The narrative of India's digital advertising market unfolds amid a decade of digital transformation, propelled by the surge in smart devices and widespread internet access. This era witnessed remarkable increases in user engagement across various platforms, fueling unprecedented growth in digital advertising spend. Despite the challenges posed by COVID-19, which initially drove a surge in online activity, the subsequent stabilization and muted growth in digital advertising spend during FY23-24 were influenced by consumption slowdown, regulatory changes, and a funding lag. Nevertheless, the trajectory remains striking, with digital advertising expenditure outpacing traditional media, commanding a market share of approximately 55% by FY24. To learn more about this dynamic landscape, download the report now.  

1. Breaking barriers:
Rise of challenger platforms
in digital advertising landscape
© 2024 Redseer Strategy Consultants
Dubai. Bangalore. Delhi. Mumbai. Singapore. New York
February 2024
DIGITAL ADVERTISING IN INDIA

2. About Us
02
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3. Table of Contents
1.0 Digital advertising market to witness muted growth in FY24
1.1 Advertising spend in FY24 to see a muted growth
1.2 Advertising spending across consumer sectors remained muted, except for eCommerce
1.3 Digital advertising spend in a muted FY24 to be USD 8.8-9.3 Bn, to grow at 6-7% in the fiscal
2.1 Digital-first brands leading digital disruption across consumer sectors
2.2 MSMEs across consumer sectors moving online aggressively
2.3 Digital savvy MSMEs account for 1/3rd of digital advertising spend in India
1.4 On the digital advertising supply side, retail media to drive market growth in FY24
3.0 Challenger Platforms Outpacing Market Growth with Unique Positioning
3.1 Challenger platforms are growing faster than digital giants
3.2 Increasing usage to drive rapid growth, with hyperlocal and India SFV in the lead
3.3 Brands adopting digital advertising platforms for precise targeting across marketing funnel
3.4 Challenger platforms compare differently across the marketing funnel
1.5 On the demand side, retail-led sectors dominate advertising expenditure
1.6 Market growth is set to accelerate, visible through positive sentiment across sectors
2.0 Growing Ecosystem Maturity Leading to Evolving Needs for Advertisers
4.1 We expect growth in consumer sectors to bounce back
4.2 With consumption growth resuming, we project advertising spend to grow at 9-10% CAGR
4.3 Five major trends will shape the digital advertising market space in the next 12-24 months
4.0 Riding on Tailwinds, Digital Advertising Market to Grow 11-12% CAGR in FY24-28
03
04-10
05
06
07
12
13
14
08
15-22
16
18
19
20
08
10
11-14
24
24
25
23-28

4. 04
Executive Summary
The story of India's digital advertising market unfolds against the backdrop of a decade of
digital transformation led by the proliferation of smart devices and ubiquitous internet
connectivity. As user engagement with platforms such as social media, eCommerce, gaming,
and web browsing increased, advertising witnessed unprecedented surges, catapulted by
digital advertising.
Advertising spend in India has grown exponentially during COVID-19, when user base and
engagement online skyrocketed. Post-pandemic and once normalcy began, growth in
advertising spend on digital media stabilized in FY23, followed by a muted fiscal year of
FY24. The muted advertising spend growth in FY23-24 is attributed to consumption
slowdown, regulatory changes impacting key advertising segments in gaming, and a funding
lag, causing advertisers to control costs.
With each passing year, the numbers paint a striking picture of the meteoric rise of digital
advertising spending in India. The numbers vividly illustrate this ascent of digital advertising
spend: While the total advertising market in India witnessed an ~11% annual growth rate from
FY19-23, digital advertising expenditure surged by an astounding ~40% growth rate during
the same period. Its share has grown from approximately 21% in FY19 to surpass traditional
media with a market share of ~55% by FY24.
Both advertisers and advertising platforms are evolving to adjust to the new normal.
Advertisers are adapting to the evolving consumer behavior by adopting newer content
platforms with large audiences and high engagement rates. Advertising platforms are
rapidly advancing with interactive, non-static advertisements, offering advertising
performance, allowing brands to adapt to evolving consumer preferences and drive
engagement.
Despite muted growth in the digital advertising spend of the current fiscal year, retail media
is expected to grow at 20%, leading the market. This trend is expected to continue for a few
years to come with the shift of advertisers’ focus across sectors towards performance
rather than branding. Within content-based media, platforms with Tier-2+ cities and
prominent regional content are expected to grow at a much faster rate than the rest of the
platforms.
The revival of consumer demand is expected to accelerate the growth rates for the
advertising spend. The growth is expected to be driven by digital advertising, which is
projected to grow ~2x the rate of traditional advertising. The overall advertising spend is
expected to reach USD 23-24 Bn by FY28 with an optimistic 9-10% CAGR.

5. 05
Digital advertising
spend to witness muted
growth in FY24
1.0

6. 06
Advertising expenditure experienced an
unprecedented surge during the COVID-19 pandemic
as the increased time and consumption online
propelled digital advertising as a necessity for
companies. The growth was driven primarily by digital
advertising and the sharp growth in the number of
eCommerce business models and new-age brands.
The rapid growth of these brands prompted
incumbent brands to invest in digital channels and
subsequently to digital advertising, the adoption of
which accelerated during the pandemic. Although this
growth in overall advertising spending has stabilized
since FY23, our estimate suggests a muted growth of
5.5-6% in FY24.
India’s advertising spend
USD Bn, FY19-24E
FY19 FY20 FY21 FY22 FY23 FY24E
9.7-10.2
10.8-11.2
9.5-10.0
13.5-14.0
15.2-15.7
16-17
~8% ~-11%
~42%
~12%
5.5-6%
Source(s): Redseer research, Redseer analysis
Shift in the audience mix, with more people from
Tier-2+ cities joining the digital population.
Consequently, an increased demand for regional
content is giving rise to regional platforms.
The seismic shift in consumer preferences
towards digital media platforms and their higher
engagement with digital content is creating an
augmented demand for digital advertising.
Trailing a digitally mature population, hundreds
of digital-first brands entered the market. These
new-age brands initiate interactions with their
customers through an online discovery journey.
Advertising spend in FY24 to see a muted growth
1.1
Following factors are characterizing the market:
Increasing organized market growth across
consumer sectors to drive growth in advertising
spend. Brands are increasingly spending more in
their effort to increase customer eyeballs.
Mounting competition in new-age
sectors–coupled with the emergence of unique
advertising avenues offering precise targeting
and better conversion capabilities–is expected
to increase digital advertising spending.
USD 15.2 - 15.7 Bn
in FY23
5.5 - 6%
estimated CAGR for
FY23-24E

