New Delhi: The Indian advertising market is on track to witness a significant growth of 11.8% in 2024, reaching a staggering ₹1,22,155 crore. This optimistic forecast comes from the latest Magna Global Advertising Forecast 2024, released by IPG Mediabrands. The report highlights India as one of the most dynamic advertising markets globally, alongside Spain, the UK, France, and the US.
The broader Asia-Pacific (APAC) region is also poised for substantial growth. The APAC advertising market is expected to grow by 8.5% in 2024, following a 9.5% increase in 2023 that saw the market reach $266 billion. This growth is occurring in a stable economic environment, with the International Monetary Fund (IMF) projecting a 5.2% rise in real GDP for the region in 2024. Inflation in APAC is on a downward trend, although some economies continue to face price pressures while others encounter deflationary risks. The global trend towards disinflation and potential monetary easing is bolstering the chances of a soft economic landing.
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Within the APAC region, traditional media is expected to see modest growth of 0.8%, bringing its total to $68 billion, which accounts for 24% of the advertising budget. In contrast, digital media continues to dominate, with digital publishers projected to grow by 11.1%, reaching $220 billion and comprising 76% of the ad spend. Television advertising budgets are stabilizing, predicted to increase by 0.2% in 2024 after a decline of 2.3% in 2023. This stabilization is largely attributed to major sporting events, such as the Paris Olympics and the UEFA Euro 2024, although their impact on APAC markets remains relatively minor.
Leigh Terry, CEO of IPG Mediabrands APAC, emphasized the enduring dominance of digital advertising in the region. “Digital revenues are expected to account for 81% of total budgets by 2028, up from 76% in 2024,” said Terry. This trend underscores the increasing importance of digital channels in consumer engagement across APAC.
India, along with Sri Lanka and Japan, is expected to see significant advertising market growth in 2024. Mature markets in the region are also showing signs of recovery, contributing to the overall positive outlook for APAC. The strong performance of India’s advertising sector is a testament to its dynamic economy and the rising importance of digital media in reaching and engaging consumers.
The report from IPG Mediabrands paints a promising picture for the future of advertising in India and the APAC region, highlighting the critical role digital media will play in shaping the industry’s landscape. With the Indian market leading the charge, the advertising sector is set for an exciting year ahead.
