The much-awaited Pitch Madison Advertising Report (PMAR) 2025 was unveiled today in Mumbai in the presence of industry luminaries and business heads from the advertising, marketing and media world. Like all the other editions, the 23rd edition of the report highlights key trends and transformative shifts expected to shape the market in the coming year. PMAR was launched by Pitch, in partnership with Madison World.
According to the report, the Indian AdEx is expected to see an increase of 11% and is projected to reach Rs. 1.2 lakh crore by this year. “Our growth forecast for 2025 remains bullish compared to 2024, with an expected increase of 11%. If our estimates hold, the Indian advertising expenditure is projected to reach Rs 1.2 lakh crore, adding an additional revenue of Rs 12,000 crore”, the report said.
Sam Balsara, Chairman, Madison World, attributed the growth to a number of factors like IPL, Champions Trophy, Asia Cup, and a few India bilateral series that are set to fuel TV+ Digital advertising. Some of the key factors responsible for the rise include organic growth from FMCG, Auto & Durables, increasing spends on digital medium by MSMEs and Startups, Connected TV (CTV) advertising can emerge as a game-changer in 2025 while OOH industry is poised for continued growth, with an emphasis on digital and tech innovations & increased infrastructure.
The report further stated that in 2025, the global Adex is expected to witness a steady growth, with WARC estimating an 8% increase over 2024. In contrast, India’s advertising market is projected to outpace global trends. This divergence highlights the relative resilience and growth momentum of the Indian advertising sector compared to the global average.
“We anticipate that 2025 could bring some relief to the Indian advertising industry, particularly following the current Union budget, which aims to enhance consumer sentiment and provide incentives for certain sectors. With increased disposable income of Rs 1 lakh crore among middle-class consumers, brands are likely to benefit and invest more readily in marketing and advertising. This relief is expected to drive growth in discretionary spending, boosting demand in consumption-heavy sectors such as FMCG, Retail, Automobiles, Real Estate, and Travel— traditionally the largest contributors to advertising in India”, it added.
The Pitch Madison Advertising Report analyses key trends, highlights sector-wise growth, and offers forecasts on ad spending across various platforms, including digital, television, print, and outdoor media. PMAR is launched by Pitch, in partnership with Madison World.
Take a look at the sector-wise predictions from PMAR:
Digital
Talking about the growth of digital advertising landscape, the report stated that India’s digital advertising ecosystem is evolving at a rapid pace and in 2025, the expanding digital ecosystem will continue to reshape the industry in multiple ways. With increasing internet penetration and rising mobile usage, the sector will experience both opportunities and challenges, driving continuous innovation in digital advertising.
“While Digital will remain the primary driver of Adex, with its share increasing from 42% to 44%, its growth in 2025 is expected to be a moderate 17%. With an estimated 17% growth, Digital Adex will experience the highest growth across mediums and is projected to reach Rs 53,000 crores in 2025, adding Rs 7,700 crores over 2024”, the report said.
Connected TV
Connected TV (CTV) emerged as a game-changer in 2024 and will maintain its dominance in the coming year. India is witnessing sustained growth in CTV adoption, with projections estimating 50-60 million CTVs HHs by the end of 2025 and estimated ad revenue size of Rs. 2300-2500 crores by the end of 2025. This shift marks a significant change in consumer viewing habits, as more audiences move away from traditional linear television, opening up new avenues for advertisers.
Influencer marketing
Influencer marketing is set to expand further in 2025. The rise in online shopping will drive increased advertising on e-commerce platforms as well such as Amazon, Flipkart, and niche marketplaces, fuelling further growth in the sector.
Television
Looking ahead at 2025, key sporting events such as the IPL, Champion’s Trophy, Asia Cup, and a few India bilateral series will support TV advertising. However, unlike 2024, there won’t be elections of a similar scale, such as the assembly elections, to drive additional spending. If the budget successfully boosts consumer sentiment and triggers higher spending, it could lead to a surge in demand, positively impacting TV Adex. While digital is expected to continue growing and increasing its market share, TV will remain under pressure. That said, there has been a noticeable shift back to television by certain brands, particularly for high-impact shows, alongside some organic growth from FMCG brands.
In 2025, TV’s growth is expected to maintain a steady but slower pace. We anticipate TV will increase by Rs 2,000 crores, growing at 6% in 2025, bringing the total to Rs 36,520 crores. However, its share of the total ad spend is likely to decline further, settling at 30%, keeping it as the second-largest medium after Digital. On the positive side, India’s television market shines globally, with both its market share and growth rate far higher than global, which is at 13% share and estimated -5% degrowth.
Print advertising in India, despite the challenges posed by the rapid rise of digital media, remains a resilient and indispensable pillar of the advertising ecosystem.
For 2025, we expect the recovery of Print Adex to continue its upward trajectory, with an overall growth of 7%. In absolute terms, Print Adex is set to reach close to Rs. 22,000 crore, which is a positive development. It is worth noting that this projected 7% growth in 2025 is estimated despite the absence of major events such as the General Elections, which significantly contributed to Print Adex in 2024.
However, Print’s overall share in the Total Adex will gradually decline. From a 19% share in 2024, Print’s contribution is expected to drop slightly to 18% in 2025. This reduction reflects the broader trend of digital media’s increasing dominance in the advertising space.
Out-of-Home (OOH)
The Out-of-Home (OOH) media industry is growing rapidly, fuelled by technological advancements, better infrastructure, and higher investments. A major trend is the rise of Digital Out-of-Home (DOOH), which grew by 12-15% in 2024, especially in large cities. However, 70% of these screens are smaller formats in locations like malls, transit areas and corporate hubs. DOOH’s growth is expected to accelerate in 2025, with more on-road and ambient screens. Currently, DOOH holds 10% of the OOH market, and while programmatic advertising is still in its early stages, it remains innovation-driven.
OOH advertising saw growth in high-footfall locations like airports, malls, and metro stations in 2024. Air travel is expected to rise by 7-10% in 2025, non-metro airports are also gaining traction with advertisers. Digital OOH in malls is expanding, particularly with luxury and beauty brands. The growing metro network offers new branding opportunities through station naming rights and static and digital ads.
Radio
Indian radio stations are rapidly evolving beyond traditional FM inventory, integrating digital content to attract advertisers and expand their reach. Recognizing the shift in audience preferences and the dominance of digital platforms, radio networks are leveraging streaming, social media and digital-first strategies to offer advertisers a more dynamic and engaging ecosystem. Radio continues to be a cost-effective and impactful advertising medium, especially in Tier 2 and Tier 3 cities. The report projects Radio to grow by another 9% in 2025, taking total Radio Adex close to Rs 2,700 crore. Unfortunately, despite this growth Radio Adex will maintain just a 2% share.
Cinema
The Indian cinema advertising industry is expected to witness a slower growth rate of around 9% in 2025, despite the relatively smaller base it operates from. Historically, cinema advertising has maintained a share of less than 1% of the total Adex over the years, showing a stagnant trend that has not seen much growth in comparison to other mediums.
In 2025, the total Cinema Adex is projected to reach approximately Rs. 950 crore, still falling short of the pre-COVID revenue mark of Rs. 1,050 crore. This indicates a continued challenge in recovering fully from the impact of the pandemic and the path to pre-COVID numbers is likely to take longer than anticipated. The rise of Over-the-Top (OTT) platforms has significantly impacted cinema advertising. With more viewers shifting to digital platforms for their entertainment, the footfall in cinemas has decreased.
To download the full Pitch Madison Advertising Report 2025, click here: https://e4mevents.com/pitch-madison-advertising-report-2025/download-report#downloadReport
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