India is poised to be the 3rd largest TV advertising market by 2024: GroupM

Despite the growing march of digital, which has permeated into all markets and marketing strategies, TV continues to be strong in India. The report, titled ‘The changing landscape of television’, brought out by GroupM in partnership with Kantar, states that the future of TV in terms of advertising looks bright as the emergence of new technologies like connected TV creates even more room for customisations. The report adds that CTV is a big new opportunity in the digital advertising industry and a trending topic on which ad tech companies can seek to capitalise on. In this report, GroupM Finecast and Kantar have done an in-depth research of what TV viewers consume and what are their preferred choices.

According to GroupM’s 2023 This Year Next Year reports for the period 2022-2027, advertising spends on TV are looking positive across Global Markets and would grow on the back of brands spending more on Connected TV.

India is poised to be the third largest TV advertising market by 2024. The 2022-2027 CAGR for TV Advertising in India is pegged at 11.8% vis-a-vis 1.1% CAGR globally and 3.7% CAGR in the APAC region.

If convenience is driving audiences towards connected TV, addressability is driving advertisers to connected TV. From a 12% share on Total TV in 2022, CTV’s share is estimated to reach 22% share in 2027 globally. CTV ad spends in India are estimated to reach $395 million by 2027.

Today, there are 20-22 million Addressable TV homes in India. More than 10% of TV homes are today addressable. The number of Addressable TV homes in India is expected to reach 40 million by 2025.