Ad spends to grow 11.8% in 2023 to reach Rs. 1.09 trillion (US$ 13.1 billion)
- IBEF
- December 15, 2023
In 2023, India's advertising expenditure is projected to grow by 11.8% to reach Rs. 1.09 trillion (US$ 13.1 billion), positioning the country for potential entry into the top 10 global ad markets by 2028, as indicated by a recent report. Although digital formats, which experienced significant growth in 2022, are anticipated to exhibit a slight deceleration this year, they are expected to maintain a dominant position, constituting 46% of the total ad market share, according to the IPG Media brands India-owned Magna's Global Ad Forecast.
The contribution of digital formats is forecasted to decrease by 11% to 14.2% in 2023 from 25.7% in 2022. Additionally, the Indian advertising market is projected to expand by 11.4% in 2024, with digital formats expected to increase by 13.9% to reach Rs. 56,900 crore (US$ 6.8 billion), while linear ad sales are anticipated to grow by 9.3% to reach Rs. 65,500 crore (US$ 7.9 billion). Despite the rise of free dish and OTT platforms, traditional media remains robust in India, particularly television, which continues to be the primary video medium, reaching over 900 million viewers and boasting an average daily viewing time of 222 minutes. Television ad revenues are expected to grow by 9.9% in both 2023 and 2024.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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