GroupM India has unveiled the latest edition of This Year Next Year (TYNY) advertising forecast from December 2023 along with updates for February 2024, under which it has predicted that the country’s overall ad revenue will reach Rs 1,55,386 crore in 2024, which is 10.2% more than the adex of 2023 which stood at Rs 1,40,963 crore.
In its December Update for TYNY, GroupM had mentioned that even though India ranks at the 8th spot, it continues to be the fastest growing market in the top 10 advertising markets of the world which include the US, China, UK, Japan, Germany, France, Brazil, Canada and Australia.
As part of the February update to GroupM’s TYNY December 2023 report, Digital will have the largest share in the overal adex with a contribution of 57%, followed by TV at 29%, Print at 10%, Outdoor at 2% and Radio and Cinema contributing to 1% each.
According to GroupM, the medium-wise ad revenue breakup for 2024 is forecasted to be Digital media amounting for Rs 88,502 crore; TV for Rs 45,226 crore; Print for Rs 15,350 crore; Outdoor for Rs 3,399 crore; Radio for Rs 2,029 crore and Cinema for Rs 879 crore in India’s overall adex.
On the basis of these numbers, the media agency has predicted that digital medium will witness a 13% growth in 2024 when compared to 2023. On similar grounds, TV has been projected to have a growth of 7%, followed by Print medium at 4.9%, Outdoor at 12.5%, Radio at 4.0% and cinema at 15%.
Furthermore, in the February 2024 update to its TYNY Report on advertising, GroupM also mentioned that within digital medium, retail media will be driving growth at a CAGR of 41% in 2019-24F and that digital extensions of TV would be estimated at Rs 5,750 crore in 2024.
As predicted in GroupM’s TYNY Report, here are the key trends for 2024:
- Increasing influence of GenAlpha will drive distinctive marketing strategies
- Attention Planning: Customizing insights for actionability
- 21% of television homes to be addressable in 2024
- Sports to focus on immersive experience journeys
- Brand marketing becomes more accountable on performance, Breaking Silos
- Step-up on search
- Ecommerce drives deeper into organization
- India’s general & modern trade getting digitized leading to the rise of omnichannel commerce
- Rapid developments in AI will transform media, messaging, and measurement
- AI & technology dominate the content landscape and creator economy
- Importance of niche consumer segments will power the growth of micromarketing
- Zero party data will empower various areas of marketing
Sharing his views on the launch of the same, Prasanth Kumar, CEO, GroupM South Asia, said- “Despite facing macroeconomic challenges, we remain optimistic about the industry. At 10.2% India will be the fastest growing top market. 2024 will also see an upside from the spends leading to the General Elections. In 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 the rapid deployment of technology to stay relevant.”
To this, Ashwin Padmanabhan, President- Investments, Trading, and Partnerships, GroupM India, added- “The advertising landscape is evolving with the fragmentation of search, rapid rise of influencer marketing and retail media. Reflecting this, at Rs 88,502 crores of the overall Rs 1,55,386 crore, digital (including digital extensions of all media) will contribute to 57% of all ad revenue. Within digital ad revenue, search contributes 22%, retail media 18% and the rest 60%. Sectors like Auto, Realty and Offline Retail are expected to power the overall advertising growth.”
Concludingly, Parveen Sheik, Head of Business Intelligence, GroupM India, also remarked- “Global advertising presents a steady picture: a projected 5.3% global growth in ad revenue for 2024, reaching $936 billion, with digital (including digital extensions of all media) leading the charge at a commanding 79% 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.”
