India's ad revenue to grow by 9.5%; Political ad revenue to contribute 0.9% to global ad spend: GroupM

Global advertising revenue will grow 7.8% in 2024 to $989.8 billion, according to GroupM's 2024 midyear global report. The report also highlights that the industry will surpass $1 trillion in revenue by 2025, increasing 6.8% to $1.1 trillion, one year earlier than the December 2023 forecast.

According to the report, India features among the top 10 agency markets and is expected to rise by 9.5%.

The political advertising revenue from India contributes 0.9% of the total ad revenue. The report mentions that this year, half the world’s population will be asked to vote, including nearly one billion eligible voters in India. Many of those voters, especially in the Americas, Africa, and Asia, will be exposed to political advertising. This year, for the first time, the report collected data on political advertising revenue across tracked markets.

“We have also revised estimates for the U.S., which we now expect to reach $365.9 billion in ad revenue, up 5.8% over 2023’s $345.9 billion (excluding the impact of political advertising in both years)”, the report added.

According to the report, the marketing ecosystem over the next few years will face potential impacts from governments and regulatory bodies worldwide—impacts that could upend forecasts and alter even the most sound projections.

The report states that artificial intelligence also has the potential to reshape the industry—as do regulations put in place to guide (or control) its growth. 

The report also mentions, “With increased globalisation - of financial systems, commerce, and media - can come a level of resilience as interconnected systems such as coral reefs tend to be very adept at recovering from multitudinous small shocks. Innovation, the exchange of ideas, and a shared goal to make the advertising industry work better for everyone will help ensure a bright future.”