Ad market projected to grow 12-13% amid flat volumes driven by digital formats: Pitch Madison Advertising Report 2026

Media agency Madison World has released the Pitch Madison Advertising Report 2026, projecting continued but moderated growth for India’s advertising industry amid shifting media consumption patterns and evolving advertiser priorities

The report notes that India’s advertising market continued to shift structurally in 2025, with growth driven largely by digital formats, premiumisation and performance-led investments, even as overall volumes remain largely flat.

In 2025, ADEX grew 7% on the legacy definition to Rs 1,15,291 Crores and 12% on the expanded definition to Rs 1,55,105 Crores. Traditional media shrank by Rs 739 Crores, while Digital added Rs 8,050 Crores on the legacy lens and Rs 16,895 Crores on the expanded lens.

Including Quick Commerce and MSME spends, Digital reached Rs 93,156 Crores, accounting for 60% of the market, compared with 40% for Traditional. India had already become a Digital-majority market in 2024 at 55% share and consolidated that position in 2025.

The report notes that Q-Comm advertising jumped from Rs 300 Crores in 2023 to Rs 4,000 Crores in 2025. MSME Digital spends rose from Rs 24,300 Crores to Rs 35,814 Crores, reflecting +21% growth in 2025.

Together, Q-Comm and E-commerce contributed about Rs 14,257 Crores in 2025 and added Rs 4,864 Crores year-on-year, more than covering TV’s value decline. MSME now accounts for about 38% of Digital. Performance-commerce ecosystems are estimated to drive 70% of Digital.

Digital grew 18% in 2025 under the core definition, while TV declined 5%. TV volumes were down 10%, and TV’s share fell from 32% to 28% under the legacy ADEX definition.

However, when viewed as Large Screen (Linear TV + CTV), the segment grew. Linear TV declined from Rs 34,453 Crores in 2024 to Rs 32,855 Crores in 2025 (-4.6%), while CTV nearly doubled from Rs 3,000 Crores to Rs 6,000 Crores (~100% growth). Total Large Screen grew from Rs 37,453 Crores to Rs 38,855 Crores (+3.7%).

The report projects that in 2026, overall ADEX under the expanded definition will reach Rs 1,74,605 Crores, implying roughly 12-13% nominal growth over the 2025 base of Rs 1,55,105 Crores. Under the legacy definition, ADEX is expected to grow about 9%, from Rs 1,15,291 Crores to Rs 1,25,629 Crores. Growth over 2023-2025 is described as largely flat, around 12% under the expanded definition.

Traditional media is forecast to grow about 1% in value terms on the legacy series, from 61,949 Crores to 62,629 Crores. Linear TV is projected to remain flat at 32,855 Crores in 2026.

Print is expected to edge up 3%, while Cinema, Outdoor and Radio are forecast to move in a narrow band of -5% to +5%.

Cinema remains at Rs 877 Crores in 2025, described as being at a structural plateau.

OOH is identified as the only traditional medium that has grown.

Print is said to be surviving on English editions, with regional editions retreating.

Radio is positioned around local bursts rather than a national presence.

The detailed 2025 ADEX numbers under the expanded definition show TV (Linear) at Rs 32,855 Crores (21.18% share), Print at Rs 20,866 Crores (13.45%), Radio at Rs 2,515 Crores (1.62%), Cinema at Rs 877 Crores (0.57%) and Outdoor at Rs 4,835 Crores (3.12%), taking Total Traditional to Rs 61,949 Crores (39.94%).

Digital (Core, including E-comm + CTV) stood at Rs 53,342 Crores (34.39%), Q-Comm at Rs 4,000 Crores (2.58%) and MSME at Rs 35,814 Crores (23.09%), taking Total Digital to Rs 93,156 Crores (60.06%) and Total ADEX to Rs 1,55,105 Crores.

For 2026, TV (Linear) is forecast at Rs 32,855 Crores, Print at Rs 21,388 Crores, Radio at Rs 2,388 Crores, Cinema at Rs 921 Crores and Outdoor at Rs 5,077 Crores, taking Total Traditional to Rs 62,629 Crores. Digital (Core) is projected at Rs 63,000 Crores, Q-Comm at Rs 6,000 Crores and MSME at Rs 42,976 Crores, taking Total Digital to Rs 1,11,976 Crores and Total ADEX to Rs 1,74,605 Crores.

Under this forecast, Digital’s share rises to 64.13%, while Traditional declines to 35.87%.

Core Digital is projected to grow about 18%, from Rs 53,342 Crores in 2025 to Rs 63,000 Crores in 2026. Under the expanded definition, Total Digital is expected to grow 20%, from Rs 93,156 Crores to Rs 1,11,976 Crores. Q-Comm is forecast to grow around 50%, from Rs 4,000 Crores to Rs 6,000 Crores, while MSME Digital is projected to grow about 20%, from Rs 35,814 Crores to Rs 42,976 Crores, together adding over Rs 9,000 Crores of incremental Digital ADEX in one year.

Large Screen advertising is forecast to grow from Rs 38,855 Crores in 2025 to Rs 40,855 Crores in 2026 (about 5% growth). CTV alone is projected to grow from Rs 6,000 Crores to Rs 8,000 Crores (33% growth), with its share rising from 4% to 5%, while Large Screen share moves from 25% to 23%.

The report also notes that FMCG advertising dropped by Rs 779 Crores. It highlights that Q-Comm added Rs 2,675 Crores in one year. It emphasises that flat volumes mean strategy, not spend, will determine growth, and that “every rupee must behave like capital.”

On cricket and media engagement, a study featured in the report states that 1 in 2 cricket viewers are active on Truecaller during matches, with +21% incremental reach versus pre-cricket baselines. The platform has over 310 million users in India. During cricket, E-commerce sees a 1.56X lift (23 million+ users), Payments a 1.09X lift (220 million+ users), and F&B a 1.45X lift (22 million+ users). The findings underline cricket’s role in driving phone usage and commerce actions during live matches.

The report frames the market shift around five new forces for ADEX growth, Force 1; policy tailwinds unlocking consumption signals macro and regulatory support, boosting demand.

Force 2; new engines graduating from experimental to scaled reflect the rapid rise of Q-Comm, MSME and commerce media.

Force 3; digital crossing the majority threshold marks India as a 60%+ Digital market.

Force 4; FMCG recovery restoring category stability highlights the sector’s role in market balance.

Force 5; AI-native planning systems compounding advantage points to data-led, AI-driven optimisation as a structural edge in flat-volume conditions.