Indian ad market to hit Rs 1.2-lakh crore in 2024: IPG Mediabrands

According to IPG Mediabrands Magna Global Advertising Forecast 2024, the advertising economy in the Asia-Pacific (APAC) region will grow by 8.5% in 2024, to reach USD 289-billion. Within the 8.5% growth in the APAC region, traditional media owners will see a growth of +0.8% to reach USD 68-billion.

As per the report, this is taking place in a slightly slowing, but stable, economic environment where real GDP is expected to grow by +5.2% in 2024 according to the International Monetary Fund (IMF).  Inflation in the APAC region has declined steadily, despite some countries seeing price pressures. Other countries are facing deflationary risks. 

Overall APAC growth of +8.5% in 2024 consists of traditional media owners seeing +0.8% growth to reach USD 68 billion (24% of budgets), and digital pure player publishers seeing a growth of +11.1% to reach USD 220 billion (76% of budgets). According to IPG Mediabrands, this increase in growth is primarily driven by the tailwinds of sporting events – primarily the Paris Olympics. The UEFA Euro 2024 tournament and other sporting events typically have only a minor impact in APAC markets.

Leigh Terry, CEO of IPG Mediabrands APAC said, “The digital dominance in APAC is expected to persist, with digital revenues forecast to account for 81% of total budgets by 2028, up from 76% in 2024.”

“This shift underscores the growing importance of digital channels in reaching and engaging consumers in the region. Sri Lanka, India, and Japan are poised for significant growth in 2024, with mature markets in the region also showing signs of recovery, and contributing to the overall positive outlook for APAC,” Terry signed off.