Of course, digital advertising grew at a faster clip of 35.3 per cent to touch a market size of ₹21,353 crore in 2021, compared to ₹15,782 crore in 2020.

Television still commands largest share of media spends at 42 per cent (₹29,279 crore), followed by digital (30 per cent, ₹21,353 crore) and print (24 per cent, ₹16,599 crore). But this is expected to change by 2023, when digital is forecast to overtake TV advertising.

FMCG still buoys up the advertising industry with contributions of 34 per cent (₹23,736 crore), followed by e-commerce (14 per cent, 9,619 crore) and automotive (7 per cent, ₹4,745 crore).

The largest share of digital goes to social media which gets 29 per cent of the spends (₹6,218 crore), closely followed by online video (28 per cent, ₹5,907 crore) and paid search (23 per cent, ₹5,039 crore).

The changing consumer behaviour is paving the way for conversational commerce, says the report. E-commerce in India is evolving in the form of social commerce, video commerce, voice commerce and hyperlocal/Business to Consumer (B2C) commerce and expanding its realm into other media. Micropayment mechanisms will accelerate this evolution further.