WPP India bucks global trend: Grows nearly 3% in 2024 despite Q4 dip

WPP India has reported a 5.4% decline in revenue for the December 2024 quarter, marking its first quarterly decline since the Covid-19 pandemic. This downturn comes after a strong performance in the same quarter of the previous year, which saw a 22% growth driven by the ICC Cricket World Cup.

Despite the quarterly setback, WPP India managed to post a 2.8% growth for the full year 2024, outperforming the global WPP group, which reported a 0.7% decline in revenue. This growth is particularly noteworthy as India was the only market among WPP's top five to register positive growth, with the USA, the UK, Germany and China all experiencing declines.

The Indian advertising landscape, however, continues to show promise. GroupM's "This Year Next Year" (TYNY) 2025 report projects a 7% growth in India's advertising expenditure, reaching Rs 1,64,137 crore in 2025. This growth, while robust, represents a slight slowdown from the 8.8% growth seen in 2024.

Digital advertising is emerging as the dominant force in India's ad industry. The Dentsu e4m Digital Report 2025 estimates that digital media will account for 49% of total ad spend, followed by television at 28% and print at 17%. The shift towards digital is driven by advancements in artificial intelligence, the rise of retail media, and the growing adoption of immersive technologies.

As the Indian advertising market evolves, companies like WPP are adapting to these changes. WPP's global CEO, Mark Read, highlighted an improving new business performance in the second half of 2024, with wins from major clients like Amazon, J&J, Kimberly-Clark, and Unilever. This suggests that despite short-term challenges, WPP India is well-positioned to capitalize on the country's growing advertising market and its shift towards digital platforms.