Major tech and e-commerce companies, including Google, Meta, Amazon, and Flipkart, reported collective advertising revenues of over US$ 7.13 billion (Rs. 60,000 crore) in FY24, marking a 9% increase from the previous year’s US$ 6.55 billion (Rs. 55,053 crore). Notably, Google and Meta’s Indian divisions crossed a combined US$ 5.94 billion (Rs. 50,000 crore) in revenue, with Google India seeing an 11% growth to US$ 3.71 billion (Rs. 31,221 crore) and Meta India reaching US$ 2.70 billion (Rs. 22,730 crore). Flipkart and Amazon’s advertising operations collectively brought in over US$ 1.19 billion (Rs. 10,000 crore), with Flipkart Internet alone reporting a 50% increase to approximately US$ 590 million (Rs. 4,972 crore), reflecting a significant rise in ad revenue for e-commerce platforms.
The growth in digital advertising is attributed to increased smartphone usage, wider internet access, and more time spent online, driving companies to leverage extensive reach and targeting capabilities. Quick commerce platforms are also expected to benefit as digital ad spending rises. Industry projections indicate that India’s internet advertising market, currently one of the fastest-growing globally, could grow from US$ 4.88 billion (Rs. 41,000 crore) in 2023 to US$ 10.13 billion (Rs. 85,000 crore) by 2028, driven by advances in analytics, AI, and immersive formats that enable advertisers to capture consumer intent more effectively as India’s digital ecosystem matures.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.