Indian AdEx grows 9% to reach Rs 1,07,980 crore in 2024; trails global AdEx: Madison

New Delhi: India’s total advertising expenditure (Adex) grew by 9% in 2024, reaching Rs 1,07,980 crore, according to the Madison Advertising Report 2025. 

The growth rate fell short of Madison’s own modest projection of 12%, marking the first time Indian Adex trailed global Adex growth, which stood at 11%.

However, on the back of a good budget, in 2025, India Adex is expected to grow by 11%, vs 8% for global Adex.

The report highlights that the United States, despite its dominant market share of 31.2%, remains the fastest-growing market with an 11% growth rate. Meanwhile, China registered a sluggish 3% growth, and Brazil, once a high-growth market, saw negative growth in 2024.

According to the report, traditional advertising continues to dominate Indian Adex with a 58% share, in contrast to global trends where it holds only 25%. 

The audio-visual segment accounted for 37% of total Adex, with linear TV contributing Rs 34,453 crore, connected TV Rs 1,453 crore, and OTT Rs 4,397 crore, bringing the total to Rs 40,303 crore.

The first half of 2024 saw a robust 16% growth, driven by high ad spends during the ICC T20 World Cup and political campaigns for the general elections. However, the second half of the year witnessed a mere 1% growth, leading to an overall weak performance of 9%.

A significant shift was noted as approximately 2,500 advertisers moved their ad spends from TV to digital platforms, influencer marketing, and e-commerce advertising. 

FMCG, e-commerce, and auto remained the top three contributing sectors, accounting for 50% of total Adex. However, FMCG saw a 1% decline in its share.

The top three advertisers—Hindustan Unilever (HUL), Reckitt, and Reliance Industries (RIL)—remained unchanged. The report also noted that 41% of the top 10 advertisers' budgets were allocated to digital. Five of these top 10 advertisers belonged to the FMCG sector.

Overall, the top 50 advertisers accounted for 34% of total Adex, up from 30% in the previous year, while the top 10 made up 16%, compared to 14% last year.

The report underscores the growing influence of digital advertising and the challenges faced by traditional media. With digital and e-commerce advertising gaining traction, the industry is set for further transformation in the coming years.

The digital adex story

Digital advertising in India grew by 14% in 2024, mirroring the 15% growth recorded in 2023, signalling the need to moderate expectations of high growth as the digital base has significantly expanded, according to the Madison Advertising Report 2025.

Despite the slight slowdown, digital remains the largest contributor to India's Adex, holding a 42% share—gaining two percentage points year-on-year. However, India still lags behind global Adex, where digital commands a 75% share.

The report highlighted that video advertising and social media account for 50% of total digital spends, with social media (21%), e-commerce (17%), and search advertising (15%) emerging as key growth drivers.

Additionally, Connected TV (CTV) has gained traction among advertisers targeting premium audiences, with CTV advertising surging by nearly 35% to reach an estimated market size of ₹1,500 crore.

Looking ahead, the report projects that digital will remain the key driver of Adex growth in 2025, with an expected 17% increase, further expanding its share to 44%.

Television Adex size stood at Rs 34,453 crore in 2024: Lowest in eight years

Television advertising in India grew by just 5% in 2024, reaching Rs 34,453 crore, marking its slowest growth rate in eight years—excluding the COVID-affected 2020—according to the Madison Advertising Report 2025.

The report highlighted that TV’s share of total Adex dropped further from 33% in 2023 to 32% in 2024, reflecting the ongoing shift in advertiser spending toward digital and other emerging platforms. 

There was also a slight 1% decline in Free Commercial Time (FCT) volumes, with total ad time reducing from 2,162 million seconds in 2023 to 2,134 million seconds in 2024.  

FMCG continued to be the largest contributor to TV ad spends, accounting for 46% in 2024, though this was a slight decline from 47% in the previous year.  

Despite the overall slowdown, regional language channels demonstrated strong potential, contributing 30% of total TV Adex and achieving higher growth rates of 9% to 12%.

Looking ahead, Madison projects that TV Adex will grow by 6% in 2025 to reach Rs 36,520 crore, but its overall share in the advertising market will likely drop further to 30% as digital continues to expand its dominance.

Harit Nagpal, Managing Director and Chief Executive Officer, Tata Play, said, “TV remains relevant since the recent move to Digital is because of availability of free content which is not sustainable. The main consuming middle class in India is centred firmly in TV.”

Print managed a 5% increase in Adex in 2024

India’s Print advertising expenditure (Adex) has surpassed pre-COVID levels, growing by 5% in 2024 to reach Rs 20,272 crore, according to the Madison Advertising Report 2025.

Print has maintained its 19% share of total Adex, which remains significantly higher than the global average of just 3%.  

The report noted that Print experienced no volume growth in 2024, yet managed a 5% increase in Adex, driven by higher ad rates and premium pricing, particularly in English and Marathi publications.  

Auto, FMCG, Education, Retail, and Real Estate continued to be the dominant contributors, accounting for 50% of total Print Adex. Among them, the Auto sector led the pack with a 14% share, making it the biggest driver of Print’s growth.  

Hindi and English publications accounted for over 64% of the total print advertising space consumed in India, reaffirming their stronghold in the industry.  

Looking ahead, Madison projects Print Adex to grow by 7% in 2025, reaching Rs 21,691 crore, though its overall share is expected to decline slightly to 18% as digital continues its upward trajectory.

Other Media

OOH Media grew by 12% to Rs 4,650 crore and maintained its share of 4%. Traditional, Transit and DOOH are the three major forms of Outdoor that are now used.

Radio Adex has grown by 8% to reach Rs 2,462 crore and maintained its share of 2%.

Cinema achieved a growth of 10%, as against a projected growth of 35% on the back of very few major new releases.

Sharing the highlights of the report, Sam Balsara, Chairman – Madison World said, “The Union Budget signals good news for advertising, we should expect buoyancy in markets.”

Key findings of the Report:

Figures at a glance: