Tag: Sam Balsara

  • Sam Balsara warns marketers not to lose the plot in the age of digital frenzy

    Sam Balsara warns marketers not to lose the plot in the age of digital frenzy

    MUMBAI: When the world is scrolling, swiping, and snacking on content, Madison World chairman Sam Balsara reminded marketers at Ficci Frames 2025 that branding remains the heartbeat of advertising. Opening with his talk “A Marketer’s Losing Fame in Branding”, Balsara mixed wit with insight, calling out the obsession with short-term performance media and urging a return to storytelling that builds lasting emotional connections.

    Reflecting on a career spanning 8 years in marketing, 8 years in advertising, and 37 years running his own agency, Balsara quipped that in India, “everybody thinks they are an advertising expert.” Yet despite decades of experience, he painted a sobering picture of the current marketing landscape: urban consumption in India has been declining for five consecutive quarters, pushing marketers to channel increasing shares of their budgets into performance media such as search, e-commerce, activation, and sampling. While these tactics are effective for immediate sales, Balsara cautioned that over-reliance is eroding the long-term ROI of advertising investments.

    He reminded the audience that the global advertising industry, already worth 270 billion dollars in 1997, is projected to surpass 1 trillion dollars this year, with 70% of the spend now going digital. “Marketers are not wrong to follow consumers online, but we must understand the nature of digital consumption,” he noted. “Most online engagement is short, quick, and snackable. It’s easy to measure, but much harder to emotionally connect.”

    Balsara then revisited the fundamentals: “What is branding? It’s more than a logo, a tagline, or a design. It’s about shaping perception, building trust, differentiating from competitors, and establishing a lasting emotional bond.” He emphasised that emotional appeal is twice as effective as rational messaging and that storytelling remains the most powerful tool for brand building. Over 50 years of experience had taught him that ads with strong narratives and emotional content consistently outperform transactional messages.

    Supporting this, he cited multiple cross-media studies showing that TV ads excel at creating emotional connections. The rise of connected TV (CTV) in India with 60–65 million homes and counting offers advertisers the chance to combine digital agility with the immersive, story-driven impact traditionally associated with television. CTV delivers a “lean-back” viewing experience that enables 20–30 second emotional ads with a storyline, which are far more effective than brief digital clips for establishing memory and preference.

    A US study conducted by Comcast and Media Science reinforced this point. The study compared ad recall and purchase intent across mobile digital platforms versus TV/CTV environments. The findings were striking: new brands saw 3.4x better recall on TV versus mobile digital, while established brands saw 4.3x improvement. Purchase intent was roughly 30 per cent higher when ads ran on TV first, and combining TV with subsequent digital exposure further amplified results. Balsara underscored that these insights are directly applicable in India: launching campaigns on TV or CTV before digital platforms maximises emotional impact and ROI.

    He also offered practical guidance on budget allocation. Drawing on research by two contemporary scientists, Balsara advocated a 60-40 split, with 60 per cent of marketing budgets dedicated to branding to recruit new users and build markets, and 40 per cent for performance to drive conversions among consumers already in the market. He highlighted examples from IPL campaigns, where television exposure drives higher search volumes and e-commerce sales, often outperforming purely digital campaigns.

    Balsara’s insights weren’t limited to statistics. He emphasised that creative messaging must align with human attention patterns: the large screen, immersive environment, and minimal distractions of TV/CTV are what allow brands to tell stories effectively. Digital publishers, he warned, must evolve to offer advertisers TV-like environments in digital contexts, replicating emotional storytelling and ensuring brand-building outcomes.

    Performance media, he admitted, has its role especially for direct-to-consumer (D2C) brands in their early years but as brands scale, performance alone fails to sustain growth or build long-term equity. Branding, by contrast, delivers sustainable profit, loyalty, and market presence. “If you want a brand to last and scale,” he said, “you cannot ignore branding. The first exposure matters, the emotional appeal matters, and repetition matters.”

    He concluded by reminding marketers that despite the digital frenzy, brand building is not optional, it’s essential. A carefully calibrated mix of branding and performance, emotionally engaging storytelling, and strategic sequencing across TV, CTV, and digital ensures that marketing budgets deliver both immediate results and enduring brand equity.

    In a world dominated by clicks, short videos, and fleeting attention spans, Balsara’s message was clear: don’t lose the plot chasing short-term wins. Stay invested in stories, invest in emotion, and let branding drive both present performance and future growth. After all, in advertising as in life, the brands that tell stories that stick are the ones that endure.