7. India deals blow to online gaming
industry with 28% tax
07
A slowdown in advertising spend in the current fiscal has been due to a mix of macro and sectoral headwinds:
Source(s): Redseer research, Redseer analysis
Slump in overall consumption
growth
%, QoQ nominal PFCE growth rate
-20%
-10%
0%
10%
20%
30%
Q3
FY21
Q3
FY22
Q3
FY23 H1
CY21
H2
CY21
H1
CY22
H2
CY22
H1
CY23
H2
CY23
Funding dip in
consumer internet
Funding landscape in India
~22 ~23
~19
~11
~6 ~5
~1,609 ~1,722 ~1,837
~1,192
~798 ~567
Regulatory uncertainty &
GST implementation on RMG
Real money gaming market size
FY23 FY28P
Post-GST
Pre-GST
25-30%
5-7%
Over the past few quarters,
stagnant demand and slower
spending patterns have shaped the
overall Indian market. The growth is
expected to pick up pace in the
coming quarters in spite of dormant
rural demand overshadowing
urban consumption increase.
Rising interest rates and
geopolitical tensions globally
impacted PE/VC investments,
leading to reduced advertising
spend across sectors.
The introduction of 28% GST on the
RMG gaming industry, which has
been a key sector for digital
advertising spend, has curtailed
anticipated growth and switched to
the recalibration of strategy within
the industry.
Consumption slowdown impacted most consumer
sectors in the last and current fiscal except for travel
& hospitality, durables, and eCommerce. Further, the
funding slowdown in the consumer internet sector
shifted the startups focus from growth towards
profitability.
These constraints have subsequently led to brands
controlling their advertising spend in the current fiscal.
eCommerce, despite witnessing a slight slowdown in
growth in FY24, remained the most resilient sector in
terms of advertising spend growth.
Short-term impact in advertising spends – by consumer sectors
USD Bn, %, FY23, FY24E
Advertising spending across consumer sectors remained muted,
except for eCommerce
1.2
20%
15%
10%
5%
0%
-5%
-10%
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 5.0 5.2 5.4
Decline in Ad Expense
High growth Ad Expense
Advertising spend (FY23, In USD Bn)
Expected
Growth
in
Ad
Ex
(In
%,
FY24)
Travel & Hospitality
eCommerce
CPG & Retail
Gaming
Education
Others¹
Media & Entertainment Healthcare
Realty & Infrastructure
Consumer Durables
& Electronics
FY23 market growth
FY24 market growth
BFSI
IT & Telecom
Automobile
# Companies funded Funding (USD Bn)
~

8. India’s digital advertising market
USD Bn, %, FY19-24E
FY19 FY20 FY21 FY22 FY23 FY24E
2.0-2.5
3.2-3.7
4.0-4.5
7.0-7.5
8.2-8.7
8.8-9.3
~57%
~26%
~70%
~15%
6-7%
~21% ~31% ~44% ~53% ~55% 55-56%
Digital advertising spend size Digital advertising as % of overall ads spend
08
Source(s): Company annual reports, Redseer research, Redseer analysis
The growth of multiple consumer sectors is primarily driven by the higher online spending, prompting greater
digital advertising spends. The COVID-19 pandemic catalyzed the widespread adoption of digital advertising
across all sectors. It set off an explosive growth spurt, leading to a surge in the digital advertising market from
FY19 to FY22.
While anticipating a muted FY24, several driving factors are poised to sustain the growth of digital advertising
over traditional advertising. The drivers of the digital advertising spend include:
Digital advertising spend in a muted FY24 to be USD 8.8-9.3 Bn,
to grow at 6-7% in the fiscal
1.3
40%
CAGR from FY19-23
55%
of overall
advertising spend in FY23
Growing eyeballs on
digital media
Internet users (at
~800 Mn) are
expected to surpass
TV viewers and are
already spending
about 1/3rd of their
waking hours on
digital media.
Emergence of
diverse advertising
platforms
Brands have access
to Tier-2+ customers
with rising language
inclusivity, vernacular
content and regional
platforms.
Growth of AdTech
leading to better
targeting
With advancement,
targeting user cohorts
on digital platforms
has become easier for
brands alongside
measurability of
performance.
Democratized access
to self-serve tools
There is an increased
access to self-serve
tools to MSMEs that is
enabling them to
reach customers with
ease.

9. eCommerce : Optimizing digital media to
enhance brand consideration through
enticing offers and prompt conversions.
Automobile : Employ targeted and
personalized advertising to reach relevant
customer segments and generate quality
leads effectively.
09
Source(s): Company annual reports, Redseer research, Redseer analysis
Notes: (1) Retail-media platforms refer to eCommerce,
Hyperlocal platforms that are at the bottom of the consumer
funnel (2) Content-based media platforms refer to social media,
web-search, streaming, news etc.
Earlier, digital advertising primarily comprised
of content-based media, where brands would
interact and engage with customers across
diverse platforms and formats (search, display,
video, audio).
This year, however, the growth of digital
platforms is being largely driven by retail
media, where brands can seamlessly integrate
product suggestions into the customer
purchase journey, driving direct conversions.
India’s digital advertising market – by platform type
USD Bn, %, FY19-24E
FY24E
2.0-2.5
3.2-3.7
4.0-4.5
7.0-7.5
8.2-8.7
8.8-9.3
CAGR
(FY2023-24)
~57%
~26%
~70%
~15%
6-7%
FY19 FY20 FY21 FY22 FY23
97%
96%
85%
85%
82% ~80%
~20%
18%
15%
15%
3%
4%
~20%
~4%
Retail Media¹ Content-based media²
On the digital advertising supply side, retail media to drive market
growth in FY24
1.4
On the demand side, retail-led sectors dominate advertising expenditure
1.5
An in-depth analysis of demand in the digital advertising spend reveals that retail-led advertisers dominate
demand for digital advertising. Advertisers prefer channels that offer higher engagement rates and consumer
conversion rate, allocating their advertising spend accordingly. This paradigm shift renders digital advertising of
the same priority, if not more, as activities such as branding, building content, and visibility.
The utilization of digital advertising varies across different sectors and is tailored to meet the unique needs of
brands. An overview of how various sectors leverage digital advertisements is as follows:
Retail-led sectors: The retail-led sectors spent ~60%
of the total market size of digital advertising spend in
FY23. Within the sector, brands can leverage digital
advertising’s versatility to optimize for the mid and
bottom of the funnel to drive consideration and
conversion.
2023 was a watershed moment - Digital advertising became north of 50% of
overall AdEx in India.Across geographies,retail media is the fastest growing
segment within digital.
Top reasons driving this growth are verticalization of search,collapsing
shopping funnels and retail media's ability to provide close loop
measurement.Coupled with sharp targeting,ability to provide deep insights
and superlative RoAS,it's no surprise that brands and sellers of all sizes are
jumpstarting their growth through advertising on retail media.
Sankalp Mehrotra, Vice President of Monetization (Flipkart)
Awaiting confirmation on quote

10. 10
Digital advertising spend - by consumer sector
In %, FY23
Market Size (FY23): USD 8.2 – 8.7 Bn
Retail-led sectors ~60% Content & Service
sectors~27%
Largely offline
sectors ~13%
Automobile ~5%
Others² ~3%
Realty & Infra. ~1%
BFSI ~4%
Heathcare ~5%
Travel & Hospitality ~2%
Education ~1%
IT & Telecom ~5%
Media & Entertainment ~8%
Gaming ~11%
Consumer Durables & Electronics ~8%
eCommerce ~21%
CPG & Retail¹ ~26%
Source(s): Company annual reports, Redseer research, Redseer analysis
Note(s): (1) CPG &Retail is excluding Consumer Durables &Electronics and Automobiles (2) Others include steel, mining, etc.
Media and Entertainment : Utilize
personalized content and attractive offers to
increase app installations and drive user
engagement.
Travel and Hospitality : Target high-intent
customers to prompt conversions and
employ retargeting strategies to engage
existing users effectively.
Content and Service Sectors: Content and service
sectors spent ~27% of the digital advertising spend.
These sectors have seen major disruptions by the
onset of digital advertising and tech inclusion in their
marketing operations. Unlike retail-led sectors where
immediate purchase is a high priority, this sector
utilizes advertisements for enhancing audience
engagement, traffic generation, app installations, and
promotions of services.
Largely Offline Sectors: Largely offline sectors spent
~13% of the overall digital advertising spend and
adopted digital advertising to bridge the gap between
online presence and offline operations. They utilize
targeted campaigns to enhance brand visibility,
generate leads, and promote specialized services.
BFSI : Focused on cross-selling and building
brand consideration through the deployment
of special offers and tailored messaging.
Realty & Infrastructure : Promoted
properties by targeting high-intent users
within a certain geographical radius.

11. Market growth is set to accelerate, visible through positive sentiment
across sectors
1.6
11
The market sentiment analysis for digital advertising
exhibits different trajectories for different sectors.
While the short-term sentiments look muted, the
long-term outlook remains positive, projecting a
robust recovery within the next few years.
For example, the Automobile industry initially
showcased a moderate response towards digital
advertising spend from FY19 to FY23, but a noticeably
strong positive sentiment for the upcoming 3-4 years
is evident.
While the advertising industry may see muted growth in FY23-24, long-term sentiment is optimistic, and a
significant rebound is expected in next 3-4 years.
Conversely, the education sector, initially highly
optimistic about digital advertising spend in the same
period, experienced a decline in FY23-24 due to
slowdown in the K-12 online education market. Despite
its currently low optimism in these turbulent times, the
sector's outlook is expected to improve, driven by an
anticipated rise in consumer demand.
Advertiser sentiment over digital advertising spends – by sector
Sectors
Automobiles
CPG & Retail
eCommerce
Education
Healthcare
IT &Telecom
Media &
Entertainment
Gaming
Travel &
Hospitality
BFSI
Targeting audiences effectively is leading to increasing spends
Legacy players are starting to advertise their own D2C platforms
High spends are going to stay stable through the next few years
Low retention of students is leading to decreasing digital advertising spends
Promoting preventive healthcare solutions is increasing advertising spends
Capturing touchpoints across new platforms to boost brand visibility
Short-term reduction in spends due to dynamic regulatory environment
Regulatory uncertainty leading to advertisers controlling spends
Capitalizing on rising travel and tourism by tapping customers online
FinTech is leading spends to increase penetration of financial tools
FY19-23 FY23-24E Next 3-4 years
Drivers for changing digital spends
Consumer
Durables
Dependence on digital conversion is going to increase further
Realty &
Infrastructure
Spends could increase with rise of micro-market focused platforms
Overall
sentiment
Source(s): Redseer research, Expert IDIs
High Medium Low
Digital advertising spend outlook
Advertiser’s sentiment for digital advertising

12. Growing Ecosystem
Maturity Leading to
Evolving Needs
for Advertisers
2.0
12

13. Digital-first brands leading digital disruption across consumer sectors
2.1
13
Legacy brands are gradually increasing their digital
footprint, while digital-first/upcoming brands are still
largely focused on digital advertising. With the
increasing digital maturity of legacy brands, their
reliance on traditional advertising channels is
expected to reduce. This trend is evident across
established sectors, such as FMCG, BFSI, and
Automobile.
Digital-first brands allocate significant portions of
their overall advertising budgets to digital advertising
in pursuit of customer acquisition. Witnessing the
growth of digital-first brands, legacy brands are
embracing digital advertising to engage with their
customers moving online
However, we see that as brands mature, their
expectations from advertising platforms also evolve,
looking for more favorable solutions. For instance,
upcoming brands highly prioritize RoAS, seeking to
derive maximum performance at minimal costs. On the
other hand, legacy companies follow a more balanced
approach to advertising spend but demand
engagement levels on par with their digital-first
competitors. However, both legacy and upcoming
brands place significant importance on the trackability
of their return on spend.
Evolving expectations of brands
Source(s): Redseer research
Parameters Metrics Legacy brands Digital first brands
1. Reach
Brands are looking for ad platforms that
have high penetration and engagement
Active users on the platform
Retention rate of customers on platform
2. Ease of advertising
Brands want to be able to easily set up ads
and make changes to them easily
Ad manager to bid and control costs
Inexpensive ad space
Monetizability of users
Engagement rates with ads
Availability of efficient targeting tools
4. Trackability
Brands want to be able to track the
performance with precision
Trackability of return on advertising spend
Impact measurability across customer cohorts
5. Brand safety
Brands do not want to be associated
with explicit content on platforms
No explicit content on platform
Separating brand from explicit content
3. Return on Ad spend
Lower costs and better performance is
increasingly becoming the reason for
adopting newer platforms
Very important Important

14. 14
MSMEs across consumer sectors moving online aggressively
2.2
MSMEs in India
FY23, # in Mn
~ 85Mn
(100%)
Overall MSMEs in India
~ 50 Mn
(~59%)
MSMEs using UPI
11 – 14 Mn
(13-17%)
Online MSMEs
2.5 – 3.0 Mn
(2-4%)
Formal
eCommerce
MSMEs
Sectors % MSMEs Share
# of MSMEs
Units Advertising
MSMEs Digital
Ad Penetration
Fashion (Apparels
& Fabric)
Pharmaceuticals
60 – 70%
20 – 30%
85 – 90%
50 – 60%
Travel & Hospitality
(Hotels &
Restaurants)
FMCG & Retail
60 – 70%
50 – 60%
Jewellers
Automobiles &
Auto Ancillaries
Advertising landscape of MSMEs in few consumer facing sectors
FY23, in % of Industry Size
High Low
Source(s): Press Information Bureau, Redseer research, Redseer analysis
Among the ~85 million MSMEs in India, 2.5-3.0 million
are formal eCommerce MSMEs. Around 50 million are
already embracing UPI payments for transactions and
another 11-14 million have progressed further in their
digital journey by becoming online MSMEs.
Digital advertising presents a distinct advantage for
MSMEs by providing affordable, bite-sized advertising
options. Until now, only a fraction of MSMEs could
afford traditional advertising which often lacked
flexibility and targeting efficiency.
By opening up the reach and ease of advertising for
MSMEs, digital advertising platforms have solved the
problem of access to customers to these businesses.
Furthermore, digital advertising platforms allow
MSMEs to accurately target distinct audiences across
various sectors, facilitating even niche businesses to
thrive. As more MSMEs transition to digital operations,
leveraging digital platforms for audience reach
becomes their logical next step.

15. 15
Digital savvy MSMEs account for 1/3rd of digital advertising spend in India
2.3
Advertising spend in India
USD Bn, %, FY23
Traditional Digital Total
Large
Businesses¹
MSMEs
4-6%
94-96%
65-70%
30-35% 18-23%
77-82%
6.8-7.3
8.2-8.7 15.2-15.7
The adoption of digital advertising by MSMEs has
picked up in recent years driven by their increased
digitization and heightened awareness of digital tools
like self-service platforms. Compared to large
businesses, MSMEs have spent more on digital
advertising than on traditional advertising in FY23,
accounting for 1/3rd of the digital advertising spend
in India.
Numerous factors drive the trends in their
advertising spend. MSMEs spanning various
industries are leveraging an array of online platforms,
from social media to e-commerce, to effectively
market their offerings. Digital advertising platforms
are also customizing their services to meet the
unique requirements of MSMEs and enabling them to
broaden their customer base nationwide and achieve
high ROI.
As digital advertising solutions become more
accessible, efficient, and cost-effective, digital
advertising expenditure by MSMEs is also likely to
increase.
Source(s): Redseer research, Redseer analysis
Note(s): 1. Refers to enterprises with turnover higher than INR 250 Cr p.a.

16. Challenger Platforms
Outpacing Market Growth
with Unique Positioning
3.0
16

17. 17
Challenger platforms are growing faster than digital giants
3.1
Digital advertising spend – by platforms
USD Bn, FY19-24E
Digital advertising landscape
USD Bn, FY23
FY19
73%
24%
25%
71%
63%
67%
62% ~60%
~20%
~20%
18%
20%
15%
15%
18%
22%
FY20 FY21 FY22
FY22 FY23 FY24E Digital Giants¹ Challenger platforms
3%
4%
Digital giants¹ eCommerce Content
Market Size (FY23): USD 8.2 – 8.7 Bn
Digital giants¹
~62%
Source(s): Annual reports, Redseer research, Redseer analysis
Note(s):(1) Digital giants refers to digital advertising platforms from Alphabet and Meta ecosystem (2) Hyperlocal includes food delivery and quick
commerce platforms and excludes mobility (3) Others include ride hailing, job listing platforms, classifieds etc.
OTT Video ~7%
Gaming ~5%
News ~3%
SFV ~1%
OTT Audio ~2%
Others³ ~2%
Hyperlocal² ~3%
eTailing
~15%
The emergence of retail media and other challenger
platforms are transforming demand for digital
advertising. The long-reigning giants of online
advertising, Google and Meta, are witnessing
slowdown in their growth in India and consequently
their once-dominant market share is gradually
reducing with the rise of retail media and other
content-based challengers. Their ~62% market share
in FY23, still a majority share, is expected to decline to
~60% in the current fiscal of FY24.
Stepping into the spotlight for the last two years and
leading the growth are the "challengers" – ecommerce
and content platforms, each expected to command
~20% of the total digital advertising spend in FY24.
The potential for user engagement on these digital
platforms and drive direct conversions is immense.
Advertisers are considering challenger platforms for
advantages it offers both in terms of reach and
cost-effectiveness of their advertising campaigns. For
instance, brands leverage hyperlocal platforms to
reach high-intent affluent users and India SFV
platforms to reach regional users in Tier 2+ cities.
2.0-2.5
3.2-3.7
4.0-4.5
7.0-7.5
8.2-8.7
8.8-9.3

18. 18
eTailing: eTailing platforms facilitate the
placement of product recommendations within
the customer's purchasing journey, which leads
to increased conversion rates for online
products.
OTT Audio: Formats in OTT Audio, across music,
audiobooks and audio series, are steadily
gaining a loyal user base, providing newer
avenues for advertising.
Hyperlocal: Platforms allow the targeting of
high-intent users with significant disposable
income. It enables even non-endemic
advertisers to effectively reach their affluent
audience.
News: Shifting the news consumption from
print and TV to digital media is prompting
brands to advertise digitally.
OTT Video: The high attention span of users on
OTT platforms and the ability to seamlessly
integrate advertising into the content drive
consideration for brands.
Gaming: Gaming platforms have a high
view-through rate, making advertising an
attractive proposition for brands. Combined
with interactive advertising formats, it has a
higher conversion rate.
Shortform Video: : India short-form video has a
large user base from Tier 2+ and rural audiences
with high engagement. Platforms in this content
format, allows brands to reachout to a massive
pool of users in smaller cities and towns.
Others: Classifieds are being used to reach
niche audiences, and other platforms are used
for awareness campaigns by brands.
The breakdown of challenger platforms and factors driving their adoption
by brands goes as follows:
Advertisers are increasingly considering challenger platforms as they hold unique value
propositions and offer effective strategies for engaging their target demographics.
Offer opportunities for
consumers to consume and
actively engage with brands’
content, promoting consideration
for brands.
Enable users to create
user-generated content on
platforms creating an avenue for
brand advocacy.
Place brand advertisements
directly in the consumer
purchasing journey and help
capture the attention of
high-intent customers.

