Print AdEx grows 5% in 2024; overall AdEx expected to grow 11% in 2025: Pitch Madison Ad Report

Print advertising expenditure (AdEx) crossed pre-Covid levels and grew by 5% to reach Rs 20,272 crore in 2024 and is expected to grow by 7% in 2025, indicating higher ad rates and premium pricing, the Pitch Madison Advertising Report 2025 said on Wednesday. “We expect print to reach Rs 21,691 crore with a share of 18% in 2025,” the report said. Print maintained its share of total AdEx at 19%, far higher than the global average of 3%. Auto, FMCG, education, retail and real estate contributed 50% to print AdEx, with auto continuing to lead with 14% share and contributing most to the growth of print, according to the report.

At an overall level, the report forecasted that with the Union Budget boosting sentiment, overall AdEx is set to grow by 11% in 2025 compared to a global forecast of 8% growth. This is in contrast to total AdEx growth which slowed down to 9% in 2024 to reach Rs 1.08 lakh crore. Sam Balsara, chairman of Madison World, said: “The Union Budget signals good news for advertising, we should expect buoyancy in markets.”

Television lost almost 2,500 advertisers to digital, influencer advertising and e-commerce. TV registered a modest growth of 5% to reach Rs 34,453 crore in 2024, dropping its share from 33% to 32%. The growth rate of 5% is the slowest in eight years, barring the Covid year of 2020. On television, FMCG remained the dominant category, contributing 46% of total spending in 2024, down marginally from 47% in 2023. “We expect TV AdEx to grow by 6% in 2025 to reach a total of Rs 36,520 crore, but further dropping its share to 30%,” the report said.


The report added that FMCG, e-commerce and auto continue to be the top three most advertised categories, contributing 50% to overall ad expenditure.

Digital spends grew at 14% in 2024, and continue to be the largest contributor to AdEx with a 42% share, the report added.