It added that sports, search, ecommerce platforms, online video, all languages, and markets across print and radio are estimated to drive growth. In terms of advertising categories, telecom, retail, media, gaming, fintech, travel, and tourism are estimated to push ad growth in 2023.
The report predicts ₹20,000 crore of incremental ad spends in 2023 with digital expected to grab 71% of those spends followed by TV at 18%.
Having already overtaken TV, the size of the digital ad market is projected to jump by 20% to ₹82,542 crore in 2023 over the previous year. The share of digital in the overall AdEx could grow by two percentage points to 56% in 2023.
Ad spending on TV is expected to increase by 9% during the year to touch ₹43,227 crore over 2022. TV’s share of the AdEx is expected to drop by a percentage point to 30%. Together, TV and digital will have an 86% share of the AdEx in the country with print, OOH, radio, and cinema accounting for the rest.
Print advertising is estimated to grow at 7% to reach a market size of ₹14,520 crore. Print’s share in the overall AdEx is expected to shrink by a percentage point to 10%. The report says that the Out Of Home advertising is likely to expand by 31% to ₹3,400 crore.
