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Digital media ad spends touch Rs 40,685 crore in 2023, surpasses TV adex: Reports
Digital media is projected to grow at a compounded rate of 23.49 percent by 2025, reaching a spending share of 55 percent.
Mayank Pravinchandra Shah, vice president, Parle Products, stated, "Parle Products has been associated with IPL since the year of its establishment, which is 2008. Barring probably one or two seasons in between, we may not have looked at it because when you talk about a platform like IPL, we don't do it for the sake of sustenance or regular advertising. It's more of an impact-creating property." (Representative Image: Alexander Shatov via Unsplash)
Digital media has finally claimed the lion’s share in the Indian Adex. As per a dentsu report, in 2023 digital media claimed the top spot in India's advertising market surpassing television spends. Digital media took the lead with a 44 percent share in contribution,totalling Rs 40,685 crore. TV spends contributed 32 percent at Rs 29,836 crore.
This was followed by print media with a 20 percent share at Rs 18,652 crore spends. The trend signals a significant transformation in advertising dynamics, highlighting the growing influence and investment in the digital space.
“This significant shift in the advertising spend share has primarily been facilitated by relentless enhancement and developments in digital infrastructure, benefiting both supply and access sides. This has catapulted the growth in segments like OTT, e-commerce, online payments, social media, gaming and e-sports applications across the entire user base, establishing digital media as the most accessed, utilised and trusted medium among consumers,” said the report.
As per the report, digital media witnessed the fastest growth rate of 36.6 percent over 2022, increasing its ad spends share of 35 percent in 2022 to 44 percent by the end of 2023.
The medium is expected to maintain its growth trajectory, projecting a 25 percent increase to attain a 50 percent contribution to the Indian advertising market by 2024.
Additionally, digital media is projected to grow at a compounded rate of 23.49 percent by 2025, reaching a spending share of 55 percent.
With digital media playing an increasingly significant role in the growth of the Indian advertising industry, television ad spends are projected to decrease from their current 32 percent to 28 percent by the end of 2024.
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