Ad revenue to grow at 10.2% to Rs 1.55 lakh crore in 2024: GroupM
GroupM predicts 10.2% growth in Indian advertising revenue to ₹1,55,386 crore in 2024, down from the 11.3% growth in 2023.
In 2023, the ad market is projected to have expanded by 11.3% to ₹1,40,963 crore, which was lower than the previous year's predicted 15.5% growth and ad revenue of ₹1,46,450 crore.
According to GroupM's 'This Year, Next Year' projections, growth would be driven mostly by Lok Sabha elections and cricket, with auto, real estate, retail, and small and medium enterprises (SMEs) expected to fuel the advertising growth in 2024.
The report expects incremental ad revenue of ₹14,423 crore in 2024, with 70% of those expenditures going to digital and the remaining 30% to traditional mediums like TV, print, outdoor, radio, and in-cinema.
GroupM South Asia CEO Prasanth Kumar said H1 is looking slightly better than H2 due to elections, the IPL, and the ICC Men's T20 World Cup. He also said that the digital ad revenue growth is being driven by e-commerce, connected TV, and digital extensions of broadcasters.
«TV is almost getting the same amount of absolute spending year on year but digital is getting a higher share of money from the overall advertising expenditure,» Kumar said.
The report forecasts that digital advertising will increase its share of total ad revenue by 1%, largely at the expense of television.
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