GroupM India has released its annual This Year Next Year (TYNY) report. As per the report, the overall ad revenue in India is expected to reach Rs 1,55,386 crore in 2024, with an incremental Rs 14,423 crore as compared to 2023 while the global ad revenue is expected to reach $936 billion in 2024 from $889 billion in 2023.
The report also unveils that the global ad growth is estimated at 5.3% in 2024 while the ad revenue growth in India is estimated at 10.2% in 2024. Additionally, digital at 13% growth is driving overall ad revenue growth in 2024 and other media combined to grow at 6.8% in 2024.
Talking about the report, 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. 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.”
Furthermore, the report suggest that digital media remains at top with 79% share of global ad revenue, followed by TV with 13%, print, outdoor, radio and cinema are other mediums with three percent, two percent, two percent and 0.2% share of global ad revenue, respectively. Similarly, digial media in India topped among all the mediums with a share of 57%, an increase of 13% from 2023. However, TV is still prevalant in India unlike the global market as the medium marked a seven percent growth with the market share of 29%. Print, outdoor, radio and cinema accounts the share of 10%, two percent, one percent and one percent respectively.
Meanwhile, the United States is the fastest growing market, followed by China and the United Kingdom. India at rank eight continues to be the fastest growing market in the top 10 markets.
“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 such as auto, realty and offline retail are expected to power the overall advertising growth,” Ashwin Padmanabhan, president – investments, trading and partnerships, GroupM – India, added.