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20 January 2023
Brands of Bharat drive adspend growth
Almost a third of India’s GDP is contributed by the SMB/MSME sector which also makes up around 60% of annual advertising spend, according to a new TAM report.
Why it matters
These are the ‘Brands of Bharat’ – regional, small and hyper-local advertisers – whose advertising spend has rebounded from the pandemic, up 225% in 2022 over 2020. And whose spending is projected to grow at 12% year on year for the next four years, driving overall growth of Indian media.
Hyperlocal categories (including real estate, coaching centres, hospitals, food chains/restaurants, retail stores) have significantly increased spending between 2109 and 2022 on TV (+55%) and radio (+45%); growth in digital is slower (+9%) while print spend has declined (-7%).
Regional TV is still the prime mix along with local radio, hyper-local cable and digital platforms.
Digital versions of TV channels and print publications have seen 2x and 6x increases in the number of advertisers, respectively.
The growth of the SMB/MSME sector is being driven by new entrepreneurship, with start-ups being roughly evenly divided between urban and rural markets.