The Indian advertising industry grew at 18.1 per cent over 2021 and is expected to witness a compounded growth of 15.07 per cent by the end of 2024, according to Dentsu India’s Digital Report 2023. The size of the Indian ad industry is currently ₹85,769 crore according to the report, and is expected to touch ₹1,13,575 crore by 2024 end.
Digital advertising in India continued to be at the tip of the iceberg with a substantial spike of 39.5 per cent over 2021, putting TV advertising in a tight spot. The size of the digital ad market is ₹29,784 crore and expected to reach ₹51,110 crore, with a compounded growth rate of 31 per cent by 2024.
Television has the largest advertising spend share of 40 per cent, followed by digital media and print media with a share of 35 per cent and 21 per cent, respectively. Digital media is expected to overtake the ad spends share of television in 2023.
FMCG and e-commerce are the largest contributors to the digital media industry, accounting for 38 per cent and 20 per cent, respectively, followed by consumer durables, pharmaceuticals, and automotive. Digital media spends are driven by social media with a contribution of 30 per cent, followed by 28 per cent from online video and 23 per cent from paid search.