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Lower ad spends impacts TV industry in 2023

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Ads on CTV more attention-grabbing than on linear TV and social video
  1. TV ad spending dropped by 1-2% YoY, excluding sports ad spending, attributed to reduced spending by e-commerce and gaming companies.
  2. Ad revenue from the ICC Men’s Cricket World Cup 2023 surged by 25%, affecting broadcasters like Zee Entertainment and Sun TV.
  3. Zee Entertainment reported a 3.3% YoY decline in advertisement revenues, while Sun TV also faced muted ad spending during the September quarter.
  4. Television ad revenues in 2023 are projected to grow over 8.9% to approximately Rs 36,500 crore ($4.6 billion), with expectations of reaching Rs 40,100 crore ($5.1 billion) by 2024.
  5. The overall growth of India’s advertising market has slowed down to 11.8% in 2023 from 17.4% in 2022, with projections of further dropping to 11.4% in 2024.

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