19. Increasing usage to drive rapid growth, with hyperlocal and India
SFV in the lead
3.2
3.2
Growth of challenger platforms
USD Mn, %, FY23
SFV
Hyperlocal²
eTailing
OTT Video
Gaming
Others³
OTT Audio
News
Ad
Revenue
CAGR
FY21-23
80%
60%
40%
20%
0%
150 200 250 300 450 600 1,300 1,350
0
Ad Revenue FY23 (In USD Mn)
Size of the bubble indicates MAU¹(Mn)
Hypergrowth sectors
Focusing on leveraging their high userbase through ad monetization
Steady growth sectors
Focusing on monetizing through gradual addition of advertising inventory
Mature sectors
Focusing on creating advertising revenues
Source(s): Annual reports, Redseer IP, Redseer analysis
Note(s): (1) Hyperlocal &eTailing’s MTU used for bubble size (2) Hyperlocal has food delivery and quick commerce platforms, excludes mobility
(3) Others include ride hailing, classifieds, etc.
Delving into advertising revenue growth across
challenger platforms, it’s clear that these platforms are
growing their advertising revenue much faster than
established media companies. From FY21 to FY23, the
challenger platforms exhibited either a state of
hypergrowth or steady growth. Notably, short-form
video platforms, hyperlocal platforms, and etailing
platforms surged ahead with a remarkable CAGR
exceeding 40%.
Meanwhile, OTT audio platforms are actively seeking
to bolster their advertising inventory to build more
momentum. The takeaway is clear: challenger
platforms possess untapped potential and ample
opportunity for further expansion.
A notable shift in content formats is in play, with more
immersive and interactive formats, particularly video,
audio, and interactive, gaining more traction.
Simultaneously, advertising platforms are expanding
their advertiser touchpoints and exploring innovative
formats to enhance engagement. While Alphabet and
Meta maintain dominance across various content
formats, including search, display, video, and
interactive content, challenger platforms are
increasingly gravitating towards display, video and
interactive formats to capture audience attention.
For example, eCommerce has ventured into video
content to bolster customer awareness of products
and offerings. Although it's still in its infancy and not
yet as influential in driving purchases compared to
search and display formats, it’s a step towards
unlocking the potential of video. Meanwhile, interactive
advertisements gain traction, particularly on
short-form video platforms and gaming platforms,
where users are more inclined to engage with
immersive experiences.
19

20. Brands adopting digital advertising platforms for precise targeting
across marketing funnel
3.3
Brands leverage advertising platforms in different
ways to measure the outcome of their advertising
goals across the marketing funnel. When aiming to
enhance awareness for instance, brands typically
utilize platforms to optimize their advertisements for
reach and frequency, website traffic, or advertising
exposure.
These platforms offer dashboards and tools to
measure the advertisements campaigns effectiveness
on various Key Performance Indicators (KPIs).
Consider reach and frequency- it typically requires
multiple interactions with users across different
channels before they begin to sway toward a new
product. Advertising platforms enable brands to
establish and track this frequency per user, providing
insights into the effectiveness of their campaign.
While the idea of branding and awareness remains the
same across all brands, the notion of conversion
varies depending on the brand type. A new-age BPC
brand focusing on conversion may seek to optimize
for actions like "Add-to-Cart" or purchases and
measure KPIs related to online sales. Conversely, an
automotive OEM who is unable to directly sell cars
online may focus on generating qualified leads. To the
OEM, conversion translates to monitoring metrics like
lead conversion rates or the number of potential
customers expressing interest in purchasing a vehicle
(marketing/sales qualified leads).
Amid the current advertising spend slowdown, brands
increasingly leverage platforms for performance
advertising, shifting focus to the marketing funnel's
bottom. In the recent past, brands primarily
concentrated on awareness and consideration with
minimal spending towards conversion. However, with
growing maturity of retail media platforms (etailing,
hyperlocal etc.), new-age performance centric brands
allocate a larger share of marketing spend to these
channels. Digital ad platforms unlock new touchpoints,
enabling brands to broaden focus to consideration,
retention, and retargeting strategies.
20
Goal
Awareness
Objective KPI measured Formats used
Reach & Frequency Impressions, CPM, Active users,Frequency per user Across all formats
Website traffic Keywork ranking & CTR, Organic Traffic, Bounce rate Search, Display, Shortform Video
Ad Exposure Ad Exposure per cohort, Cohort size, Ad recall Across all formats
Conversion
Signups/ Acquisitions
Firsttime purchasers/ signup, CPS (Sale),
CTA button CTR
Interactive, Attributed values
Add-to-cart/
Purchase
Add-to-cart and Abandonment rate, Conversion rate
CPS (Sale)
eCommerce, Attributed values
Qualified leads Capture vs conv. rate, Marketing/ Sales qualified leads Across all formats
Consideration
Brand search Branded keyword search, Generic keyword CTR Search, eCommerce
Engagement
Engagement rate, Average engagement time,
DAU/MAU
Shortform Video, Interactive
Sessions Sessions, Sessions per user, Session duration Across all formats
Lead generation New leads, CPL (Lead), CTA button CTR Interactive, Shortform Video
Retention
Returning users
Cohort-level retention rate, 31–90-day
purchasers’ sessions
Across all formats
Brand Advocacy
Net promoter score, Reviews and rating,
Social Media mentions
Shortform Video
Metrics and formats used for different brand goals
Platforms are increasingly considering digital media platforms for middle/ bottom of the
marketing funnel – consideration, conversion and retention
Source(s): Redseer research
Conversion
funnel
Mid
of
funnel
Top
of
funnel

