Digital share of ad revenue to reach 79 per cent in 2024, it further mentions
GroupM India has released its annual This Year Next Year (TYNY) report that predicts the overall ad revenue to reach INR 1,55,386 crore in 2024, with an incremental INR 14,423 crores compared to 2023.
Prasanth Kumar, CEO, GroupM South Asia says, “Despite facing macroeconomic challenges, we remain optimistic about the industry. At 10.2 per cent India will be the fastest growing top market. 2024 will also see an upside from the spends leading to the General Elections. Digital particularly retail media and digital extensions of TV are expected to drive the growth. SME continues to fuel the growth. Linear TV is at a point of inflection and needs to be enabled with rapid deployment of technology to stay relevant.”
Ashwin Padmanabhan, president of investments, trading, and partnerships, GroupM – India adds, “The advertising landscape is evolving with the fragmentation of search, rapid rise of influencer marketing and retail media. Reflecting this, at INR 88,502 crores of the overall INR 1,55,386 crore, digital will contribute to 57 per cent of all ad revenue. Within digital ad revenue, search contributes 22 per cent, retail media 18 per cent and the rest 60 per cent. Sectors like Auto, Realty and Offline Retail are expected to power the overall advertising growth.”
Parveen Sheik, head of business intelligence, GroupM India mentions, “Global advertising presents a steady picture: a projected 5.3 per cent global growth in ad revenue for 2024, reaching $936 billion, with digital leading the charge at a commanding 79 per cent share of all ad revenue. India continues to be ranked 8th globally and its ad revenue growth among its peers is a testament to its potential and resilience. Adaptability is key to navigating an evolving advertising landscape amidst inflation and geopolitical tensions.”
The GroupM TYNY report unveils several evolving trends for 2024:
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