TV’s share in ad spend to decline to 28 percent by end of 2024: Reports
Overall, the Indian advertising industry grew 8.6 percent in 2023 and is eyeing to touch Rs 1,01,591 crore 2024.
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Overall, the Indian advertising industry grew 8.6 percent in 2023 and is eyeing to touch Rs 1,01,591 crore 2024 The advertising landscape in India is finally recovering from the impact of the COVID-19 pandemic. The recovery however is prominent on digital as compared to television. According to a dentsu report, television’s contribution now stands at 32 percent with total ad spends in the medium being Rs 29,836 crore.
Projections show a downwards trend for the medium.
“Television ad spends is projected to decrease from their current 32 percent to 28 percent by the end of 2024. Furthermore, a negative compounded growth of 2.05 percent is expected, reaching a spends share of 25 percent by the end of 2025,” said the report.
Interestingly though, despite the declining share of TV, its brag value hasn’t gone down.
“Advertisers perceive the medium as a secure platform for brands, possessing considerable influence and effectiveness in advertising with a capability to enhance the performance of other media channels,” the dentsu report said. While linear television is dying, another major shift happening in this space. Connected TV (CTV) is becoming popular amongst consumers and advertisers.
Hyper- personalized content recommendations, cross-device viewing and a magnitude of content options including OTT services are some of the attractions of CTV that advertisers are falling for.
“CTV is revolutionizing television consumption and forging a dynamic landscape in the media and advertising industry in India. Consequently, advertisers are expected to allocate more resources to engage their audiences in these evolved environments, leading to increased investments in CTV advertising,” the report highlighted.
Streaming partners are playing a crucial role in the competition for broadcasting rights, and brands are now leveraging programmatic targeting, data driven insights as well as dynamic and interactive ad insertions to deliver personalized and impactful advertisements.