21. Challenger platforms compare differently across the marketing funnel
3.4
21
Brands have been leveraging different advertising
media for specific goals across the marketing funnel.
For instance, brands advertising on eTailing platforms
place a lower priority on awareness but a fairly high
emphasis on product consideration by the users.
However, their expectation is the highest when it
comes to conversion and retention.
Similar expectations are levied on hyperlocal
platforms by brands across awareness and
consideration. Conversion and retention are the main
goals as hyperlocal platforms are placed at the same
stage of the customer journey as eTailing platforms.
Clustered again in brand goals are OTT Video and OTT
Audio. The focus on awareness and consideration is
high on these platforms as users are least likely to
divert from their activity to follow through on a
purchase.
News platforms and short-form videos (SFV) are
similar when it comes to brand goals as well. These
platforms strike a balance across the marketing
funnel for most brands by fairly optimizing for all the
goals.
SFV allows sectors such as Fashion and BPC to attain
higher and cost effective reach, while allowing multiple
sectors like Electronics to achieve good engagement
rates.
Brand goals pursued on advertising platforms – by type
Goal type
Awareness
Consideration
Conversion
Retention
Major sectors
eTailing Hyperlocal OTT Video OTT Audio News SFV Gaming
0
1
0
1
0
1
0
1
Mobiles
FMCG
Fashion &
BPC
FMCG
BPC
BFSI
CPG
Durables
eCommerce
CPG
Media &
Entertainment
eCommerce
FMCG and
BPC
Automobiles
Gaming
BFSI
Gaming
Fashion and
BPC
Electronics
Gaming
Media &
Entertainment
Source(s): Redseer research
1 : Most favorable 0 : Least favorable

22. Electronics Beauty &
Personal Care
Fashion eCommerce Gaming
Advertising spend on India SFV
USD Mn, FY22-24E
FY22 FY23 FY24E
14-16
36-40
65-70
Case Study 1: Brands leveraging SFV platforms to widen their reach
Short Form Videos are a bite-sized
entertainment format that has grown in
popularity with a wide range of audience
across the country in both urban and rural
areas. Brands are increasingly tapping into
SFV apps to reach an expansive user base
and access previously untapped audiences.
With approximately 250 million users in
India, SFV platforms offer access to around
65% of users in Tier 2+ cities. These
platforms enable advertisers to deploy
shorter, more engaging advertisements that
are less intrusive.
22
Major SFV platforms
introduced ad
monetization in FY23
Source(s): Redseer research
Advertising performance focused campaign on SFV apps
Umang Bedi, Co-Founder (VerSe Innovation)
We have leveraged our platform's extensive user base,
especially in emerging markets beyond Tier 2 cities,enabling
a diverse range of brand-centric and performance-oriented
campaigns for established as well as emerging brands.

23. 23
Advertising spend on Hyperlocal Apps
USD Mn, FY22-24E
Key sectors advertising on Hyperlocal Apps
160-170
200-220
240-260
FY22 FY23 FY24E
Case Study 2: Hyperlocal platforms (foodtech, quick commerce) enabling brands
to place ads directly in the customer purchase cycle and drive direct conversions
Hyperlocal platforms in India are used by
~85 million users who frequent them for
quick grocery deliveries, restaurant
suggestions, etc. Advertisements by brands
on hyperlocal apps drive increased online
conversions and encourage offline foot
traffic. As they are strategically positioned
within the purchase cycle of the customer,
the advertisements by brands prompt
direct conversions. The high rate of
conversion helps digital-firstbrands,
breaking into the market. Advertising spend
on hyperlocal platformsis projected to
reach 240-260 million by FY24.
Discovery and conversion led campaigns on Hyperlocal apps
Electronics BFSI
Beauty &
Personal Care
FMCG
Restaurants
Source(s): Redseer research

24. Riding on Tailwinds,
Digital Advertising Spend
to Grow at 11-12% CAGR in
FY24-28
4.0
24

25. First, the anticipated recovery and expansion of
consumer-facing sectors in the next 3-4 years will be the
prime mover of the whole mechanism. Moreover, the
burgeoning digital maturity among small businesses is
expected to fuel significant advertising spend as they
transition online. Accessible bite-sized advertising
formats will effectively democratize digital advertising
for millions of SMBs, further fueling growth.
Second, the rise of video-based and interactive
advertising, coupled with increased investment in these
formats, highlights advertiser preference for advertising
formats with higher conversion rates. Within content
formats, video provides high recall for brands; interactive
content prompts immediate user engagement, leading to
actions like sign-ups and purchases.
We expect growth in consumer sectors to bounce back
4.1
With consumption growth resuming, we project advertising spend
to grow at 9-10% CAGR
4.2
Despite recent economic slowdown, India's
consumption trends are back on resurgence, with
several consumer-facing sectors poised for
double-digit growth. In the next 5 years, eCommerce,
gaming, education, consumer durables & electronics,
retail, and automobile are sectors anticipated to
outpace the GDP growth, which is projected to grow
at a CAGR of 8-9% from FY23 to FY28.
Although the prevalent macroeconomic challenges
keep the recovery sluggish, there are positive
indicators, such as:
Growth in manufacturing sector creating better
jobs for wider population
Higher global investments are expected to impact
the economy positively
Growing middle-class population with higher
disposable income
This snapshot of consumption revival demonstrates
the growing significance of digital channels in
consumer spending patterns.
The resurgence in consumption and growth across sectors is expected to spur advertising spend. Notably, digital
advertising spending is expected to double in growth rate and is set to outpace traditional advertising and
capture a dominant 60% market share by FY28.
25
Growth of consumer facing sectors
CAGR %, FY23-28P
FMCG
eCommerce¹ 20-21%
17-18%
13-14%
13-14%
12-13%
10-11%
9-11%
Gaming
Education
Retail
Automobile²
Consumer Durables
& Electronics
GDP growth 8-9%
Source(s): Redseer research
Note(s): (1) eCommerce calculation based on GMV
(2) Automobile is only 4W passenger vehicle
Ad spending in India – by channel type
USD Bn, %, FY23-28P
FY23
~55% ~55%
~60%
~40%
~45%
~45%
FY24E FY28P
15.2-15.7 16-17
23-24
5.5-6%
9-10%
6-7%
11-12%
Digital Traditional CAGR
Source(s): Redseer research

