Indian ad market to reach 1.2 lakh crore in 2024: IPG Mediabrands report
The market is expected to grow at 11.8%
The Indian advertising market is expected to grow 11.8% to reach Rs 1,22,155 crore in 2024, according to IPG Mediabrands' Magna Global Advertising Forecast 2024.
India has been categorized among the most dynamic ad markets, along with Spain, India, UK, France and the US.
Overall, APAC ad market is expected to grow at 8.5% in 2024. This follows 2023 growth of +9.5% to reach $266 billion. This is taking place in a slightly slowing, but stable, economic environment where real GDP is expected to grow by +5.2% in 2024 according to the IMF. Inflation in APAC has continued to decline and while some economies are still seeing sustained price pressures, others are facing deflationary risks. Global disinflation and the prospect of monetary easing have increased the likelihood of a soft landing.
Overall APAC growth of +8.5% in 2024 consists of traditional media owners seeing +0.8% growth to reach $68 billion (24% of budgets), and digital pure player publishers seeing growth of +11.1% to reach $220 billion (76% of budgets). Television budgets are stabilizing in 2024 and are expected to be up by +0.2% following 2023’s -2.3% performance. This increase in growth is primarily driven by the tailwinds of sporting events – primarily the Paris Olympics. The UEFA Euro 2024 tournament and other sporting events typically have only a minor impact in APAC markets.
“The digital dominance in APAC is expected to persist, with digital revenues forecast to account for 81% of total budgets by 2028, up from 76% in 2024,” said Leigh Terry, CEO IPG Mediabrands APAC,.
“This shift underscores the growing importance of digital channels in reaching and engaging consumers in the region. Sri Lanka, India, and Japan are poised for significant growth in 2024, with mature markets in the region also showing signs of recovery, and contributing to the overall positive outlook for APAC.”
