The Pitch Madison Advertising Report for 2024, which sets the benchmark in analysis and forecasting of advertising industry trends and spends, revealed that various media segments saw rises and falls while the advertising industry’s annual growth eased down to 10%.

According to PMAR, expenditure on print media, though registering a 4% growth, still fell behind its heady pre-Covid high of Rs 20,045 crore, and rang in Rs 19,250 crore for 2023. However, it should be noted that in an increasingly digital world, Indian print media is still managing to make up 19% of the total AdEx pie in the country, when compared to a global AdEx average of only 4% for print.

The medium though also experienced a further two-point drop in its share in total advertising expenses in India, thereby continuing a downward trend from 2014, when it comprised 41% of total AdEx. According to the report, “In terms of absolute numbers Print in 2014 was at Rs. 15,274 crore and today after 10 years is at Rs. 19,250 crore which means a Compounded Annual Growth Rate of only 2%.”

Within Print’s ADEx, Auto, FMCG, Education, Retail and Real Estate contribute up to 50%. 2023 saw Auto leading the pack with a 14% share, which contributed the most to the growth of AdEx for Print. Travel and Tourism, BFSI, Corporate and Clothing, Fashion and Jewelry were also other big spenders in the Print medium.

However, 2024 should have some good news for print, not least because of the upcoming national elections. According to the report, “We expect Print to grow by 7% in 2024 against an expected de-growth in Print of -4% in Global ADEX. With this growth, Print should cross Rs. 20,000 crores and will finally surpass the pre-Covid 2019 figures…. Print will get a big boost with the upcoming Parliamentary elections in April/May as Print is a favourite of Politicians and Political Parties and space for political campaigns is sold at a substantial premium over rates charged to Brands.”

Download the Pitch Madison Advertising Report 2024 here.