India’s advertising revenue is forecasted to grow at 11.8% in 2024, compared to 11.2% in 2023, according to the Magna Global Advertising report.

The top sectors which contributed to the growth were CPG, auto, retail, government and political advertising, and finance.  The other sectors contributing to India’s AdEx growth in 2024 are pharma, education, real estate, media and entertainment and building materials. 

60% of the AdEx growth will come from digital formats and new media, with digital estimated to grow at 15.9% and linear growth at 8.4%.

From its current 47%, digital's share is expected to reach 50% of the total revenues by 2026. 

With consumption trends continuing to favour digital media, all digital formats, specifically social, video and audio streaming and online gaming are expected to witness good growth. 

In 2024, ad sales revenue is expected to grow at 6.1% to INR 188 billion (USD 2.2 billion) but it is still 11% below pre-covid levels. Digital print revenue is estimated to be INR 13 billion (USD 159 million). 

However, radio is still ailing from the slowdown caused by covid, recovering only 86% of the 2019 levels. With the audience measurement capability still being a challenge to the medium, the revenue for 2024 is estimated to be INR 19 billion (USD 231 million) reflecting a growth of 9% over the previous year.

For print media, the circulation in 2022-23 has gone from 391 million copies to 402 million copies. In 2024, the ad sales revenue is forecasted to grow +6.1% to INR 188 billion (USD 2.2 billion) which is still 11% below pre-covid levels.

In-cinema advertising being the biggest casualty of covid, only recovered to the extent of 72%. 

Other highlights of the report: 

• In 2024, digital ad spending will grow at 15.9% to top INR 580 billion (USD 6.9 billion). 
• From the digital pie, 34% of the spends comes from social and 33% from search, followed by display and video at 19% and 14% respectively.
• In terms of growth, social (+21.9%) and video (+19.1%) are the fastest-growing formats.
• Television has reached 778 million viewers, from 759 million in 2022, and overall time spent has increased from 218 mins to 230 minutes. The ad revenues for the medium in 2024 are expected to grow at 8.7% to reach an estimated INR 393 billion (USD 4.7 billion). 
• The OOH media is expected to cross 2019 levels this year, with all three forms traditional, transit and DOOH showing incremental revenues. In 2024, OOH revenue is expected to increase 16% to reach INR 34 billion (USD 402 million). Growing at a CAGR of 33%, DOOH share of total OOH currently stands at 6% and is expected to touch 11% by 2028. 

Venkatesh S, SVP, director - intelligence practice, MAGNA India, said, "The Indian advertising market is set to expand by 11.8% in 2024, reaching a‚1.2 trillion, driven by a robust 15.9% growth in digital media. Traditional media formats are also growing, enduring the relevance of print, OOH and radio in addition to television. The government’s emphasis on digital public infrastructure is propelling digital ad spend to nearly half of total revenues by 2026. Our forecast highlights social media's significant rise, overtaking search as the second largest media format after television." 

Hema Malik, chief investment officer, IPG Mediabrands India, said, “India's advertising industry is gearing up for an impressive 2024, with significant growth driven by pivotal events like the general elections and ICC T20 World Cup. We expect substantial ad spend increases across sectors such as auto, retail, and CPG. The anticipated 11.8% growth in ad revenues highlights the market's resilience and potential. With rural demand expected to rise due to favourable monsoons and digital ad spend projected to reach INR 580 billion, the convergence of traditional and digital media presents unique opportunities for advertisers."