The advertising market in India is likely to observe a muted year for advertising spend with a ~6% growth. Total advertising spend is poised to reach US$16-17 Bn in FY24, heavily impacted by the slowdown in consumption observed in the last 5-6 quarters. Digital Advertising which accounted for 55-56% of total advertising spend in FY24 amounting to US$ 8.8-9.3Bn. Advertisers are increasing spending on Challenger platforms like Retail media and Content platforms with niche offerings owing to multiple factors like specific targeting of high intent users, greater reach within Tier-2 audiences and increased attention span on the platforms.  A rebound in the market would enable digital advertising to outgrow the market growth at a CAGR of 11-12% and account for ~60% of overall advertising market in FY2028, led by market maturity and technological advancements.

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