Google, Meta, Amazon, Flipkart boost ad revenue by 9% to Rs 60,000 Crore
India’s internet advertising market is among the fastest growing in the world, showing 35.3% growth in 2022.
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Google, Meta, Amazon, and Flipkart raked in over Rs 60,000 crore in ad revenue during FY23-24, a 9% surge from the previous year's Rs 55,053 crore. For the first time, Google and Meta India together crossed Rs 50,000 crore in gross revenue. Flipkart and Amazon's ad arms combined earned over Rs 10,000 crore, with Flipkart Internet alone nearing Rs 5,000 crore, as per reports.
Google India's ad revenue grew by 11% to Rs 31,221 crore in FY24 from Rs 28,040 crore the previous year. Meta India's ad revenue climbed 24% to Rs 22,730 crore in FY24. Flipkart Internet saw a significant 50% jump in ad revenue, re.aching Rs 4,972 crore.
India’s internet advertising market is among the fastest growing in the world, showing 35.3% growth in 2022. With 782 million mobile internet subscribers in 2022, the country is a mobile-first market, as per PWC's report - Global Entertainment & Media Outlook 2023–2027: India perspective
Global internet advertising market growth fell from 30.8% in 2021 to 8.1% in 2022, leading to a total market value of USD 484 billion for the year. In contrast, India’s internet advertising market – among the fastestgrowing in the world – grew 35.3%, from USD 3.3 billion in 2021 to USD 4.4 billion in 2022. Overall global revenue is expected to grow at a CAGR of 6.5% to USD 663 billion in 2027, while India’s internet advertising market is expected to grow at a CAGR of 12.3% and see the total revenue climb to USD 7.9 billion by 2027, the report further stated.
Mobile sub-segments will see strong growth
In emerging markets such as Indonesia, India and the Philippines, the main driver of internet advertising revenue is the increasing penetration and use of internet connectivity, particularly mobile. Mobile sub-segments will continue to see strong growth. Although devices such as CTVs will continue to grow their share of internet advertising revenue, mobile’s share of global revenue will expand from 67.8% in 2022 to 73.4% in 2027. Indeed, the internet advertising market is now – and will continue to be – very much a mobile-first proposition.
By 2027, mobile internet advertising will hold a 73% share of internet advertising revenue in the Indian market. In India’s mobile-first market, there were 30 million fixed broadband households in 2022 – a penetration rate of 10.8% – while there were 782 million mobile internet subscribers in 2022 – a penetration rate of 56%. The addressable market in India is already considerable, and there is huge headroom for further growth.
