IPG Mediabrand Ad forecast for India 2024

As per IPG Meganbrand Magna Ad forecast for India 2024, the Indian advertising market is projected to grow by 11.8% to reach ₹1,22,155 crore in 2024, mainly driven by digital media, with notable growth in traditional media as well. Here are the highlights:

1. Traditional Media Growth: Expected to grow by 8.4% to ₹64,398 crore, including TV, print, radio, and outdoor.

2. Digital Media Surge: Anticipated to grow by almost 16% to ₹57,757 crore, spurred by expanding internet access and government initiatives in digital infrastructure.

3. Ad Spend Distribution: Traditional media may receive 53% of all ad spend, with digital media taking up 47%. This is a higher share for traditional media compared to the global average (29%) and APAC (24%).

4. Future Projections: Digital media's share of total ad spends could reach 50% by 2026. The Indian ad market, the fastest-growing globally, is expected to enter the top 10 markets in 2025 and reach the 11th spot in 2024.

5. Market Growth: The ad market is expected to grow at a CAGR of 10% to reach ₹1,70,000 crore by 2028.

6. Sector Insights:

- FMCG Sector: Reports double-digit growth in 2024 Q1.

- Automobile Sector: Showed growth in 2023, expected to increase marketing activities.

- E-commerce: Continues to expand into lower-tier markets.

- Rural Demand: Boosted by a normal monsoon and increased government spending.

7. Digital Media Breakdown:

- Social Media: 34% share of the digital ad pie.

- Search: 33% share.

- Display: 19% share.

- Video: 14% share.

Social media and video are the fastest-growing digital ad formats.

8. TV Ad Revenues: Projected to grow by 8.7% to ₹39,333 crore, driven by elections and cricket, with TV reaching 778 million viewers and an increase in overall time spent to 230 minutes.

9. Print Media: Expected to grow by 6.1% to ₹18,771 crore, supported by national and local elections in 8 states, with a circulation of 402 million copies in 2022-23. Digital print revenue is estimated at ₹1,300 crore.

Venkatesh S, SVP, director, Intelligence Practice, Magna India, expressed confidence in the ad market's strong growth despite challenges, citing increased investments and sector-specific boosts.