By Our Staff
GroupM India released its TYNY report on Tuesday, highlighting the advertising expenditure forecast for 2023. GroupM predicts INR 20,000 crores of incremental adspends in 2023 compared to 2022.
This, according to a communique, highlights the continued growth and potential of the Indian advertising industry and the opportunities it presents for advertisers. The report highlights a 15.5% increase in ad spends in India, reaching INR 1,46,450 crore in 2023.
India moves up to the 8th position globally in ad spends and continues to be the fastest-growing
market in the top 10 markets worldwide.
Said Prasanth Kumar, South Asia CEO, GroupM: “As technology redefines interactions between consumers, brands and businesses the ad industry must navigate thru this changing environment. The past 3 years have been marked by macroeconomic volatility and global events that have impacted advertisers’ businesses and ad spending. The Indian economy though is expected to weather these challenges and is poised to grow in the coming years.”
Added Ashwin Padmanabhan, President – Investments, Trading, and Partnerships, GroupM – India: “Indian Adex will be the fastest growing globally at 15.5% supported by robust macroeconomic conditions. Digital at 56% of all advertising spends and growing at 20% over last year is driving the growth of Adex. India stands out globally with all mediums expected to grow with TV, Print and Radio growing at high single digits! We see 2023 panning out stronger as we move into the second half of the year and are confident of the Indian Adex staying on course to grow as projected.”
Said Parveen Sheik, Head of Business Intelligence, GroupM India: “The growth of SMEs in the Adex has been a feature for the past few years, this year too we see the same trend. We also anticipate the revival of the rural economy as well as improved funding for the start-up ecosystem. Additionally, Telecom, BFSI, Retail, Fintech, Gaming as well as Travel & Tourism are expected to drive ad spending.”
The launch and expansion of 5G services beyond top metros, combined with affordable
smartphones, is also expected to drive ad spend growth, GroupM adds.