Digital media growth to take Indian ad market size to Rs. 1.2 lakh crore in 2024

The Indian advertising market is expected to grow 11.8% to reach US$ 14.75 billion (Rs. 1,22,155 crore) 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 US$ 7.78 billion (Rs. 64,398 crore) and maintain a 53% share of the total ad spend, with digital media taking up the remaining 47%. The Magna Global Advertising Forecast 2024 report 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.

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 US$ 20.53 billion (Rs. 1,70,000 crore) 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. Additionally, a normal monsoon and increased government spending are expected to boost rural demand, prompting corporates to increase their ad spending. While digital continues to grow rapidly, traditional media, particularly TV and print, are also expected to see strong growth, with TV ad revenues projected to grow by 8.7% to reach an estimated US$ 4.75 billion (Rs. 39,333 crore) and print media growing at 6.1% to US$ 2.27 billion (Rs. 18,771 crore).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.