Print turns a new page in the digital era, raking in Rs 20,272 crore

In the traditional vs. digital battle, print has been steadily making a strong comeback—and the numbers prove it.

The Pitch-Madison Advertising Report 2025 shows that print earned Rs 18,470 crore in 2022, Rs 19,250 crore in 2023, and Rs 20,272 crore in 2024, surpassing pre-pandemic levels and marking a steady rise.

“The battle for attention is fierce in the digital realm,” explained a media analyst. "Print, however, offers a focused environment where ads are less likely to be lost in a sea of distractions. Readers actively engage with print, granting advertisers a captive audience,” they added.

According to the analysts, key sectors—including Healthcare, Pharmaceuticals, Automobiles, Lifestyle, Real Estate, Education, Jewellery, Government, Health, and BFSI—have fuelled print media’s strong recovery. These industries, with their diverse subcategories, continue to rely on print for market outreach and sustained sales growth.

Among the top growth categories, the Auto sector saw a 7% growth from 2023 to 2024, contributing 14% to the total category share. Further, with a 6% growth, FMCG had a 12% share in 2024 as they leveraged print to engage consumers with high-visibility campaigns. Other categories like Education and Real Estate grew their advertising in print by 7% and 6% on the medium.

Additionally, a surge in government spending, combined with the boost from Parliamentary and State Elections, has propelled print advertising beyond 2019 levels.

Girish Agarwal, Promoter Director of Dainik Bhaskar Newspaper Group, emphasised how print remains the most credible media vehicle, with the public deeply trusting and relating to it.

According to Alok Sanwal, CEO at Dainik Jagran i-next, Jagran Prakashan, print has bounced back to pre-COVID numbers, driven by multiple factors. “Even when accounting for inflation, print has performed well,” he said.

Sanwal also pointed out a critical advantage print holds over digital is reach.

“In some areas, electricity is available for only 2-6 hours per day. This affects digital accessibility, but print reaches places where digital cannot, making it a very significant aspect of media consumption,” he added.

The reading habit factor and reliability of news are the biggest reasons for the stable circulation. Newspaper reading is a long-standing culture in India, often integrated into daily routines, as per Uday Jadhav, CEO - Sakal Media Group.

He added, “This physical engagement leads to better information retention and ad recall. Many habitual readers still consider newspapers as the most credible and trustworthy source of news and information, compared to digital or TV. Its trust factor is crucial for advertisers seeking to build brand reputation.”

Revenue figures from top dailies further reinforce print’s steady resurgence. DB Corp, for instance, posted advertisement revenue surged by 20%, climbing from Rs 1,008.4 crore in FY21 to an impressive Rs 1,752.4 crore in FY24. Their profit after tax (PAT) recorded a staggering 44% compound annual growth rate (CAGR) over the same period, rising from Rs 141.4 crore in FY21 to Rs 425.5 crore in FY24

Even for a magazine like Condé Nast their print subscription is at an all-time high and growing. Managing Director, Sandeep Lodha attributes this growth to the increase in income across the country: “Previous admirers who often limited themselves to window shopping have turned into subscribers. New audiences in large numbers are evolving into affluent lifestyles and are developing discerning tastes.”

India remains a stronghold for print media, with the sector commanding a 19% share of the country’s advertising expenditure (AdEx) in 2024, according to the latest Pitch-Madison Advertising Report (PMAR). In contrast, print’s global AdEx share stands at just 3%, highlighting India’s unique reliance on the medium.

Madison Media’s Vice President, Manoj Singh cited that India’s high share of print in advertising is influenced by a combination of factors. “Print’s affordability, wide reach, deep-rooted habits, and ability to cater to a linguistically and geographically diverse audience make it a vital tool for advertisers in India. As a result, despite the global shift to digital, print remains a powerful medium in India’s advertising landscape.”

The DB Group executive said, “90% of the Indian population resides in Tier II, III and IV cities. Print media is a way of life in this non-metro market due to the difference of lifestyle where people have enough 2-3 hours in the morning time due to lesser commuting time.”

Interestingly, among TV, print and radio, print has seen the least advertiser volume drop in 2024, as per PMAR. Where TV saw a 23% drop in advertiser volume, print saw a negligible 1% drop. This was possible due to strong regional demand, cost-effectiveness, and steady political and government spending, Madison’s Singh mentioned.

