Summary:

Major IT and e-commerce businesses such as Google, Meta, Amazon, and Flipkart reported advertising sales of over US$ 7.13 billion (Rs. 60,000 crore) in FY24, up 9% from US$ 6.55 billion (Rs. 55,053 crore) the previous year. Google and Meta's Indian subsidiaries made significant contributions, generating total revenues of US$ 5.94 billion (Rs. 50,000 crore). Additionally, Flipkart and Amazon earned more than US$ 1.19 billion (Rs. 10,000 crore), with Flipkart Internet alone reporting an impressive 50% increase.

Increased smartphone usage, greater internet access, and more time spent online are driving the expansion of digital advertising, prompting businesses to leverage their extensive reach and targeting capabilities. Quick commerce platforms are also expected to benefit from rising digital advertising investments. According to projections, India's online advertising market, one of the fastest-growing in the world, may increase from US$ 4.88 billion (Rs. 41,000 crore) in 2023 to US$ 10.13 billion (Rs. 85,000 crore) by 2028, primarily due to advances in analytics and artificial intelligence.

Source: IBEF 

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