  • Hindi cinema stars light up Ficci Frames’ silver jubilee

    Hindi cinema stars light up Ficci Frames’ silver jubilee

    MUMBAI: Lights, camera, silver jubilee! Ficci Frames, Asia’s leading media and entertainment conclave, is rolling out the red carpet for its 25th edition in Mumbai on 7–8 October 2025.

    The milestone gathering, themed “A silver jubilee of vision, voices & creativity”, will be inaugurated by minister of state for information & broadcasting L Murugan and Maharashtra chief minister Devendra Fadnavis.

    Hindi cinema icons Anil Kapoor, Akshay Kumar, Smriti Irani and Ayushmann Khurrana will headline the two-day event, joining an impressive line-up of industry leaders including Aroon Purie, Sam Balsara, Sameer Nair, Ekta Kapoor, Siddharth Roy Kapur, and filmmakers Hansal Mehta, Shoojit Sircar and Kiran Rao.

    The conclave will host fireside chats, policy sessions and showcases, with global heavyweights such as Netflix’s Monika Shergill, Amazon Prime Video’s Gaurav Gandhi and Warner Bros Discovery’s Arjun Nohwar adding international clout.

    Adding a global spark, a Russian delegation led by Moskino and the Moscow export center will participate, opening new doors for co-productions and cultural partnerships.

    With states like Madhya Pradesh, Maharashtra, Delhi and Jharkhand pitching in through policy and showcase sessions, this silver jubilee promises not just glitz but game-changing ideas for the next chapter of India’s media and entertainment story.
     

  • Revolving doors keep spinning in television as executives flee for calmer pastures

    Revolving doors keep spinning in television as executives flee for calmer pastures

    MUMBAI: The Indian media and entertainment business is experiencing something of a convulsion. At the heart of the storm sits television, a medium once considered impregnable, now rattled by both economic pressures and shifting consumption patterns. Senior and mid-level executives are walking out of plush offices at an unprecedented rate, turning resignation letters into the industry’s hottest commodity. The revolving doors at general entertainment channels, factual broadcasters and news networks have scarcely stopped spinning.

    Take the case of Rahul Kanwal, who after more than 16 years of high-profile editorial leadership quit India Today TV to join NDTV, in a move that shocked newsroom insiders. Or Ajit Varghese, the revenue chief at JioStar, who traded the corporate heft of a giant for partnership status at Madison, Sam Balsara’s three-and-a-half-decade-old agency. Meanwhile, Ashish Sehgal, a towering presence at Zee Entertainment for two decades and long seen as a confidant of Subhash Chandra and Punit Goenka bowed out just last week, a departure many in the industry still consider unimaginable.

    The Indian entertainment industry has been undergoing a leadership shake-up, particularly at Sony Pictures Networks India (SPNI). Veteran executive Neeraj Vyas exited after decades with the broadcaster to pursue entrepreneurial ambitions, signalling a personal pivot. Leena Lele Dutta, who oversaw the Kids and Animation business, is also stepping down, with Ambesh Tiwari set to replace her—a move that reflects SPNI’s portfolio restructuring. At the same time, the network bolstered its programming muscle by onboarding Nimisha Pandey as Programming Head at Sony SAB, underlining a renewed focus on fresh content creation.

    At Zee Media, a similar churn has unfolded. Manish Kalra and Archana Anand departed from Zee5 amid the platform’s ongoing strategy reset, while Mona Jain, Chief Revenue Officer, stepped down in August, citing industry-wide advertising pressures. Leadership realignment continued with Karan Abhishek Singh taking over as CEO, succeeding Abhay Ojha. These shifts highlight both the turbulence caused by stalled merger talks and the urgent need for sharper digital and ad revenue strategies.

    The news broadcasting sector has also witnessed high-profile exits. Avinash Pandey, CEO of ABP Network, resigned after more than two decades, stating personal reasons and the desire for a new professional chapter, with Sumanta Datta stepping in as his successor. MK Anand, CEO of Times Network, retired after leading the group through market headwinds, paving the way for Varun Kohli, who joined as COO to drive growth. Meanwhile, industry veteran Bobby Pawar shifted gears by joining News18 Studio as a creative consultant, reflecting the increasing importance of branded storytelling and creative content partnerships in newsrooms.

