Ad revenue in India to grow 10.2% to reach Rs 155,386 cr in 2024: GroupM TYNY 2024

GroupM India today released its annual This Year Next Year (TYNY) report. The overall ad revenue is expected to reach Rs 155,386 crore in 2024, with an incremental Rs 14,423 crore compared to 2023. As per the report, ad revenue in India is estimated to grow at 10.2%; Digital to contribute 57% of ad revenue in 2024.

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. The year 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 Rs 88,502 crore of the overall Rs 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 of Business Intelligence, GroupM India, noted, “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 8^thglobally 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.”

The GroupM TYNY report also unveiled several evolving trends for 2024. Key trends include:

Increasing influence of gen-alpha will drive distinctive marketing strategies
Attention Planning – customising insights for actionability
21% of television homes to be addressable in 2024
Sports to focus on immersive experience journeys
Brand marketing becomes more accountable on performance, breaking silos
Step-up on search
Ecommerce drives deeper into organisations
India’s general & modern trade getting digitized leading to rise of omni channel commerce
Rapid developments in AI will transform media, messaging, and measurement
AI & technology dominate the content landscape & creator economy
Importance of niche consumer segments will power the growth of micromarketing
With consent becoming critical, zero party data will empower various areas of marketing