The Indian advertising market is poised for significant growth, projected to expand by 11.8% to reach ₹1,22,155 crore in 2024, according to the latest Magna Global Advertising Forecast 2024 from IPG Mediabrands.
India is highlighted as one of the most dynamic ad markets, alongside Spain, the UK, France, and the US. This robust growth trajectory underscores India’s burgeoning role in global advertising.
APAC Advertising Market Outlook
The Asia-Pacific (APAC) region’s advertising market is also on an upward trajectory, with an expected growth rate of 8.5% in 2024. This follows a strong performance in 2023, where the market grew by 9.5% to reach $266 billion. This growth is occurring in a stable, albeit slightly slowing, economic environment, with the IMF forecasting real GDP growth of 5.2% for the region in 2024. While inflation pressures are easing across APAC, some economies are still grappling with sustained price pressures, whereas others are experiencing deflationary risks. The global trend towards disinflation and potential monetary easing is enhancing the prospects for a soft economic landing.
Media Spending Trends
The overall growth in APAC is characterized by a modest 0.8% increase in traditional media spending, reaching $68 billion, which accounts for 24% of the total advertising budget. Digital media continues to dominate, with a forecasted growth of 11.1% to $220 billion, capturing 76% of the total ad spend. Television advertising is expected to stabilize, with a slight increase of 0.2% in 2024, following a decline of 2.3% in 2023. This stabilization is largely attributed to the boost from major sporting events, particularly the Paris Olympics, though events like UEFA Euro 2024 are expected to have a minor impact on APAC markets.
Leigh Terry, CEO of IPG Mediabrands APAC, remarked on the digital trend: “The digital dominance in APAC is expected to persist, with digital revenues forecast to account for 81% of total budgets by 2028, up from 76% in 2024. This shift underscores the growing importance of digital channels in reaching and engaging consumers in the region. Sri Lanka, India, and Japan are poised for significant growth in 2024, with mature markets in the region also showing signs of recovery, contributing to the overall positive outlook for APAC.”
As India and the broader APAC region continue to demonstrate strong growth and resilience, the focus on digital advertising is set to intensify. This shift reflects broader global trends and highlights the importance of digital channels in the evolving advertising landscape. With major sporting events and a stabilizing economic environment, 2024 promises to be a pivotal year for the advertising industry in India and beyond.