    The exits stretch beyond individual cases. Varun Kohli, who lasted barely a year as chief executive of Times Now, is gone. Aditya Raj Kaul, a stalwart of TV9, has crossed over to NDTV. At Warner Bros Discovery, Uttam Pal Singh, who spearheaded kids’ programming, resigned suddenly earlier this year, followed by Azmat Jagmat, another senior name. And in a particularly symbolic shift, Sanjog Gupta, head of sports at JioStar, has left to take up what one insider calls “a less bruising role” at the International Cricket Conference.

    What explains this exodus? A cocktail of pressures, say industry watchers. “Some of the folks are being let go on account of job redundancies,” observes one long-time media consultant. The wave of mergers and acquisitions JioStar’s consolidation, Zee’s attempted tie-ups, and the global reorganisations at Warner Bros Discovery has created overlapping functions. Where there are two people for one chair, one has to go.

    But redundancies only partly explain the malaise. The sharper truth, argue observers, lies in economics. Television revenues are under siege. Ad growth has slowed dramatically, with TAM Media data showing a 10 per cent decline in the first half of the year. Broadcasters, desperate to offset the slide, are demanding steeper targets from revenue heads and programming chiefs. “The expectations are unreasonable,” says another insider. “Advertisers are spoiled for choice, streaming platforms are eating into budgets, and yet top managements are chasing revenue hikes that are simply not possible. The stress is unbearable.”

    Increments, too, have dried up. Senior executives accustomed to annual rises and bonuses now find themselves fighting merely to hold ground. Worse still, broadcasters have been launching streaming services of their own almost all advertising-driven which has only spread resources thinner and pushed teams into even more brutal competition for a shrinking pool of ad dollars.

    Not all departures are sackings; some are voluntary retreats. As one industry observer puts it: “Executives are not just quitting jobs, they’re choosing health over hypertension. The rat race is too costly.” Indeed, several departures from Sanjog Gupta’s exit to ICC, to executives slipping into agencies or advisory roles bear the hallmark of a search for relative calm.

    Macro forces are compounding the gloom. With Russia’s war in Ukraine dragging on, Israel and Palestine locked in fresh conflict, and US president Donald Trump slapping stiff tariffs on Indian goods, global instability is feeding into local advertising budgets. Brands, particularly multinationals, are cautious, trimming campaigns and deferring big spends. “Belt-tightening will only intensify in the second half of the year,” warns a veteran media planner. “Blood baths are going to continue. Expect more resignations, more forced exits. The churn is far from over.”

    For now, television in India is still a business of scale: hundreds of millions watch every day, advertising still contributes the lion’s share of broadcaster revenues, and regional channels continue to proliferate. But for the men and women running the show, the glamour has dimmed. The executive suite, once the ultimate perch, has become a revolving door. And the more it spins, the less likely it seems to stop anytime soon.

     

  • Vikram Sakhuja to take up executive director position at Madison Media based in New Delhi

    Vikram Sakhuja to take up executive director position at Madison Media based in New Delhi

    MUMBAI: With Ajit Varghese heading back to Madison Media, this time as partner and group CEO of Madison Media & OOH, questions were being asked about the role of long-serving group CEO Vikram Sakhuja. The suspense was laid to rest a short while ago when Madison promoter Sam Balsara confirmed that Sakhuja will continue as executive director, focusing on building organisational capability from New Delhi.

    Meanwhile Balsara is quite confident about Varghese’s appointment as the agency’s leader. “Ajit has all the credentials to steer an agency like Madison into the future,” he  said, citing Varghese’s stints at Madison, GroupM, a digital publisher, and most recently JioStar. Like Sakhuja, Varghese will hold a stake in the business.

    Calling it a “homecoming”, Varghese said he was returning with a renewed mission. “The world of media is transforming at lightning speed, and Madison is uniquely poised to lead with its client-first thinking, independent spirit, and deep talent,” he said.

    Madison Media, India’s largest homegrown communications agency, is ranked the world’s fourth-largest independent media agency by Recma. It manages media planning and buying for marquee clients including Marico, Asian Paints, Titan, TVS, Godrej Properties, Pidilite, Ceat, and the BJP. Through its 11 units, Madison World served some 500 advertisers last year.

  • Publicis and Havas in adland tug-of-war for Madison?

    Publicis and Havas in adland tug-of-war for Madison?

    MUMBAI: Publicis Groupe and Havas Network are in separate talks to snap up a majority stake in Madison World, India’s last large independent advertising group, if media reports are to be believed. 

    Founder Sam Balsara, who set up the agency in 1988, is looking for a deal that strengthens Madison’s future and aligns it with a global network.

