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Digital will contribute 57% of advertising revenue this year, report says
e4m staff
Published – February 13, 2024 12:36 pm
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2 minutes of reading
GroupM India has released its annual This Year Next Year (TYNY) report. The overall advertising revenue is expected to reach Rs 1,55,386 crore in 2024, increasing by Rs 14,423 crore compared to 2023.
Prasanth Kumar, CEO of GroupM South Asia, said: “Despite facing macroeconomic challenges, we remain optimistic about the industry. At 10.2%, India will be the fastest growing major market. In 2024 there will also be an increase in spending prior to the general elections. Digital media, particularly retail, and television digital extensions are expected to drive growth. SMEs continue to drive growth. “Linear TV is at an inflection point and needs to be enabled with rapid deployment of technology to remain relevant.”
Ashwin Padmanabhan, President, Investments, Trading and Partnerships, GroupM – India, said, “The advertising landscape is evolving with the fragmentation of search, rapid rise of influencer marketing and retail media. Reflecting this, with INR 88,502 crore of the total INR 1,55,386 crore, digital will contribute to 57% of all advertising revenues. Within digital advertising revenue, search contributes 22%, retail media 18% and the rest 60%. “Sectors such as automobile, real estate and offline retail are expected to drive overall advertising growth.”
Parveen Sheik, Chief Business Intelligence Officer, GroupM India, said: “Global advertising presents a stable outlook – projected 5.3% global growth in advertising revenue by 2024, reaching $936 billion, with digital leading burdens it with a dominant 79% share of all advertising. revenue. India continues to rank eighth globally and its advertising revenue growth among its peers is a testament to its potential and resilience. “Adaptability is key to navigating an evolving advertising landscape amid inflation and geopolitical tensions.”
The GroupM TYNY report also revealed several evolving trends for 2024.
- Gen-Alpha’s Growing Influence Will Drive Distinctive Marketing Strategies
- Care Planning: Personalizing Knowledge for Action
- 21% of homes with television will be accessible in 2024
- Sports to focus on immersive experience travel
- Brand marketing becomes more accountable for performance, breaking down silos
- Intensify the search
- E-commerce goes deeper into organizations
- Digitization of India’s general and modern commerce leads to rise in omnichannel commerce
- Rapid advances in AI will transform media, messaging and measurement
- AI and technology dominate the content landscape and creator economy
- The importance of consumer niches will drive the growth of micromarketing
- As consent becomes critical, third-party data will power several areas of marketing
Read more Internet Advertising News in India, Marketing News, PR & Corporate Communication News, Digital Media News, Television Media News
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Advertising Revenue GroupM India TYNY 2024