Advertising spends in print media in India is expected to grow 9% on year to reach ₹20,133 crore in 2023 while overall advertising expenditure (adex) is set to cross ₹1 lakh crore, Pitch Madison Advertising Report (PMAR) 2023 has said.

Overall, advertising spends in the country is expected to grow 16% this calendar year against while globally, the advertising industry is expected to grow 3%, the report said.

In 2022, print advertising in the country grew 15% by volume and 11% by value at ₹18,470 crore, as per PMAR. This "indicates that print offers a compelling option for marketers for new launches, topical communication and topical messaging", the report said.

Print media contributes 21% to the overall adex in India against the global average of 4%.

In absolute terms, adex has grown to ₹89,803 crore last year from ₹74,231 crore in 2021, marking the second highest annual gain in two decades, the report said.

"Indian adex is the bright spot in a relatively dull and uncertain global environment," said Sam Balsara, chairman of Madison World. "Our adex has grown by leaps and bounds in the last three years marked by Covid-19 and the (Russia-Ukraine) war, except in 2020," he said.

"However, media habits of Indians are rapidly changing and this is reflected in our adex numbers and commentary," Balsara added.

Digital advertising spends grew 35% last year against 14% increase in traditional (TV and print) media adex, PMAR said.

Digital is now the largest medium in terms of advertising revenues with adex share of 38% in 2022, followed by TV with 34% share. FMCG sector is the largest advertiser, contributing 32% to the overall adex last year, followed by ecommerce at 14% of adex.

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