Strong outlook: Indian print media industry is poised to record robust growth in 2024
print media industry is poised to record robust growth in 2024, with advertising revenues projected to return to pre-pandemic levels and profit margins improving amid softening of newsprint prices. According to the Pitch Madison Advertising Report 2024, print advertising revenue is anticipated to rise by 7%, reaching ₹20,613 crore this year, surpassing pre-Covid figures in 2019.
The report predicted a 12% increase in total advertising expenditure to ₹1.11 lakh crore. It also noted a consistent increase in print advertising revenue, from ₹16,595 crore in 2021 to ₹18,470 crore in 2022 and ₹19,250 crore in 2023. Newsprint prices, a significant factor in direct variable costs for print media companies, have decreased from over ₹80,000 per metric tonne post-Covid to about ₹50,000 per metric tonne.
'Print remains resilient'
Madison World Chairman Sam Balsara said print remains resilient in India despite being in terminal decline globally. He also expects print to record rapid growth in 2024. «The global share of print is 4%; India's share is 20%. That's phenomenal. In China, the print share is near zero. In the US and UK, it is less than 5%,» the advertising veteran told ET.
«While the share of print is declining, in rupee terms, it has been growing year-on-year. And we expect good growth in 2024 too, higher than the growth achieved last year,» he added.
Sivakumar Sundaram, CEO (Publishing) of Bennett Coleman & Company Limited (BCCL), said print advertising revenue in 2024 is anticipated to reach an all-time high.
