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Major tech and e-commerce companies including Google, Meta, Amazon, and Flipkart collectively reported advertising revenues exceeding Rs 60,000 crore during the financial year 2023-24. This marks a 9 per cent increase from Rs 55,053 crore in the previous financial year, according to filings from the Registrar of Companies.
For the first time, the Indian divisions of Google and Meta achieved a combined gross revenue surpassing Rs 50,000 crore. Additionally, the advertising arms of Flipkart and Amazon accumulated over Rs 10,000 crore in total ad revenue, with Flipkart Internet alone generating close to Rs 5,000 crore, according to a report by The Economic Times.
While Amazon Seller Services has yet to disclose its annual report, it reported Rs 5,380 crore in ad revenue for FY23. Sources suggest that the company is anticipated to maintain robust earnings in advertising, aligning with positive industry trends.
Factors driving digital advertising growth
Industry analysts attribute the growth in digital advertising to several factors, including increased smartphone usage, broader internet access, and a rise in the time users spend online for activities such as entertainment and shopping.
Google and Meta, in particular, are capitalising on their extensive reach and targeting capabilities, attracting diverse advertisers. Meanwhile, e-commerce platforms are boosting brand sales and providing higher returns on investment (RoI).
Quick commerce platforms, although currently holding a smaller market share, are expected to see significant gains as digital ad spending continues to rise. Industry forecasts estimate that the quick commerce sector could earn between Rs 2,500 crore and Rs 3,000 crore annually from advertising.
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Google India reported an 11 per cent growth in gross advertising revenue for the financial year ending March 2024, reaching Rs 31,221 crore, up from Rs 28,040 crore in FY23. Meta India’s gross advertising revenue rose to Rs 22,730 crore in FY24, compared to Rs 18,308 crore the year before. Meanwhile, Flipkart Internet saw a remarkable 50 per cent increase in ad revenue, totaling Rs 4,972 crore.
Future of digital advertising in India
The report quoted Manpreet Singh Ahuja, chief digital officer at PwC India, as saying that India’s internet advertising market is the fastest-growing in the Asia-Pacific region and the second-fastest globally. It is projected to grow at a compound annual growth rate (CAGR) of 15.6 per cent, increasing from Rs 41,000 crore in 2023 to Rs 85,000 crore by 2028, he said.
As India’s digital ecosystem matures, he said, advertisers are increasingly focusing on capturing consumer intent and behaviour at deeper levels, using advanced analytics, AI, and immersive formats.
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