recovery, and contributing to the overall positive outlook for APAC.”
Venkatesh S, SVP, director – Intelligence Practice, MAGNA India, said: “The Indian advertising market is set to expand by 11.8% in 2024, reaching ₹1.2 trillion, driven by a robust 15.9% growth in digital media. Traditional media formats are also growing, enduring the relevance of Print, OOH and Radio in addition to Television. The government’s emphasis on digital public infrastructure is propelling digital ad spend to nearly half of total revenues by 2026. Our forecast highlights social media’s significant rise, overtaking search as the second largest media format after television.”
