According to a report by Finecast, a GroupM-owned addressable TV company, India is expected to become the third-largest market in television (TV) advertising by 2024.
The report says that currently there are 20-22 million addressable TV homes in India. The preferred connection is that of Connected TV (65%) which comprises smart TVs, devices such as Firestick, Internet-enabled set-up boxed, and the rest 35% is linear and includes cable and DTH. The adoption of Connected TV has been growing at an exponential rate and over the next five years, connected TV advertising is expected to grow at a compounded annual growth rate of 47%, which will contribute to the overall TV prospect (both connected and linear).
The evolution of the TV landscape has been accelerated by technological changes in the distribution space, the availability of high-speed internet, and the growth potential of Indian audiences to advertisers. Many new capabilities exist for TV advertisers in the coming years. The future of TV in terms of advertising looks bright as the emergence of new technologies like CTV creates even more room for customization, stated by CEO, GroupM South Asia.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.