    “Madison has always been open to a tie-up, but the terms must be right,” said chairman & managing director Balsara. He declined to reveal the valuation the agency is seeking. Publicis and Havas, meanwhile, stay tight-lipped.

    With an estimated Rs 5,000 crore in gross billings in fiscal 2024, Madison makes its money charging 15–20 per cent in fees. Its roster boasts over 500 clients across media, digital and outdoor, including Asian Paints, Saffola and Blue Star. But not all news is good—Madison recently lost the Godrej Consumer Products account.

    This isn’t the agency’s first dance with global suitors. A decade ago, talks with WPP and Dentsu over a 75 per cent stake sale fizzled out over valuation gaps. Now, with Omnicom snapping up Interpublic Group (IPG) to create an ad behemoth, other networks are scrambling to shore up their portfolios.

    Publicis, which leapfrogged WPP last year to become the world’s largest ad group, counts PepsiCo, Diageo and Skoda among its big clients in India. Havas, with brands such as Reckitt, Tata Motors and Swiggy, runs 25 agencies in India across creative, media and health.

    Madison isn’t new to parting ways with its ventures. In October 2022, the Balsara family fully exited MediaCom, a joint venture with WPP, selling its remaining 26 per cent stake.

    Now, the question is: will Madison go global, or will it like in the past stay fiercely independent and just let suitors court it?

  • In partnership with AAAI, SGF has hosted the lecture series, featuring top speakers for years.

    In partnership with AAAI, SGF has hosted the lecture series, featuring top speakers for years.

    Mumbai: The Advertising Agencies Association of India (AAAI) and the Subhas Ghosal Foundation (SGF) have announced that award-winning independent digital journalist Faye D’Souza will deliver the AAAI Subhas Ghosal memorial lecture 2025 on 5 March at St. Regis, Mumbai.

    Established in memory of Subhas Ghosal, a towering figure in the advertising industry, the Subhas Ghosal Foundation promotes the professional values he upheld. In collaboration with AAAI, the Foundation has hosted the lecture series for several years, featuring distinguished speakers such as Rajan Anandan, Uday Shankar, Ronnie Screwvala, Aroon Purie, and Sudhir Sitapati.

    Speaking on behalf of SGF, Sam Balsara stated, “We live in an era where news and views shape our daily lives. Faye D’Souza, with her fearless journalism, will discuss the challenges and opportunities for independent journalists and the implications for democracy and public discourse. It promises to be an insightful session.”

    This year’s event also welcomes a new sponsor, Amazon MX Player.

  • Madison World is now certified as ‘Happiest Places to Work’

    Madison World is now certified as ‘Happiest Places to Work’

    Mumbai: Madison World has announced its recognition as one of the happiest places to work. This certification comes after an extensive Happiness Dialogue involving over 900 employees across various divisions, including Media Planning, Buying, Digital, PR, Outdoor, and Sports Marketing. With a participation rate of over 82 percent and a completion rate of 86 percent, the dialogue revealed exceptionally high scores in Gratitude, Courage, and Freedom.

    These high scores underscore the positive sentiments of employees towards the organization, highlighting their appreciation for the company’s efforts, the ease of expressing themselves at work, and the significant autonomy and freedom they enjoy within the organization.

    Madison World chairman Sam Balsara remarked, “We are incredibly honored to receive this certification. It reflects our commitment to creating a supportive and empowering work environment where our employees can thrive. Their positive feedback on gratitude, courage, and freedom speaks volumes about our collective efforts to make Madison World a truly happy place to work.”

    Happiest Places to Work managing director Raj Nayak added, “Madison World has set a new benchmark in the advertising industry by prioritizing employee happiness and well-being. Their impressive scores in Gratitude, Courage, and Freedom reflect a culture of appreciation, openness, and empowerment. We are delighted to certify Madison World as one of the happiest places to work.”

  • Goafest 2024 opens delegate registrations

    Goafest 2024 opens delegate registrations

    Mumbai: Goafest, the premier festival celebrating creativity and advertising excellence in India, is thrilled to announce the opening of delegate registrations for its highly anticipated event. Delegates can secure their spots at early bird rates until 15 May, 2024.

    Scheduled to take place from 29 to 31 May at the luxurious Westin Powai in Mumbai, Goafest 2024 promises to be an immersive experience, showcasing the best of advertising, marketing, and creative innovation.

    This year’s Goafest will feature an exciting lineup of keynote speakers, panel discussions, workshops, and networking opportunities, providing delegates with valuable insights and inspiration to fuel their creativity and drive success in the dynamic advertising industry.

