The year 2020 had witnessed a drop in the revenue flow of the majority of the industries. One of the industries affected by the pandemic was advertising. Most organizations had sharply cut down their marketing budgets leading to loss of money flow to the advertising industry.
But as 2021 started, things started recovering and according to the Digital Report 2021 by dentsu, the Indian advertising industry is expected to reach Rs. 70,343 crore by the year 2022.
It is predicted that by 2021 end, the advertising industry will boom by 10.8 percent and touch a revenue of Rs. 62,577 crore. This will be possible because more options of digital advertising have come up post-pandemic. Moreover, the Compound Annual Growth Rate (CAGR) will be that of 11.59percent to reach Rs 70,343 crore by 2022.
dentsu CEO India Anand Bhadkamkar said, "2020 presented a monumental challenge to us -- as individuals, business and society. It made us witness time and space in ways that many generations had only read about in textbooks or had heard of from aging bystanders of yester-history... more than 50 percent of our revenue comes from digital at a time when the market average in India is still 10-12 percent. We, at dentsu, expect 2021 to witness a colossal rise in digital advertising.
The report mentions that the FMCG spends a large majority of its advertising budget on television (64 percent) while retail, automotive, media and entertainment segments spend a large share of their advertising budget on print. The majority of spenders on digital media are Banking, Financial Services and Insurance (BFSI) sector at 57 percent and then the consumer durables at 45 percent, telecommunications at 40 percent and e-commerce at 39 percent.
This clearly opens up a lot of opportunities for people enthusiastic about the advertising industry, specially creative skills like copywriting, digital marketing, designing and creative communications will see a huge demand in the coming times and generate many professional opportunities.
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