GroupM India projects 10% growth in 2024 ad revenue

GroupM India's TYNY 2024 report forecasts the nation's ad revenue to hit Rs 1,55,386 crore in 2024, marking a substantial Rs 14,423 crore surge from 2023. Prasanth Kumar, CEO of GroupM South Asia, expresses optimism despite macroeconomic challenges, anticipating India to be the fastest-growing top market at 10.2%. The General Elections' spending is projected to boost 2024, with digital, especially retail media and digital TV extensions, steering growth. Small and medium enterprises (SMEs) continue to drive expansion, while linear TV undergoes a transformative phase, emphasizing the need for swift technological adoption.

Ashwin Padmanabhan, President of Investments, Trading, and Partnerships at GroupM India, notes the evolving advertising landscape with digital contributing 57% to the total ad revenue, led by search (22%) and retail media (18%). Auto, Realty, and Offline Retail are expected to be key growth catalysts. Parveen Sheik, Head of Business Intelligence, highlights global advertising's steady 5.3% growth, with digital commanding 79% of the $936 billion revenue in 2024.

The TYNY report introduces trends for 2024, including the rising influence of Gen Alpha, attention planning, 21% addressable television homes, immersive sports experiences, and accountable brand marketing. It also emphasizes the significance of search, deepening e-commerce integration, digitization of general and modern trade, AI's transformative role in media, and the growth of micromarketing driven by niche consumer segments. Consent's critical role leads to the empowerment of various marketing areas through zero-party data. Overall, the report underscores India's advertising potential and resilience amid global challenges.