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As part of its This Year Next Year (TYNY) Adex 2023 report, GroupM India stated that OTT content, retail media and localisation of sports will dominate the advertising and media industry in 2023. The WPP-owned media agency predicts Rs 20,000 crores of incremental ad spends in 2023 compared to 2022. This highlights the continued growth and potential of the Indian advertising industry and the opportunities it presents for advertisers. The report highlights a 15.5 percent increase in ad spends in India, reaching Rs 1,46,450 crore in 2023. India moves up to the 8th position globally in ad spends and continues to be the fastest-growing market in the top 10 markets worldwide.
With the acceleration of digital media and shifting experiences of consumers, it’s important to understand the impact of attentiveness of the consumer as he engages with media/media assets. The way forward is an “attention response curve”, which allows for new planning and pricing discussions. New measures like quality cost per thousand [qCPM] are beginning to be explored and traded.
Engaging OTT content to create ad opportunities
Brands are looking at leveraging platforms like Netflix and Prime Video across their portfolio to create campaigns using multiple shows, movie libraries and even popular music from some shows. Today, Indians are also embracing content from multiple geographies and languages. The myth that’s getting broken is the belief that typically Indians don’t pay for content and experiences. As mentioned above, we see that Indians actually do pay and they are willing to pay a premium for some curated experiences. From an advertiser perspective, these are highly engaged, high-spending audiences, making popular events (such as Coachella) a perfect platform to capitalize on.
Retail media in India is expected to double by 2027. In India, the rise of ad spends on digital retail media will depend on how the retail media networks are able to demonstrate the value by…
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