New Delhi, Feb 29 (IANS) Overall ad spending in India is estimated to reach $16-17 billion in FY24, growing at 6 per cent in the fiscal year, a report showed on Thursday.
Digital advertising which accounts for 55 per cent of total spending is set to grow at 6-7 per cent in FY24, according to the report by market research firm Redseer Strategy Consultants.
With consumption set to rebound in the next 4 or 5 years, advertising spend is projected to grow at 9-10 per cent Compound Annual Growth Rate (CAGR) over the course of next 4 years, with digital advertising growing at 11-12 per cent in the same period, the report mentioned.
“As digital natives shape consumption patterns across the nation, brands have a never-before opportunity to address a much-larger and diverse consumer pool through advertising,” said Mukesh Kumar, Associate Partner at Redseer.
“It will be fascinating to witness cutting-edge creative strategies take shape across platforms especially with the possibilities that programmatic advertising and GenAI can offer for the sector,” Kumar added.
The growth in advertising spend in FY24 is impacted by the slowdown in consumption over the past 5 or 6 quarters and a dip in private equity/venture capitalist funding. According to the report, most consumer sectors have optimised their ad spending and the e-commerce sector is the only sector to see ad spending increase by 15 per cent in FY24.
Despite slowdown in ad spending, advertisers increased their ad spending on platforms like retail media (ecommerce, quick-commerce etc.), and content platforms (OTT audio) owing to high conversion potential and wider reach among Tier-2 audiences, respectively.
–IANS
na/rad
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
