GroupM India released its annual This Year Next Year (TYNY) report today. As per the report, the overall ad revenue is expected to reach Rs1,55,386 crore in 2024, with an incremental Rs14,423 crores compared to 2023.
The TYNY report also highlighted several evolving trends for 2024 that include increasing influence of gen-alpha driving distinctive marketing strategies, brand marketing becoming more accountable on performance, how 21 percent of television homes will be addressable in 2024, rapid developments in AI transforming media, messaging, and measurement among others.
Prasanth Kumar, CEO, GroupM South Asia said, “Despite facing macroeconomic challenges, we remain optimistic about the industry. At 10.2 percent India will be the fastest growing top market. 2024 will also see an upside from the spends leading to the General Elections. 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 rapid deployment of technology to stay relevant.”
Ashwin Padmanabhan, President – Investments, Trading, and Partnerships, GroupM – India said, “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 Rs1,55,386 crore, digital will contribute to 57 percent of all ad revenue. Within digital ad revenue, search contributes 22 percent, retail media 18 percent and the rest 60 percent. Sectors like Auto, Realty and Offline Retail are expected to power the overall advertising growth.”
Parveen Sheik, Head of Business Intelligence, GroupM India said, “Global advertising presents a steady picture: a projected 5.3 percent global growth in ad revenue for 2024, reaching $936 billion, with digital leading the charge at a commanding 79 percent 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.”