MUMBAI: India’s television advertising market has hit the skids. The Economic Times reported that ad volumes plummeted 10 per cent year-on-year in the first nine months of 2025, according to TAM AdEx data, as fast-moving consumer goods companies—the industry’s biggest spenders—slashed budgets in response to anaemic consumer demand. Of course, the ban on real money gaming platforms in end-August added to the shrinkage in ad spends too .
The carnage shows up in broadcaster balance sheets. Zee Entertainment’s advertising income tumbled 11 per cent to Rs 3,591 crore. Sony Pictures Networks India posted a nine per cent drop to Rs 2,606 crore. Sun TV Network’s advertising and broadcast slot sales fell four per cent to Rs 1,440 crore. Star India, now merged with the erstwhile Viacom18, kept mum on the split between advertising and subscription revenue.
The culprit is clear: viewers are ditching appointment viewing for on-demand convenience, leaving linear television scrambling for relevance.
Food and beverages dominated advertising between January and September, claiming 21 per cent of total ad volume. Personal care, services, household products and retail rounded out the top categories. The top ten sectors hoovered up 88 per cent of all TV advertising—proof that consumer brands still see television as the mass-reach medium par excellence.
TAM Media chief executive LV Krishnan explained that the “drop is largely led by softening of market conditions, whereby consumption had dipped, resulting in a cut in ad budgets. This is a pre-GST reduction period.
Among individual advertisers, Hindustan Unilever remained the heavyweight champion, followed by Reckitt Benckiser India and Godrej Consumer Products. The top ten advertisers accounted for 42 per cent of total ad volume.
General entertainment channels and news outlets continued to attract the lion’s share of advertising, together accounting for 57 per cent of total volume. News, movies and music saw a marginal drop compared with 2024, whilst general entertainment gained slightly—a sign that high-reach programming still packs a punch.
Krishnan reckons the final quarter of 2025 will see year-on-year growth, thanks to GST rate cuts that kicked in on 22 September. He estimates the reforms will spur consumption and inject Rs 5,400 crore into overall advertising during the festive season, on top of organic festive growth.
If the green shoots turn into a proper recovery, television may yet claw back some swagger. For now, though, it’s licking its wounds.