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New Delhi: Madison World on Tuesday released headline numbers from the Madison Advertising Report (PMAR) 2026, pegging India’s advertising market at Rs 1,55,105 crore in 2025 under an expanded ADEX definition and projecting it to grow to Rs 1,74,605 crore in 2026.
The timing stood out in the trade as WPP Media unveiled its annual This Year Next Year (TYNY) report at an event in Mumbai today. Madison’s release came as a press note six days ahead of its scheduled event, putting its forecasts into circulation early.
In its 2026 report, Madison said it has broadened market sizing by fully incorporating Quick Commerce (Q-Comm) advertising and MSME Digital spends. Under this expanded definition, the report said Digital already accounts for 60% of India’s ad market, while Traditional media stands at 40%.
Madison said the market grew 12% over 2024 on this expanded base. It added that the structure of Indian ADEX has “flipped decisively” in favour of Digital, even as headline growth moderates.
India ADEX 2025 actual and 2026 forecast (expanded definition)
| Medium | 2025 (Actual) | 2025 Share | 2026 (Forecast) | 2026F Share | Growth (2026F vs 2025) |
|---|---|---|---|---|---|
| TV (Linear) | 32,855 | 21% | 32,855 | 19% | 0% |
| 20,866 | 13% | 21,388 | 12% | 3% | |
| Radio | 2,515 | 2% | 2,388 | 1% | -5% |
| Cinema | 877 | 1% | 921 | 1% | 5% |
| Outdoor | 4,835 | 3% | 5,077 | 3% | 5% |
| Total Traditional | 61,948 | 40% | 62,629 | 36% | 1% |
| Digital (includes E-comm + CTV) | 53,342 | 34% | 63,000 | 36% | 18% |
| Digital - Q-Comm | 4,000 | 3% | 6,000 | 3% | 50% |
| Digital - MSME | 35,814 | 23% | 42,976 | 25% | 20% |
| Total Digital | 93,156 | 60% | 111,976 | 64% | 20% |
| Total ADEX | 155,104 | 100% | 174,605 | 100% | 13% |
Madison said that on the legacy definition used in earlier editions, ADEX grew 7% to Rs 1,15,291 crore, with Digital at 46% and Traditional at 54%. The report said the two series are meant to offer continuity with previous years and global benchmarks, while showing how incremental value is now being created in newer digital ecosystems.
What Madison calls the new engines
Large Screen (TV + CTV): Madison said Linear TV ADEX fell 5% in 2025 to Rs 32,855 crore and TV ad volumes dropped 10%, attributing it to FMCG cuts, smaller advertiser exits and genre shifts. However, when CTV is added, Madison said “Large Screen” (TV+CTV) rose to Rs 38,855 crore, up about 4%, with CTV alone doubling to an estimated Rs 6,000 crore. For 2026, Madison forecast Large Screen at about Rs 40,855 crore (+5%), with CTV expected to grow to about Rs 8,000 crore, even as Linear TV remains flat.
Retail Media and Quick Commerce: Within core Digital, Madison pegged Ecommerce and Retail Media at Rs 10,257 crore in 2025, up 27% over 2024. It also said Q-Comm advertising scaled from Rs 1,325 crore to Rs 4,000 crore in 2025, a 202% jump, and projected Q-Comm ADEX to reach about Rs 6,000 crore in 2026.
MSME Digital: Madison estimated MSME Digital spends at Rs 35,814 crore in 2025, up 21% over 2024, and forecast it to grow 20% to about Rs 42,976 crore in 2026. It said MSME budgets already represent about 38% of core Digital ADEX, making small and mid-sized advertisers a major driver of incremental growth.