JUST IN
Lufthansa resumes operations after IT issues grounded hundreds of flights
With 33% market share, Maruti eyes top slot in SUV space by FY24
Banks may recover close to 45% of claim from Srei Group resolution
Indian advertising market to grow 16% in 2023: Pitch Madison report
Hindustan Aeronautics' Dhruv choppers to get monitors to dodge obstacles
Sebi introduces issue summary document for filing IPO papers in XBRL format
Most of Adani group firms close higher; Adani Enterprises rises 1%
Psychological safety ​key performance indicator, crucial for India Inc
Mufin raises $7 million in green bond from Symbiotics Investments
NTPC plans to raise up to $750 million term loan in JPY denomination
You are here: Home » Companies » News
Hindustan Aeronautics' Dhruv choppers to get monitors to dodge obstacles
icon-arrow-left
Business Standard

Indian advertising market to grow 16% in 2023: Pitch Madison report

Second forecast after GroupM's to project double-digit advertising growth; digital biggest advertising category

Topics
advertising | Advertising industry | Pitch Madison

Viveat Susan Pinto  |  Mumbai 

Pitch Madison review lowers ad growth forecast by 3.6%
TV and print advertising, on the other hand, will slip to levels of 30 per cent and 10 per cent each in terms of share in 2023 versus 31 per cent and 11 per cent each reported last year

Two of the country's biggest media agencies, GroupM and Madison, have projected double-digit advertising growth for calendar year 2023, coming at a time when the Indian economy has remained largely resilient amid global volatility.

On Wednesday, the Pitch Madison Report, which was released in Mumbai, said domestic advertising expenditure (adex) would grow 16 per cent in 2023, marginally ahead of GroupM's estimate, which had projected a growth of 15.5 per cent for the current calendar year in its forecast released Tuesday. However, both forecasts maintain that India remains among the fastest-growing advertising markets in the world in 2023, despite the estimates being lower than 2022 growth rates. (See chart)

The total Indian adex, according to the Pitch Madison Report, will touch Rs 1.04 trillion, driven by digital advertising whose share in total domestic adex will stand at 41 per cent from 38 per cent in 2022. It will be the largest advertising category for the second year in a row, ahead of television, whose share will slip to 32 per cent in 2023 versus 34 per cent last year. Print advertising’s share will stand at 19 per cent in 2023 versus 21 per cent reported in 2022.

GroupM too has retained a buoyant forecast for digital advertising in 2023, saying it will constitute 56 per cent of total domestic adex this year, ahead of the 54 per cent share in 2022. TV and print advertising, on the other hand, will slip to levels of 30 per cent and 10 per cent each in terms of share in 2023 versus 31 per cent and 11 per cent each reported last year.

chart

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

Read our full coverage on advertising

First Published: Wed, February 15 2023. 21:06 IST

`
RECOMMENDED FOR YOU
.