The Pitch Madison Advertising Report 2024 saw digital media dominating the AdEx share in 2023, with its slice of the pie set to get only bigger this year. However, while other media had a mixed year, compared to their pre-Covid heydays, Radio had a fairly successful run last year, with better results expected this coming year.

According to the Pitch Madison Advertising Report 2024, in absolute terms, overall AdEx in India came in just short of Rs. 1 lakh crore at Rs. 99,038 crore having added Rs. 9,235 crore. Meanwhile, in 2023, Radio’s AdEx grew by 12%, maintained its market share of 2.3%, and, rang up ad spends of Rs. 2,272 crore almost matching the pre-Covid level of 2019.

Radio, much like print, is expected to get another boost in 2024, thanks to the upcoming national elections, with the report stating, “We expect Radio to grow by another 12% on the back of 12% growth in 2023, taking RadioADEX to Rs. 2,272 crore, adding up to Rs. 277 crore during the year. Radio is another very popular medium with Politicians and Political Parties and the upcoming Parliamentary Elections should considerably help Radio achieve our projected growth.” 

Thanks to being based on technology, as opposed to some other media, Radio companies are diversifying their content offerings by providing consumers with a broad range of digital content, including podcasts, live streams and immersive audio entertainment. This has not only allowed radio to gain access to an ever growing digital audience, not least of which are incoming Gen Z and Alpha cohorts, but also gives brands new and innovation-driving opportunities for consumer engagement with targeted, data-driven, advertising.

Within Radio AdEx, the largest share continues to be held by Real Estate at 16% followed by FMCG at 12%, Auto at 11% and BFSI at 9%. According to the report, “In terms of growth Auto registered a 48% growth, followed by Real Estate (26%), Retail (24%) and Corporate (21%). Travel & Tourism along with Clothing, Fashion and Jewelry also grew substantially, but on a relatively low base.”  

Download the Pitch Madison Advertising Report 2024 here.