    Goafest 2024 – chairman of the delegates committee Sam Balsara expressed his enthusiasm for the upcoming event, stating, “Goafest is a unique platform that brings together industry leaders, creative minds, and aspiring talents to celebrate creativity, exchange ideas, and shape the future of advertising in India. We are excited to welcome delegates from across the country to join us for three days of inspiration, learning, and networking. This year with the event moving to Mumbai, we are sure there will be a substantial increase in delegates from Mumbai.”

    Registrations are now open, and early bird rates are available until 15 May, offering delegates significant savings on their attendance fees. To register and secure your spot at Goafest 2024, visit Goafest official website today.

  • HiveMinds appoints Srinath Kotamaraju as regional director-South

    HiveMinds appoints Srinath Kotamaraju as regional director-South

    Mumbai: HiveMinds, India’s premier digital marketing agency, part of Madison group, is pleased to announce the appointment of Srinath Kotamaraju as Regional Director, South. An accomplished professional with over two decades of experience driving growth and digital transformation, Srinath brings a wealth of expertise in brand marketing, leadership, client management, and process optimization. Srinath will lead delivery excellence and existing business growth for the south-based clients.

    Before joining HiveMinds, Srinath was the managing director at Reprise Digital, Indonesia. Before that, he served at Interactive Avenues for nearly a decade, steering large clients and building teams. He has also held business roles at Mindshare, Yahoo India, De Beers and Times of India.

    What further drew Srinath to the company was HiveMinds’ unwavering commitment to both people and performance. He states, “HiveMinds’ dedication to fostering a culture where excellence thrives alongside employee well-being resonated deeply with my values. This synergy was the driving force behind my decision to join this dynamic team at HiveMinds. I am eager to start my journey with talented teams to deliver impactful solutions for our clients.”

    HiveMinds CEO and founder Jyothirmayee JT comments, “Srinath’s experience in handling integrated accounts and his passion for organisation building make him a valuable addition to our leadership team. His interest in delivering business impact with a deep understanding of the medley across content, communication and media will contribute to HiveMinds’ continued upward trajectory.”

    Madison World chairman Sam Balsara commented, “HiveMinds is growing both in size and stature with clients. In this stage of our journey, we need leaders like Srinath to enhance delivery excellence further. With his experience in client management and business growth, I am sure he will add much value to our clients in South India”. 

  • Madison Media releases Advertising Report 2024

    Madison Media releases Advertising Report 2024

    Mumbai: Madison Media is back with its predictions for the advertising industry for 2024.  Mr. Shantanu Khosla, Executive Vice Chairman – Crompton Greaves Consumer Electricals Ltd. who was the Chief  Guest at the event and launched the Report said, “India is an underpenetrated, underserved country and that  the pie is going to increase, but it is imperative for brands to be authentic, build trust and have a sense of  purpose”. He further added on, “Creative/Content will always be more important than media”.

    The Highlights of the Report were released to a large Audience this afternoon by Sam Balsara, Chairman,  Madison World.

    Key findings of the Report: Figures at a glance:

    Indian Advertising Market over last 3 years ( Jan – Dec )

    A. Overall:

    1) In 2023 total Adex grew by a mere 10%, vs our projection of 16%. Traditional Adex grew by 7%  and Digital Adex by 15%. Increase in raw material prices in H1, continuing wars in  Russia/Ukraine and Israel/Hamas, inflation, funding winter within the start-up industry are some  of the factors that have contributed to the slow growth rate. Whilst the GDP growth is estimated  at 7.3%, if you look deeper, the contribution of private final consumption expenditure  component of GDP has come down, which may explain the reason for lower buying of products  and services by the middle class and rural India.

    2) Compared to Indian Adex growth rate of 10%, Global Adex, according to WARC grew by just 5% in  2023. Brazil and India are now the two fastest growing Adex markets.

    3) Traditional Adex dominates Indian Adex with a 60% Share, whereas in Global Adex, the figure is  just 27%.  

    4) The Audio Visual medium contributes to 46.3% of total Adex. Linear TV at Rs. 32,886 crores and  Digital Video at Rs. 12,996 crores, totalling to Rs.45,882 crores.

    5) H1 2023 grew by just 6%, but H2 2023 grew by 14%. Q4 was the best performing quarter with a  contribution of 31% to the full year and accounted for 50% of the annual growth. 6) FMCG continues to be the largest category contributor in Adex and has gained Share of 1% point  to 33% in 2023.

