On February 15, 2023, in Mumbai, the Pitch Madison Advertising Report (PMAR) 2023 was unveiled. The study forecasts the sector’s future growth while tracking and analysing the prior year’s advertising spending. It tries to comprehend the potential and difficulties that lie ahead for marketers and numerous media segments, including print, TV, radio, outdoor advertising, the internet, and the movie industry.
Madison Media estimates that Adex increased by 21% in 2022 to reach Rs. 89,803 crores. Adex is anticipated to expand by 16% more in 2023 and surpass the historic Rs. 1 lakh crore milestone to settle at Rs. 1,04,230 crores. In 2022, Digital grew by 35% to become the largest medium in Adex with a 38% share, compared to TV’s 34%. TV grew by a modest 9% vs our projection of 14%. Overall:
- Social saw the most growth at 45% and saw its Share rise from 20% to 22%.
- Display’s growth rate has slowed to 19% and its percentage share has dropped from 19% to 16% by 3 percentage points.
- Despite a 32% growth, search still represents only 16% of the market.
- E-commerce has grown by 35% and now accounts for 16% of Digital Adex.
- Amazon and Flipkart account for about 80% of Ecommerce spending, while Google and Facebook account for the majority of Digital ADEX.
- Digital is anticipated to continue to fuel expansion of Adex in 2023. It is anticipated that it will expand by 25% to reach Rs. 43,036 crore and boost its share of Adex to 41%.
The report also highlights the following trends:
- Digital is expanding as a result of more people using mobile devices and more people watching online video material.
- Due to social media’s ability to target specific audiences with advertisements, it is becoming an increasingly significant platform for advertisers.
- As more people shop online, ecommerce is likewise expanding quickly.
- Traditional media, like print and television, are being significantly impacted by the development of digital media.
- As more and more people acquire their news online, print media is in decline.
- Since more and more people are consuming internet video content, TV is also experiencing difficulties.
According to the report’s findings, the Indian advertising business is undergoing change as it adjusts to the increasing relevance of digital media. These shifts need to be recognised by advertisers, who should then modify their approaches.