The Indian advertising market was worth more than Rs 600 billion in 2021.
Bengaluru, October 27, 2022: More and more businesses are now using digital advertising to promote their products. In 2022, digital advertisement is expected to grow by 32 percent. The advertising agency network Dentsu shows in its report that social media advertising is taking a major chunk of digital ads expenditure. It contributes almost 30 percent of the total ad expenditure.
Small and medium business owners say this is more cost effective and more targeted. Mayi Gowda, manager of Blossoms Book House, Bengaluru said, “Whichever new book comes into our store, we place ads for it online at platforms such as twitter, facebook and instagram. People see those ads and if they are interested, they call and order.”
The same report indicates that globally ad spending on print media, which includes newspapers and magazines, is expected to decline by 3.6 percent. India is also seeing a rise in startups using completely digital advertisements for the promotion of their product. Dream 11, an Indian fantasy sports platform that allows users to play fantasy cricket, football, hockey, kabaddi among other games, is emerging as one of the largest spenders on digital ads. They spend almost all of their ad spending on digital mediums.
Ad agencies believe Indian market is quickly moving towards a complete digital form of advertisement. Manoj, who is the founder and CEO of an ad agency called Budindia said, “ Digital advertising space is going to get much bigger with 5G coming in. Then this digital medium can be used by businesses to communicate and convince the audience.”
In 2021, the Indian advertising market was worth more than Rs 600 billion. Consumer packaged goods brands are the biggest spenders on digital advertisement. Marketing experts believe, with mobile phones as the primary device in India, businesses are shifting their advertising campaigns accordingly. Seventy five percent of the digital ads expenditure in 2021 was on mobile devices and it is expected to grow further. They say with the upcoming technologies such as virtual reality and metaverse, the digital space is only going to get bigger and more accommodating.
