Market Insights Advertising & Media Advertising Audio Advertising

Digital Audio Advertising - India

India

Ad spending in the Digital Audio Advertising market in India is forecasted to reach US$431.90m in 2024.
The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.17%, leading to a projected market volume of US$480.80m by 2029.
With a projected market volume of US$7,078.00m in 2024, a significant portion of the revenue will be generated in India.
In the Digital Audio Advertising market in India, the number of listeners is expected to reach 143.50m users by 2029.
The average ad spending per user in the Digital Audio Advertising market in India is projected to be US$3.83 in 2024.
In the Digital Audio Advertising market in India, 78.03% of total ad spending will be generated through mobile in 2029.
India's Digital Audio Advertising market is rapidly growing, driven by the surge in smartphone usage and the popularity of music streaming platforms like Gaana and JioSaavn.

Key regions: Australia, United Kingdom, Germany, India, Europe

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Analyst Opinion

The Digital Audio Advertising market in India is experiencing significant growth and development.

Customer preferences: Indian consumers are increasingly embracing digital audio platforms for their entertainment and information needs. With the rapid increase in smartphone penetration and affordable data plans, more and more people are accessing digital audio content on their mobile devices. This has led to a shift in consumer preferences from traditional radio to digital audio platforms.

Trends in the market: One of the key trends in the Digital Audio Advertising market in India is the rise of music streaming platforms. These platforms offer a wide range of music genres and personalized playlists, attracting a large user base. Advertisers are capitalizing on this trend by leveraging the targeted advertising capabilities of these platforms to reach their desired audience. Another trend in the market is the increasing popularity of podcasts. Podcasts have gained traction in India, with a growing number of listeners tuning in to their favorite shows on various topics such as news, entertainment, and education. Advertisers are recognizing the potential of podcast advertising to engage with a captive audience and are investing in this medium.

Local special circumstances: India is a diverse country with multiple regional languages and cultures. This diversity is reflected in the digital audio landscape, with a variety of content available in different languages. Advertisers are leveraging this diversity by creating targeted campaigns that resonate with specific regional audiences. This localized approach helps in building stronger connections with consumers and driving higher engagement.

Underlying macroeconomic factors: The growth of the Digital Audio Advertising market in India is supported by several macroeconomic factors. The country's strong economic growth, rising disposable incomes, and increasing internet penetration are driving the adoption of digital audio platforms. Additionally, the government's initiatives such as Digital India and Make in India are promoting digital transformation and attracting investments in the digital advertising space. In conclusion, the Digital Audio Advertising market in India is witnessing rapid growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Advertisers are capitalizing on the popularity of digital audio platforms, music streaming services, and podcasts to reach their target audience effectively. With the continued expansion of the digital ecosystem and increasing consumer adoption, the market is expected to further evolve and offer new opportunities for advertisers.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on digital audio advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers pre- and in-stream audio ads and podcast streaming ads.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party reports, web traffic, and survey results from our primary research (e.g., Consumer Insights) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, media consumption, internet users, and digital consumer spending.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.