Advertising investment in India is set to soar to Rs. 91,641 crore this year, representing an estimated growth of 10.7 percent for 2020, according to GroupM, the media investment group of WPP, in its advertising expenditure (adex) forecasts for 2020.
Even with an overall slowdown in the global economy, Indian media spends are expected to be between low to moderate in H1, with robust growth anticipated in H2 2020. India is the eight-largest market globally and is the largest contributor to incremental ad spends.
Right behind UK and USA, India will retain its position, with China dropping to the fourth spot, said GroupM.
Prasanth Kumar, CEO, GroupM South Asia, said that while global adex is set to grow by 5.1 percent, the Indian media landscape is constantly evolving and will witness the fastest growth. “While we expect sustained and stable investment across media in India, digital will garner 65 percent of incremental ad spends in 2020,” he told a section of the audience at a meet in Mumbai.
The growth of digital is set to soar high because of changing consumer habits, with digital securing the number two position as the most-used media vehicle and estimated to reach 30 percent of ad spend in 2020. Growth is expected from 3Vs (video, voice, vernacular-Indic) and advertising on e-commerce.
Sidharth Parashar, President – Investments and Pricing, GroupM India, added that though the format of print storytelling has been changing, content continues to be the strongest. “With print media organisations undergoing transformation across India, publication houses have invested heavily in promoting digital subscriptions and have started limiting access to digital versions of e-papers.”
Print will continue to remain relevant to advertisers wanting to build credible brands, the report noted. The Hindu Business Line