The highly anticipated Pitch Madison Advertising Report 2024 was unveiled today in Mumbai in the presence of esteemed dignitaries from the media world. According to the predictions of the PMAR, India’s AdEx is expected to grow by 12.2% in 2024 with digital continuing to be the key driver of ADEX which is expected to grow by 17% this year. 

Talking about the growth of digital this year, the report stated that Digital will continue to be the key driver of AdEx and rise in share from 40% to 42%. Moreover, Digital is expected to grow by 17% in 2024. Meanwhile, the report revealed that the Digital ADEX is likely to close at Rs 46,565 crore, adding around Rs 7,000 crore during the year, contributed majorly by video and e-commerce.

"Video, Social, Display, Ecommerce and Search drive Digital Adex. Digital Video continues to dominate Digital Adex, although its growth has slowed down from 40% last year to 26% in 2023, it is the largest contributor to Digital Adex and has gained Share from 30% to 33%", the report said. "With a Share of 40% of Adex, Digital in India still trails behind Global Adex, where its share is 73%", it stated.

“On the positive side, the world of business is focussing more and more on the short term rather than the long term and whilst most marketers understand the power of brand building are under pressure from their Boards to deliver results in the short term, which augurs well for the Digital medium”, the PMAR report said.

The factors that may aid the growth of Digital AdEx include a focus on short-term results, a dramatic rise in CTV and OTT penetration in the country and IPL on digital at a flat cost per 10-second basis.

According to the report, growth in H1 and H2 will be very different and post-elections, when the Modi government most likely returns to power with an even greater majority, optimism will run very high in India Inc. and the government will announce a lot of measures or reforms to stimulate the economy.

Download the Pitch Madison Advertising Report 2024 here.