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Madison World today unveiled the Pitch Madison Advertising Report (PMAR) 2026, revealing that India’s advertising market reached ₹1,55,105 crore in 2025 under an expanded ADEX definition, growing 12% over 2024. By fully incorporating Quick Commerce (Q-Comm) and MSME Digital spends into the market sizing, the report confirms that Digital already accounts for 60% of India’s ad market, with Traditional media at 40%.
India ADEX 2025 Actual and 2026 Forecast (₹ Crores)
Medium | 2025 | 2025 | 2026 | 2026F | 2026F vs 2025 |
TV (Linear) | 32,855 | 21% | 32,855 | 19% | 0% |
20,866 | 13% | 21,388 | 12% | 3% | |
Radio | 2,515 | 2% | 2,388 | 1% | -5% |
Cinema | 877 | 1% | 921 | 1% | 5% |
Outdoor | 4,835 | 3% | 5,077 | 3% | 5% |
Total Traditional | 61,948 | 40% | 62,629 | 36% | 1% |
Digital (Includes E-comm + CTV) | 53,342 | 34% | 63,000 | 36% | 18% |
Digital - Q-Comm | 4,000 | 3% | 6,000 | 3% | 50% |
Digital - MSME | 35,814 | 23% | 42,976 | 25% | 20% |
Total Digital | 93,156 | 60% | 111,976 | 64% | 20% |
Total ADEX | 155,104 | 100% | 174,605 | 100% | 13% |
On the legacy definition used in earlier PMAR editions, ADEX grew 7% to ₹1,15,291 crore, with Digital at 46% and Traditional at 54%, providing continuity with previous years and global benchmarks. Together, the two series show the same reality from different angles: headline growth has moderated, but the structure of Indian ADEX has flipped decisively in favour of Digital.
A bigger, more Digital, more complex market
Under the expanded definition, Total Digital ADEX in 2025 stood at ₹93,156 crore (60% share), up 22% from ₹76,261 crore in 2024, while Traditional media declined 1% to ₹61,949 crore (40% share). Digital comprises three components: core Digital (Search, Social, Video, Display, Ecommerce), Q‑Comm advertising (₹4,000 crore) and MSME Digital spends (₹35,814 crore).
PMAR 2026 forecasts that, on this expanded base, India’s ADEX will reach ₹1,74,605 crore in 2026, implying 12–13% growth and pushing Digital’s share to about 64% (₹1,11,976 crore). On the old definition, ADEX is expected to grow about 9% to roughly ₹1,25,600 crore, underlining that incremental market value is now being created primarily in new‑age Digital ecosystems.
Three engines powering India’s ADEX: PMAR 2026 identifies three structural engines behind India’s advertising growth:
Large Screen (TV + CTV)
In 2025, Linear TV ADEX fell 5% to ₹32,855 crore and TV ad volumes dropped 10%, driven by FMCG cuts, smaller advertiser exits and genre shifts away from commodity GECs. Yet when Connected TV (CTV) is added, Large Screen (TV+CTV) grew to ₹38,855 crore, up by approx. 4%, with CTV alone doubling to an estimated
₹6,000 crore. For 2026, PMAR forecasts Large Screen to rise to about ₹40,855 crore (+5%), with CTV expected to grow by another third to about ₹8,000 crore, even as Linear TV remains flat. Video budgets are being redistributed from Linear TV into CTV and premium sports/impact properties, not exiting the television screen.
Retail Media C Quick Commerce
Within core Digital, E-commerce, and Retail Media, advertising reached ₹10,257 crore in 2025, growing 27% over 2024, making Retail Media one of the fastest‑growing components of Digital ADEX. In parallel, Q‑Comm advertising on platforms like Blinkit, Zepto and Swiggy Instamart scaled from ₹1,325 crore to ₹4,000 crore, a 202% jump. PMAR 2026 projects Q‑Comm ADEX to touch about ₹6,000 crore in 2026, implying 50% growth and cementing its status as a core performance engine. Together, Retail Media and Q‑Comm now represent a five‑figure‑crore “media‑to‑money” engine.
MSME Digital
PMAR 2026 estimates that MSME Digital advertising spends stood at ₹35,814 crore in 2025, up 21% over 2024, and are expected to grow 20% to about ₹42,976 crore in 2026.
MSME budgets already represent about 38% of core Digital ADEX, making this “invisible majority” of small and mid‑sized advertisers collectively almost as large as either Linear TV or Print as standalone media.