India Is Expected To Become Eighth-Largest Advertising Market In 2023: GroupM Report
According to the report, India's total advertising revenue in 2022 has grown by 15.8 per cent to touch $14.9 billion
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According to GroupM's global end-of-year forecast, India is expected to surpass Brazil to become the eighth-largest advertising market in 2023. In 'This Year, Next Year 2022', GroupM has ranked India as the ninth-largest advertising market globally, as per an ET report. The GroupM report was released earlier this month.
According to the report, India's total advertising revenue in 2022 has grown by 15.8 per cent to touch $14.9 billion, led by growth in pure-play digital advertising. In 2023, it is expected to increase by 16.8 per cent.
In comparison, Brazil's advertising market is projected to have grown by 9 per cent in 2022 to $15.4 billion. In 2023, it is expected to increase by 3.8 per cent. At 48.8 per cent, digital accounts for the largest chunk of India's total advertising market in 2022, and is expected to continue increasing above pre-pandemic levels, according to the report.
The report signifies that India's economic outlook appears to be stronger relative to other markets with the IMF projecting a real GDP growth of 6.8 per cent in 2022, positioning it as one of the fastest growing economies in the world.
In most of the countries, advertising is the most important source of income for the media through which it is conducted. The advertising types include print media advertising, television advertising, radio and digital media advertising. It also plays a pivotal role in business and marketing for companies.
As per the report, retail media which is a subset of digital advertising, is expected to reach $551 million in 2022 and is also expected to nearly double by 2027. It further added that, with 36 per cent of the advertising, TV advertising is expected to grow by 10.8 per cent this year and continue growing in double digits.