The severe economic slowdown in complete sense created ripples in advertising sector. According to a survey, advertising spends in India grew by just 9 per cent to Rs 82,795 crore last year. Despite the slowdown, the digital media spend witnessed a boom and be dominating the industry.
As per the report, advertising will grow at a moderate single digit pace in the first half of the fiscal (2020-21), and rise to double digits in the second half on lower base, positive impact of government initiatives and the assumption of good rains. At Rs 22,057 crore, the share of digital advertising spends grew to 27 per cent in 2019 and went past print media’s 22 per cent share with spends of Rs 18,164 crore. Digital is expected to grow to Rs 27,803 crore or and occupy 30 per cent of the overall spends in 2020.
The report also pointed that in 2019, the spend grew by 9 per cent as against the forecast of 12 per cent largely due to the slowdown in economic growth, which is set to reach a decadal low of 5 per cent for the financial year ending March 2020. As per the report, television will continue to hold on to its market share with spend of Rs 38,081 crore.And India will overtake Canada to be the eighth biggest advertising market in the world.