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India's ad revenue to grow 16.8 per cent in 2023: GroupM report

According to the This Year Next Year 2022 Global End of Year Forecast, the ad revenue growth in 2022 will be 15.8 per cent

by Team PITCH
December 06, 2022

India's ad revenue to grow 16.8 per cent in 2023: GroupM report

GroupM has released its This Year Next Year 2022 Global End of Year Forecast. According to the report, India’s advertising revenue growth forecast for 2022 is 15.8%, with that figure further accelerating to 16.8% in 2023.

“This growth is led by pure-play digital advertising, which accounts for the largest share (48.8%) in 2022 and is expected to continue rising above pre-pandemic levels. Retail media in India is forecast at $551 million in 2022 and is expected to nearly double by 2027,” states the report.

“TV advertising, representing 36% of advertising market share, is expected to grow 10.8% this year and continue growing double digits, driven by strong growth in both traditional and connected TV,” it adds.

On the global numbers, the report states, “we now expect global advertising to grow 5.9% in 2023, behind the IMF’s expectation for global inflation of 6.5% and a downgrade from our 6.4% June estimate. Retail media, one of the fastest growing segments of the advertising industry, is now estimated to reach $110.7 billion dollars in 2022, an upgrade from our September forecast of $101 billion.”

“Television continues its recovery to pre-pandemic levels, albeit more slowly in 2022, with an expected global growth rate of 1.7% (excluding U.S. political advertising). Growth in global OOH this year will amount to 2.2% globally (excluding U.S. political spending), or 18.1% on an excluding-China basis. Audio is projected to grow 3.8% globally in 2022 (excluding U.S. political advertising) and decelerate to 1.3% growth in 2023,” it states further.

“After a brief respite in 2021, traditional print continues its decline of 7.4% in 2022. Print-based media will decline by 3.7% when including digital extensions, which are forecast to make up nearly half of total revenue this year and more than three-quarters of revenue by 2026,” mentioned the report.