Advertising Market Expects Growth By 6-8% In 2023: Report
India's spending on digital advertising will probably exceed USD 21 billion by 2028 as per the report by Redseer Strategy Consultants. The increase in Internet and mobile usage is responsible for this.
The report mentioned that by 2028, it is anticipated that this robust ecosystem of 2.5 -3 million producers will support marketing expenditures of USD 2.8 to 3.5 billion.
Due to macroeconomic considerations, the country's digital advertising expenditure is expected to expand slowly in FY23. However, after that, it is expected to account for 65–70 per cent of total advertising expenditure in India, growing at a CAGR of 19–21 per cent.
The report claims that because new-age businesses are focusing on profitability and reducing their advertising spending as a result of the global downturn brought on by rising interest rates, the oil crisis, and other factors, slower growth is anticipated in FY23.
The report added that the expansion of user-generated content (UGC) will provide individual producers and influencers more authority to forge their own digital identities, which brands may then utilise to market their products online.
According to the report, the ad market is predicted to rise by 6–8 per cent in FY23 despite the current economic difficulties.
Based on the report, it is crucial to use a centralised platform like the creator marketplace to bridge the gap between businesses and influencers as the creative economy expands.
