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Indian adex to grow by 15.5% to reach Rs 1,46,450 crore in 2023: GroupM TYNY report

The report states that 56% of ad spends are estimated to be on digital in 2023

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BestMediaInfo Bureau
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Indian adex to grow by 15.5% to reach Rs 1,46,450 crore in 2023: GroupM TYNY report

GroupM India released its TYNY report, highlighting the advertising expenditure forecast for 2023. 

GroupM predicts Rs 20,000 crore of incremental ad spends in 2023 compared to 2022. This highlights the continued growth and potential of the Indian advertising industry and the opportunities it presents for advertisers. 

The report highlights a 15.5% increase in ad spends in India, reaching Rs 1,46,450 crore in 2023. 

Ad spends in India grew by 15.7% from Rs 1,09,636 crore in 2021 to Rs 1,26,818 crore in 2022.

India moves up to the 8th position globally in ad spends and continues to be the fastest-growing market in the top 10 markets worldwide. 

Estimated share of mediums in the overall Indian adex in 2023

Digital

It is estimated that Digital will account for 56% of adex share and reach Rs 82,542 crore in 2023.

TV

The share of TV in the Indian adex in 2023 is estimated to be around 30% at Rs 43,227 crore. 

Print

Print’s share is estimated to be around 10% at Rs 14,520 crore in 2023. 

OOH

The Outdoor medium’s share in the overall adex is forecasted to be around 2% at Rs 3,400 crore in 2023. 

Radio

Radio’s share in the overall adex in 2023 is estimated to be around 1% at Rs 1,951 crore.  

Cinema

The adex for the Cinema medium is estimated to be around 1% at Rs 810 crore. 

Below is the chart of adex across mediums in 2021 and 2022:

Mediums

2021

2022

Digital

Rs 57,846 crore

Rs 68,642 crore

TV

Rs 36,929 crore

Rs 39,578 crore

Print

Rs 12,067 crore

Rs 13,519 crore

OOH

Rs 1,100 crore

Rs 2,595 crore

Radio

Rs 1,581 crore

Rs 1,818 crore

Cinema

Rs 112 crore

Rs 665 crore

All media

Rs 1,09,636 crore

Rs 1,26,818 crore

The share of mediums in adex in % between 2021-2023:

Mediums

2021

2022

2023 (f)

Digital

53%

54%

56%

TV

34%

31%

30%

Print

11%

11%

10%

OOH

1%

2%

2%

Radio

1%

1%

1%

Cinema

0.10%

1%

1%

TV and digital together are estimated to take 86% of ad spend share.

Digital is estimated to drive ad spend with a growth of 20%.

Telecom, retail, media, gaming, fintech, travel and tourism are estimated to drive growth in 2023.

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Prasanth Kumar

Prasanth Kumar, South Asia CEO, GroupM, said, “As technology redefines interactions between consumers, brands and businesses the ad industry must navigate thru this changing environment. The past 3 years have been marked by macroeconomic volatility and global events that have impacted advertisers’ businesses and ad spending. The Indian economy though is expected to weather these challenges and is poised to grow in the coming years.” 

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Ashwin Padmanabhan

Ashwin Padmanabhan, President - Investments, Trading, and Partnerships, GroupM – India, said, “Indian Adex will be the fastest growing globally at 15.5% supported by robust macroeconomic conditions. Digital at 56% of all advertising spends and growing at 20% over last year is driving the growth of Adex. India stands out globally with all mediums expected to grow with TV, Print and Radio growing at high single digits! We see 2023 panning out stronger as we move into the second half of the year and are confident of the Indian Adex staying on course to grow as projected.” 

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Parveen Sheik

Parveen Sheik, Head of Business Intelligence, GroupM India, said, "The growth of SMEs in the Adex has been a feature for the past few years, this year too we see the same trend. We also anticipate the revival of the rural economy as well as improved funding for the start-up ecosystem. Additionally, Telecom, BFSI, Retail, Fintech, Gaming as well as Travel & Tourism are expected to drive ad spending.” 

The launch and expansion of 5G services beyond top metros, combined with affordable smartphones, is also expected to drive ad spend growth. 

The report mentions several exciting emerging trends for 2023 that will impact how brands engage with consumers and drive growth. Key trends include: 

  • Moving towards attention planning
  • Content breaks boundaries and creates new opportunities
  • Rise in retail media
  • Visual search goes mainstream
  • New dimensions of omnichannel
  • Democratisation of commerce with ONDC
  • Sporting nation in the making

Info@BestMediaInfo.com

digital Ashwin Padmanabhan adex GroupM ad spends TYNY Prasath Kumar trends
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