Advertising Sector to Clock Rs 1 lakh cr Revenue by 2024

According to a recently released joint report by the Federation of Indian Chambers of Commerce & Industry (FICCI) and consultancy company EY, the Indian advertising industry is projected to increase with a CAGR of 12 percent. The advertising industry is anticipated to clock a revenue of Rs. 1 lakh crore by the year 2024. Also, according to the report titled ‘Tuning into consumer - Indian M&E rebounds with a customer-centric approach, the revenue of the advertising sector increased by 16.4 percent to Rs. 1.61 lakh crore in the year 2021. The report states: ''We expect the M&E sector to grow 17 percent in 2022 to reach Rs 1.89 lakh crore ($25.2 billion) and recover its 2019 pre-pandemic levels, then grow at a CAGR of 11 percent to reach Rs 2.32 lakh crore ($30.9 billion) by 2024.” The report further informed that television remained the largest segment in advertising, followed by strong competition from digital media which stands at second number. Print media bagged the third spot. The report further said: ''Digital media grew the most at Rs 6,800 crore and consequently, increased its contribution to the M&E sector from 16 percent in 2019 to 19 percent in 2021.''