26. 26
The future of digital advertising is expected to be influenced by five key trends, including changes in consumer
behavior and advancements in technology. These trends are likely to play a significant role in shaping the digital
advertising spend.
Five major trends will shape the digital advertising market space in
next 12-24 months
4.3
Factors to look forward
to in next 2 years
Influencers’ growth
as cost-effective
medium
Growing ad
spending toward
Tier-2+ users
Performance
advertisements to
see faster growth
Maturing
Programmatic Play
in digital advertising
Application of GenAI
across advertising
value-chain
Influencers act as
cost-effective
celebrities
Increasing
relatability of
brand content
Allow micro
targeting, acting
as advertiser
channel
Increased
language inclusivity
Rural digital
adoption led by
regional platforms
Growing
vernacular content
on SFV platforms
Shift of focus from
brand building to
performance
Higher emphasis
on advanced
analysis tools
Performance-led
platforms to see
growth
Higher focus on
contextual
advertising
Advertising spaces
growth prompting
aggregation
Need for advertising
marketplace for
advertisers
Generative AI is
being integrated
across platforms
Easier advertising
content generation
Multiple functions
like targeting to
be positively
impacted
Trends to look forward to in digital advertising
Next two years
4.3.1 Influencers as a cost-effective medium for marketing
Source(s): Redseer research
Brands are increasingly harnessing the power of
online celebrities in their marketing strategies.
Influencers, as digital stars with niche audiences, offer
a cost-effective alternative to branding and
performance advertising. Influencers can be leveraged
for shoppertainment that blends relatable content
with promotional messaging to drive effective
content-triggered shopping experiences.
Currently, there are 0.5-0.6 million Macro and Mega
influencers, each with more than 100K followers,
operating in India. Legacy brands are also
collaborating with influencers for micro-targeting and
efficiently reaching their cohort-specific audiences.
Influencers are also highly effective in generating
customized leads by offering exclusive deals and
discounts to their followers, which often results in
direct conversions. This approach not only minimizes
customer acquisition costs but also enhances brand
engagement and loyalty. It is projected that influencer
market spend, which was USD 0.35 - 0.40 Bn in 2023,
would rise to USD 2.8 - 3.5 Bn in 2028.
Marketing Spend¹ on Influencers
USD Bn, CY2022-28P
2022 2023 2028P
0.35-0.40
0.45-0.50
2.8-3.5
0.7
2.8
Aggressive Case Base Case

27. 27
Consumer spending and audience diversity have expanded beyond Tier-1 cities, and brands are responding by
reallocating advertising budgets to target these emerging markets. The surge in internet users and transactors
in Tier 2+ cities is opening up a tremendous market for brands.
4.3.2 Increasing advertising spend towards Tier-2+ users
Changes in audience mix
In %, FY 24E
Internet
users
Smartphone
users
UGC users
Online
transactors
10% 7% 23% 60%
11% 7% 23% 59%
14% 12% 23% 51%
17% 10% 25% 48%
The proliferation of digital consumers in Tier 2+
cities has spurred the evolution of advertising
ecosystems to serve this demographic better.
Regional platforms catering to diverse linguistic
preferences have emerged to offer content in
various vernacular languages. Brands are keenly
investing in eCommerce and emerging
challenger platforms like India SFV Platforms to
capitalize on this expanding audience base.
Impact on
advertising
ecosystem
Brands spending to boost
acquisition
Ad spends on eCommerce and
upcoming platforms have been
increasing and would continue to
do so
“It is easier to reach customers
spread across the country through
digital advertising” – Fashion retailer
Rise of regional platforms
There is a rise of platforms that have
placed their focus on vernacular
content
Inclusivity of languages
across platforms
Platforms, both new and old, are
increasing the number of languages
they are available in
10
Languages
12
Languages
Source(s): RBI, Redseer research
4.3.3 Performance advertising to see faster growth
Consequently, multiple brands are increasingly
prioritizing profitability over brand awareness in
their advertising campaigns. Brands are also
prioritizing measurability on advertising platforms
to ensure the same. Gleaning insights into
engagement and conversion metrics allows them
to optimize their advertising spend effectively.
- BPC brand
Performance-led advertising is expected to gain
prominence with new-age brands and content
focused sectors like OTT, gaming, fintech etc.
Macroeconomic conditions have led to reduced
advertising expenses and prompted brands to
shift from brand-building to performance-focus.
This shift is fueled by a growing maturity among
brands, as evidenced by increased brand
recognition among users.
Earlier,the focus was on
making people come to the
platform,while now our focus
has shifted to increasing
customer lifetime value
- eCommerce brand
As a new-age niche brand,it
is important for us to reach
out to the right audience and
optimize for performance
than reach
Metro Tier 1 Tier 2+ (incl. Urban towns) Rural

28. 28
4.3.5 GenAI to impact operations across advertising value-chain
The advent of GenAI is a pivotal shift in digital
advertising as it comes with transformative additions
throughout the advertising value chain. From content
generation to personalized engagement, GenAI offers
a plethora of use cases that are reshaping how
advertisers and advertising platforms operate.
By automating content generation across various
formats and optimizing search results, GenAI
facilitates cost and time savings. Moreover, it enable
brands to derive actionable insights from vast
datasets to identify emerging trends.
As the industry transitions to a cookie-less
environment, GenAI provides an alternative to
advertisers to deliver personalized advertisements. By
leveraging user details and prompts, it can identify
patterns and target audiences effectively, even in the
absence of cookies. Gen AI is already expected to
significantly impact aspects of the advertising cycle,
such as campaign planning, advertising campaign
design, and advertising content design. Going forward,
it could potentially handle media planning and
campaign execution.
Target cohort identification with potential
performance evaluation and goal setting
Aspects of advertising cycle expected to be impacted by GenAI Near-future impact
Campaign planning
Platform and format level analytics for
optimised performance
Media planning
Evaluating market trends and creative concepts
for relevant audiences
Advertising campaign design
Design of the advertising content in different formats
Advertising content design
Launch of campaigns across platforms and
automated performance optimization
Campaign execution
High
Very high
Very high
High
Still nascent
Source(s): Investor transcripts, Redseer research
4.3.4 Maturing Programmatic Play in Digital Advertising
64%
36% 34%
66% 58%
42%
34%
66%
Digital advertising market - by programmatic split
USD Bn, %, FY21-24E
FY21
4.0-4.5 7.0-7.5 8.2-8.7 8.8-9.3
FY22 FY23 FY24E
Direct media
buying
Programmatic
Programmatic advertising has revolutionized the
digital advertising industry with its automated bidding
system that facilitates real-time transactions of
advertising inventory across digital platforms. By
streamlining the buying and selling process, it
eliminates the complexities associated with manual
transactions while leveraging sectoral advantages.
A key advantage of programmatic advertising lies in
its democratizing effect on the advertising spend,
particularly for new-age brands. With automation,
brands can build efficiency in advertisement space
buying and selling processes and utilize advanced
Siddharth Jhawar, Country manager(Moloco)
Efficiency gets unlocked when ad dollars are spent
programmatically.The growing maturity of the digital ads
industry,supported by advanced tech solutions,is making this
shift towards programmatic spending inevitable.
targeting capabilities. Another significant benefit is its robust measurability, which is becoming a priority for
advertisers, especially as they pivot towards CTV and OTT to capture evolving viewership trends.
Source(s): RBI, Redseer research

