Indian advertising revenue to grow by 9.5% in 2024: GroupM

New Delhi: According to GroupM’s midyear global forecast, Indian advertising revenue is projected to grow by 9.5% in 2024.

In its annual TYNY report released in March this year, GroupM India estimated that the Indian adex would grow by 10.2%.

The report stated that the global ad revenue is expected to grow by 7.8% this year, reaching $989.8 billion, up from the 5.3% predicted in December.

But GroupM said its outlook has changed because of better economic conditions and a difference in how it models certain sectors.

The report stated that the US and China together make up 57.1% of global ad revenue 

“US and China are clearly the largest drivers of growth, adding $44.5 billion to their totals in 2024 (excluding U.S. political spending) — nearly 1.5 times the cumulative $27.4 billion in incremental revenue for all other markets combined. They are also home to 22 of the top 25 global media sellers and account for more than 40% of global GDP,” added the report. 

According to the report, retail media will see the highest growth of 17.5%, followed by:

• 11.1% growth in OOH,
• 10% in digital,
• 7.1% growth in cinema,
• 5.3% in search,
• 2.7% in TV,
• 0.8% in audio.

Additionally, print will decrease by 3%, as stated in the report.

The report mentioned that the marketing ecosystem over the next few years will face potential impacts from governments and regulatory bodies across the world — impacts that have the potential to upend forecasts and alter even the most sound projections. 

“On top of that, such projections can be skewed by two major players, China and the U.S. Their governments and their major companies have the power to shape vast aspects of the global economy,” it wrote.