India expected to pip Brazil as eighth largest ad market, says GroupM
By siliconindia | Tuesday, 06 December 2022, 09:07:40 AM IST
India is expected to overtake Brazil to become the eighth-largest advertising market in 2023, according to GroupM's global end-of-year forecast.
In 'This Year, Next Year 2022', GroupM has ranked India as the ninth-largest advertising market globally. The report was released earlier this month.
It says India's total advertising revenue in 2022 has grown by 15.8% to touch $14.9 billion, led by growth in pure-play digital advertising. In 2023, it is expected to grow by 16.8%.
Comparably, Brazil's advertising market is projected to have grown by 9% in 2022 to $15.4 billion. It is expected to grow by 3.8% in 2023. At 48.8%, digital accounts for the largest chunk of India's total advertising market in 2022, and is expected to continue rising above pre-pandemic levels, according to the report.
Retail media, a subset of digital advertising, is forecast to touch $551 million in 2022 and is expected to nearly double by 2027.
With 36% of the advertising market share, TV advertising is expected to grow by 10.8% this year and continue growing in double digits.
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