India's ad market to grow 9.4% CAGR to Rs 1,58,000 cr by 2028; Digital ads lead the charge, reveals PwC Report
India’s print advertising market will grow at 3 percent, making it the third-largest print advertising market in the world by 2028, despite a global decline of 2.6 percent CAGR.
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The Indian advertising market is projected to grow at a 9.4 percent CAGR, reaching Rs 1,58,000 crore by 2028, up from Rs 1,01,000 crore in 2023, according to PwC India’s report 'Global Entertainment & Media Outlook 2024–28: India Perspective'. This growth is significantly higher than the global average, which stands at 1.4 times lower.
As per the report, a major driver of this growth will be digital advertising, particularly internet advertising, which is expected to grow at a robust 15.6 percent CAGR. It will rise from Rs 41,000 crore in 2023 to Rs 85,000 crore by 2028. Despite a strong 26.0 percent year-on-year growth in 2023, internet advertising's annual growth rate will remain in the double digits throughout the forecast period, expected to be 12.2 percent by 2028.
The shift toward digital consumption, or "cord-cutting," is also expected to intensify. Traditional TV advertising will experience slower growth, at just 4.2 percent CAGR from 2023 to 2028, while global TV advertising revenues are set to decline by 1.6 percent. However, India is expected to become the fourth-largest TV advertising market by 2026.
In the print advertising sector, while the global market is in decline, India’s print advertising market will grow at 3 percent, making it the third-largest print advertising market in the world by 2028, despite a global decline of 2.6 percent CAGR.
Internet advertising, particularly in India, stands out as the fastest-growing segment in Asia-Pacific and the second-fastest-growing globally, with a projected CAGR of 15.6 percent from 2023 to 2028. OTT platforms also experienced significant growth in 2023, increasing by 20.9 percent to reach Rs 17,496 crore and are projected to double by 2028.
Additionally, India’s cinema market is growing at a strong 14.1 percent CAGR. The music industry, including live, recorded, and digital formats, saw revenues increase from Rs 2,416 crore in 2019 to Rs 6,686 crore in 2023, and is projected to reach Rs 10,899 crore by 2028, growing at a 10.3 percent CAGR.