    7) Ecommerce as a category has established itself as the 2nd biggest contributor to Adex, with a Share  of 11% in 2023.

    8) There is no change in the Top 3 Advertisers of Adex – HUL, Reckitt and RIL. Godrej Consumer  Products is the new entrant in the Top 5 list, having moved up in rank from 12 to 5. The Top 50  Advertisers list has 20 FMCG companies and only 1 Start-up in the list, compared to 9 last year,  reconfirming the funding winter in the start-up eco system. Whilst total Adex has grown by 10%,  if we look at the Top 10 advertisers, their advertising budgets have grown 20%.

    B. Digital

    1) Digital grew by a mere 15% in 2023, vs our projections of 25% to reach Rs. 39,714 crores. This is  the slowest growth in more than a decade, barring the Covid year.  

    2) But Digital continues to be the largest contributor to Adex with a 40% Share and has gained 2%  points in terms of Share.  

    3) With a Share of 40% of Adex, Digital in India still trails behind Global Adex, where its Share is 73%. 4) Video, Social, Display, Ecommerce and Search drive Digital Adex. Digital Video continues to  dominate Digital Adex, although its growth has slowed down from 40% last year to 26% in 2023,  

    it is the largest contributor to Digital Adex and has gained Share from 30% to 33%. 5) Advertising on Connected TV has increased from Rs 450 crores to around Rs. 1,000 crores in 2023. 6) Digital will continue to be the key driver of Adex in 2024 growing by a modest 17% with a rise in  Share from 40% to 42%.

    C. Television

    1) TV registered a modest growth of 7%, against our forecast of 9% to reach Rs. 32,886 crores in  2023.

    2) TV’s Share of Adex further declined from 34% in 2022 to 33% in 2023.

    3) There was a 2% drop in advertising FCT in 2023 over 2022.  

    4) Not only does FMCG continue to be the largest contributor to TV Adex, with a growth in spends  of 12%, its contribution to TV Adex increased from 45% to 47%.

    5) Ecommerce continues to be the 2nd largest contributor to TV Adex. Auto has increased spends by  21% and contributes to 6% of TV Adex. Education as a category has reduced its spends by 41%  and now contributes just 2% to TV Adex.  

    6) Hindi satellite mainline along with 2nd line and Sports are the 2 major genres and contribute to  almost 50% in value, but Hindi satellite, marginally de-grew in FCT, whilst Sports increased its FCT  by 8%. Hindi movies de- grew 6% and English Niche, English Movies and Infotainment de-grew  around 30% by volume.

    7) We expect TV Adex to grow by 8% in 2024 to reach a total of Rs. 35,575 crores with a Share of  32%.

    D. Print

    1) Print Adex grew by 4% to reach Rs. 19,250 crores, but is still below its pre-Covid level. 2) Whilst Print’s Share to total Adex has dropped by 2% points from 21% to 19%, it is still far higher  than the Global average of 4%.

    3) Auto, FMCG, Education, Retail and Real Estate contribute 50% to Print Adex. This year Auto is the  leader of the pack with 14% Share and contributed most to the growth of Print Adex. 4) Hindi and English Publications contribute over 64% to the total Print Advertising space consumed  in India. Marathi comes next. But the volume of space used collectively in Kannada, Tamil, Telugu,  Malayalam, Gujarati, Oriya. Bengali, Punjabi, Assamese and Urdu is relatively low. 5) We expect Print to grow by 7% in 2024 to reach Rs. 20,613 crores and finally surpass the pre-Covid  2019 figures.  

    E. Other Media

    1) OOH Adex has registered a growth of 13%, on the back of a 68% growth the previous year, taking the industry to Rs. 4,140 crores.  

    2) Radio Adex has grown by 12% to reach Rs. 2,272 crore, to finally surpass its pre Covid level. 3) Real Estate has emerged as the largest category in both OOH and Radio, pipping FMCG. 4) Although Cinema registered the highest growth of 36%, to reach Rs. 776 crores, it has yet not  reached its pre-Covid levels; its Share has marginally gone up from 0.60% to 0.80%.

    Sharing the highlights of the report, Madison World chairman Sam Balsara said, “Whilst the Outlook for  Adex in India is extremely strong in the mid-term and long-term, in the short term we are witnessing a slow  down in momentum because of India Inc’s focus on quarterly profits. This does not augur well for sustained  growth in profits for Advertisers who should be focussing on volume growth.”