Ad spends in India to reach Rs 1,08,750 crore by 2024: Dentsu global ad spends report

The easing of lockdown restrictions amid the drop in the number of Covid-19 infections and the ongoing vaccination drive in the country has helped the economy gain momentum. According to the Dentsu global ad spends report, advertising expenditure in India will cross the one-lakh crore rupee mark and become Rs 1,08,750 crore by 2024.  

Following 18.6% year-on-year growth in 2021, the world’s tenth-largest ad market (India) will exceed 2019 pre-pandemic levels in 2022 by Rs 12,750 crore and will reach Rs 82,500 crore. The growth will be led by linear television and digital. The ad spends in 2021 were Rs 72,000 crore.

The advertising market is looking buoyant driven by corporate and retail spending and is expected to continue to grow by double digits in 2022, 14.6%, to account for Rs 82,500 of worldwide ad spend. This growth trajectory is predicted to continue into 2023 and 2024 at 15% year-on-year.

The fastest-growing markets in 2022 are forecast to be India 14.6%, US 14.0%, Russia 11.2%, and Canada 10.9%.

Below is the YoY ad spends growth table from 2019 to 2024:

Linear television remains the most popular and resilient media in India with a 40% share of spend. Linear Television ad volumes continued to post healthy growth starting from H2 2021, as marketers leveraged the reach and power of TV to raise the profile of their brands.

Linear Television ad spending fully recovered in 2021 and will report healthy growth of 10% in 2022. The digital industry has benefited immensely from the shift in consumer behaviour during the pandemic.

Video-led platforms, whether they be over the top (OTT) or short-video platforms, are seeing strong demand from advertisers. The presence of high-impact properties on digital across sports and entertainment domains will only fuel the rise in digital ad spends further in 2022. 

Digital at 34% share is behind television in the matter of ad spend and is forecasted to grow at the highest rate of 30% in 2022. Print media also remains popular in India on account of its low cover price and ability to deliver original and credible content to a population that has formed the habit of reading a physical newspaper.

Newspapers accounting for Rs 15,000 crore and 20% share is forecast to grow by 4.5% in 2022.

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