Navigating 2024: Key Advertising Trends for India
As we enter the new year, industry leaders share their insights into what lies ahead, and Amit Kr. Yadav, Country Manager, South Asia at PubMatic, offers a glimpse into three key trends for 2024.
1. Increased uptake of Commerce Media by Advertisers
As more and more consumers in India are jumping on the e-commerce bandwagon, India will add 76.5 million e-commerce buyers by 2027, for a total of 421.7 million (Source, Inside Intelligence, eMarketer, June 2023). This will in turn translate into a huge opportunity for advertisers to connect with the next generation of digitally savvy shoppers in an app-based digital ecosystem.
A noteworthy trend to anticipate in 2024 is the evolution of programmatic technology propelling the next wave of commerce media. Automation will enable advertisers to diversify ad formats while activating media more strategically by leveraging first-party data, allowing buyers to reach in-market audiences and unlock valuable insights. As India builds the infrastructure for a bustling e-commerce economy, one also can expect commerce media platforms to make their audiences available for offsite targeting and grow their value to brands that do not directly sell through their retail arms.
2. Elevating Responsibility in Media: A Call to Action
In the rapidly evolving landscape of digital advertising, responsible media is emerging as a pressing priority. As an industry, we have a responsibility to channel advertising spending towards media platforms committed to producing high-quality, fact-checked, and inclusive content.
This commitment extends beyond content quality; responsible media also involves minimizing its ecological footprint and aligning with sustainable practices to alleviate its impact on the planet’s resources. In the pursuit of performance, our industry has at times sacrificed accountability, resulting in an uneven playing field for digital media owners. The need for positive change within the digital advertising industry is clear. More robust standards and guidelines can be established to better define how we can continue building a more responsible, sustainable, and equitable digital media landscape for all.
3. Streamlined buying of online video, especially Connected TV and mobile audiences
Did you know the programmatic ad spending in India catapulted to $3.14 billion in 2022, a significant leap from $1.67 billion in 2019? By 2024, an estimated 90 per cent of all online ad expenditure in India will be transacted programmatically. In fact, according to the forecast, CTV ad revenues will experience an annual compounded growth rate of 10.4% between 2023 and 2028.
Reaching target audiences has become increasingly challenging for advertisers, making it crucial for the industry to prioritize simplification of the acquisition of CTV and online video in the coming year. The specific focus should be on facilitating the convergence of TV and mobile audiences. This challenge served as the inspiration behind the launch of PubMatic’s Activate in 2023, aiming to provide a more transparent and cost-effective end-to-end supply chain. Activate offers access to premium video publishers in the APAC region.
As we step into 2024, these trends and reflections from Amit Kr. Yadav provides valuable insights into the evolving landscape of the advertising industry. Click here to know more about PubMatic.
About the author:
Amit Kr. Yadav is Country Manager, South Asia at PubMatic and has over 20+ years of experience in the media industry. He leads PubMatic’s regional operations with a focus on strategic partnerships, sales, operations, and accelerating the publisher programmatic journey in this mobile-first region.