Print advertising is split into two types: local-to-local and corporate, as per Sanwal. Local advertisers, who make up 60% of print ads, prefer print because no other medium can replace its hyperlocal reach. “For instance, a Kanpur business advertising in Kanpur is unlikely to switch to national TV or fragmented digital platforms. The closest alternative, radio, is city-specific and not as versatile as print.”

Case in point, for an expensive watch brand like Rado, print remains the go-to medium. People who consume print are invested in it because they pay for it and choose to read it. It’s not for freeloaders but a conscious choice, stated Dabur’s Head of Media, Rajiv Dubey. The written word still holds credibility. “While no medium is 100% accurate, print is trusted to be right most of the time.”

Many advertisers also have long-standing relationships with print publications, built on consistent results and mutual trust, as per Jadhav. The tangible nature of print ads still leads to a lasting impact. One more reason that the advertisers prefer print as part of their media campaign is the ability to cater to specific audience needs.

Agarwal analysed that since election-mode states typically receive more funding and favorable attitudes on the ground as a result of announcements of free welfare programs, which boost consumption, print media also received support from the few state elections in addition to the general election in 2024.

“Local businesses and policymakers value print’s reach, especially in Tier 2 and 3 cities. Brands also use print in 360-degree campaigns, pairing its credibility with digital tools like QR codes for engagement,” Singh added.

In terms of volume growth of papers by language, Marathi and English topped the list with 5% and 4% respectively.

Sakal Media’s Jadhav explained that Marathi publications serve a specific linguistic and cultural market. This targeted reach is valuable to advertisers seeking to connect with Marathi-speaking audiences. The strength of this regional market empowers publications to command higher ad rates, as advertisers are willing to pay a premium for access to this demographic.

Another reason is the simple demand and supply logic. More advertisers are vying for the same amount of advertising space when advertising volume increases. This heightened demand and the finite space available in print publications created a competitive environment. We could capitalise on the increased demand by raising the ad rates.

Dubey cited that this growth will continue, especially as an urban medium for creating impactful impressions. Even companies like Google, with their vast ecosystem of platforms like YouTube, still choose print to advertise products like their phones.

Adding to the rising ad rates with the rise in volumes, Sanwal suggested that some publications have raised ad rates by 2-3%. “This is not just a price correction but a reflection of the cost increases in printing, publishing, and employee expenses. Even a 7-8% adjustment is reasonable, considering rising operational costs.”

They could easily stick to their digital channels, but they use print to build impact, create a lasting impression, and ultimately drive sales.

Lodha underlined that with premiumisation going up so is the demand to reach affluent and middle-class audiences. English publications provide that opportunity admirably, so ad rates will continue to grow with this demand.

On the other hand, Singh highlighted that given the current competitive market conditions, maintaining or increasing ad rates could be challenging for English dailies. While a rise in advertiser demand strengthens their position, publications may need to adopt a balanced pricing strategy, leveraging premium placements for higher revenue while remaining flexible with bulk deals and bundled offerings to retain advertisers.

There is still more room for growth. Print contributed 19% to the overall AdEx in the year gone by but its share till year 2019, was always more than 30%. This can be brought back with fresh IRS numbers to gain deeper advertiser trust.

Sakal Media’s executive suggests re-establishing the IRS is very important. Strong advertiser relationships and data-driven strategies will drive print's resurgence.

Moreover, a multi-faceted approach, hybrid content models, QR code integration, linking to augmented reality experiences, can help increase the share. Bundling digital with print ads can also help achieve this target. Expanding rural reach by increasing circulation to these areas, which are sought after by the advertisers, can also help. There is also substantial potential in commercial ticketed events.

“We can set new benchmarks if we mix all these new initiatives smartly with traditional advertising,” he said.

Sanwal’s analogy tells that digital’s growth is mostly concentrated in Google and Meta, which take up 60-70% of the digital ad pie. Beyond them, the remaining digital space is fragmented and smaller than people realise. This gives print a chance to re-establish itself by innovating with branded content, native advertising, and experiential campaigns. For example, during monsoons, print can run contextual ads for mosquito repellents, something digital and radio do better right now.

Singh concluded that while a full return to 30%+ AdEx share may take time, a mix of regional expansion, print-digital integration, 360-Degree campaigns, and category-focused innovations can accelerate print’s growth trajectory.