29. 29
Conclusion
In conclusion, the digital advertising landscape is witnessing a profound shift, with
challenger platforms emerging as key players driving growth and innovation. The pandemic
accelerated the adoption of digital advertising and highlighted its effectiveness and
advantages for brands. Moving forward, FY24 is projected to see a moderate 6% growth in
total advertising spend, with brands increasingly turning to digital platforms for their
advertising needs.
What sets digital advertising platforms apart is their versatility- offering brands the ability to
reach previously untapped audiences and niche markets while delivering high ROI. Whether
brands come from traditional sectors like BFSI and automobiles or new-age industries like
eCommerce and IT, digital platforms cater to diverse goals and objectives.
Moreover, digital advertising platforms have grown to meet the evolving needs of brands,
providing enhanced reach, ease of advertising, ROI tracking, and brand safety measures.
They offer multiple touchpoints across the marketing funnel and make it easier for brands to
engage with their target audience.
Looking ahead as consumer spending rebounds, sectors such as eCommerce, CPG & Retail,
and Gaming are poised for double-digit growth, driving further expansion of the digital
advertising spend. Influencer marketing will continue to gain traction as a cost-effective
strategy to reach Tier 2+ users, while programmatic advertising and performance-based
advertisements will become more prevalent. Additionally, the integration of artificial
intelligence across the advertising value chain will bring about significant changes in how
brands strategize and execute their advertising campaigns.

30. 30
Glossary
Traditional advertising Advertising channels, which have been used traditionally and
and includes print, TV, radio and out of home
Digital advertising Advertising delivered on Internet
Hyperlocal FoodTech platforms; Quick-commerce platforms; eGrocery
platforms
eTailing Include platforms selling consumer merchandise and includes
horizontal marketplaces such as Amazon, Flipkart, Meesho etc.;
Vertical platforms such as Myntra, Nykaa, etc.
Retail Media Product commerce platforms where which is used for
placement of advertising by brands
SFV Shortform Video, comprising of Moj, Josh, MX Takatak among others
Content platforms Platforms with content as primary offering, comprising of
OTT Video, OTT Audio, Shortform Video, etc
Digital giants Global digital advertising incumbents, Alphabet and Meta
Content-based Media Platforms leading with content spread across formats, includes
both Digital giants and Content platforms
Challenger platforms Includes Content platforms and Retail Media
CTA Click To Action
CTR Click Through Rate
CPM Cost Per Mille
DAU/MAU Daily Active Users / Monthly Active Users
CPL (Lead) Cost Per Lead
CPS (Sale) Cost Per Sale
Capture vs conv. Rate Capture vs Conversion rate
MSMEs Micro, Small and Medium Enterprises with turnover less
than INR 250 Cr p.a.
BPC Beauty & Personal Care
OTT Audio Includes audio content platforms like Gaana, Spotify, Saavn
OTT Video Includes video content platforms like Hotstar, Zee5, SonyLiv,
MX Player, Voot

31. Authors
31
Anil Kumar Founding Partner
Anil Kumar is the Founder of Redseer Consulting. He has been part of engagements in Internet, Private
Equity, Retail CPG and Healthcare among others. He specializes in growth and investment strategies. Anil
is a believer of the data-driven approach in solving business problems. His consulting approach leverages
Data IP, sector expertise and the client’s core hypothesis. He holds a B-tech from IIT Delhi. He can be
reached at anil@redseer.com
Mukesh Kumar Associate Partner
Mukesh Kumar is the Associate Partner at Redseer Consulting and has 9+ years of experience in growth
strategy engagement across internet, education, healthcare, and consumer products clients across India,
MENA, and North America. He holds a B.Tech from IIT Delhi.He can be reached at mukesh@redseer.com
Shivam Mundhra Senior Consultant
Shivam Mundhra is a Senior Consultant at Redseer Consulting and has 5+ years of experience in
consulting clients on growth, product and M&A strategies. He has advised clients across varied industries
including video streaming, social media, gaming and financial services. Shivam holds an MBA from Indian
School of Business and is a commerce graduate from Shri Ram College of Commerce. He can be reached at
shivam.mundhra@redseer.com
Sahithi Devavarapu Associate Consultant
Sahithi has experience across Media & Entertainment, FMCG and Consulting industries, contributing
primarily towards market analysis and growth strategy development. At Redseer, she has consulted with
top global players in social media and gaming sectors. She also has experience of leading advertising
initiatives for both legacy and digital-first FMCG players. She holds an MBA from FMS, Delhi and M. Sc., B.E.
from BITS-Pilani, Hyderabad. She can be reached at sahithi.d@redseer.com
Rohan Chakravorty Business Analyst
Rohan has worked on engagements in digital media & entertainment and consumer retail spaces. He
brings project experience in industry research, DRHP assistance, and business expansion strategy. He has
graduated from Hindu College, University of Delhi and holds a degree in B.Com Honours. He can be reached
at rohan.c@redseer.com
Hrishika Daruka Business Analyst
Hrishika has worked on engagements in Retail, eCommerce and Advertising. Her most recent experience
in due diligence included a comprehensive understanding of consumer behavior and market trends. She
has graduated from Lady Shri Ram College and holds B.Sc. (Hons) Statistics. Reach her at
hrishika.d@redseer.com

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