Meta India FY24 ad revenue logs 24% growth
Meta India posted a 24% growth in gross advertising revenue, reaching ₹22,730 crore for the fiscal year ending on 31 March, compared to ₹18,308 crore in the previous fiscal year, as per the company's filings with the RoC.
The Indian unit of global social media giant Meta Platforms, which still operates under the legal name Facebook India Online Services, recorded a modest 13% growth in gross advertising revenue for the fiscal year ending on March 31, 2023.
The FY23 gross advertising revenue of ₹18,308 crore includes ₹6,120 crore from gross advertising reseller revenue, as the reseller model was in effect for a few months of that financial year.
Meta-which operates platforms such as Facebook, Instagram, and WhatsApp-has experienced strong monetisation from both major advertisers and small and medium-sized businesses (SMBs). Earlier, media agency GroupM projected that digital advertising revenue would grow by 13% in 2024, reaching ₹88,502 crore. Meta India declined to comment on the financials.
In August 2022, Meta India transitioned from a reseller to an operating licence model, granting the company a non-exclusive licence to commercialise intellectual property (IP) related to advertising sales activities in India.
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