India's Ad Revenue Projected To Grow By 10% In 2024: MPA Report

BW Online Bureau Jul 24, 2024

Asia Pacific's ad revenue, on the other hand, is to grow by 5.1 per cent in 2024, reaching US$238 billion

Media Partners Asia (MPA) has released its latest report, "Asia Pacific Advertising Trends 2024," projecting a 5.1 per cent growth in net advertising revenue across 14 measured Asia Pacific markets in 2024, totalling US$238 billion. The comprehensive study forecasts the sector to maintain a 4 per cent CAGR from 2024-29, reaching US$290 billion by 2029.

Key findings from the report include:

Digital dominance continues with digital media expected to claim 69 per cent (US$164 billion) of total ad revenue in 2024, rising to 74 per cent (US$215 billion) by 2029
Seven markets - China, Japan, India, Australia, Korea, Indonesia, and Vietnam - will drive growth, contributing nearly US$50 billion in incremental revenue between 2024 and 2029
India is the top performer, with a projected 10.4 per cent growth in 2024 and 9.0 per cent CAGR over 2024-29.
Retail media and online video are key growth drivers, with retail media's share of digital advertising in six major markets surging from 24 per cent to 38 per cent between 2019 and 2023
Premium AVOD, encompassing branded long-form online video platforms, SVOD, AVOD, freemium players, and FAST, is set to grow at a 9.2 per cent CAGR, reaching US$12 billion by 2029, while UGC/Social video platforms, including YouTube, Meta and TikTok, will expand to US$39 billion
Traditional media faces challenges, with linear TV declining at a 2 per cent CAGR over 2024-29. Notably, India is the only market showing material growth in linear TV advertising

On the findings, MPA Executive Director Vivek Couto comments, “The industry's future is intrinsically linked to the rising adoption of commerce, connected TV, and Premium AVOD, alongside the persistent dominance of UGC/social video platforms. Retail media is set to drive over 50 per cent of incremental growth in total advertising across six key markets over 2024-29, while online video retains its position as the fastest- growing media segment across all 14 measured markets.”