MUMBAI: The Print sector demonstrated remarkable resilience in 2024 despite persistent challenges. The industry the Pitch Madison Report 2025 noted has managed to navigate turbulent times, challenged by the aftermath of the pandemic and the continuing rise of Digital media.
The Print sector recorded an Adex of Rs. 20,272 crore in 2024 and now has finally managed to cross the pre-Covid level, after a long gap of 5 years. Print Adex in 2024 grew by 5%. For the second consecutive year, Print has maintained its share of 19% in overall Adex. The fact that Print Adex grew last year by a rate of 5% is indeed worthy, suggesting that Advertisers are re-discovering value in the medium, particularly its strength in delivering localised, high-trust advertising experiences.
Print’s global share of Adex is only 3%, compared to India’s Print share of 19%. Germany is the only other country which has a Print share of 19%. Most other global countries reflect a shift towards some form of Digital.
The Print sector in terms of volume displayed no growth during the year. Q1 witnessed a 16% rise in volume, but subsequent Q2, Q3 and Q4 witnessed decline of -6%, -9% and -1% respectively.
Q4 volume for 2024 and 2023 was similar, signalling stability of volume during festival time. In terms of Revenue, 5% overall growth was driven by strong performances in Q1 (+13%) and Q4 (+10%), despite a revenue decline in Q3 (-7%). Revenue in Q2 increased by 7% reaching a revenue of Rs. 4,197 crores supported by the election period which historically always boost Print advertising in India. However, Q2 volume declined by -6% indicating that higher pricing and premium ad slots may have compensated for lower ad volume.
Q4 Revenue increased by 10% reaching Rs. 6,184 crore, due to festival season, aligning with stable ad volumes. Q4 contributed the highest share of 31%, emphasising its importance in the yearly cycle.
The flat to degrowth of volume across most languages, stands in stark contrast to the 5% revenue growth in 2024, indicating higher ad rates and premium pricing, especially in English and Marathi. Hindi and English dailies contribute to 64% of total print volume in 2024, aligning with their significant revenue contributions. A 4% volume growth in English publications, supported revenue gains, as English publications usually command higher ad rates.
Growth in Marathi volumes of 5% and stability in Kannada and Tamil reflect a robust regional demand. On the other hand, there were declines in Telugu (-10%) and Malayalam (-8%), signalling weak market conditions in those regions.
The primary growth drivers are Auto, FMCG, Education and Real Estate, which together contribute significantly to overall growth. Auto sector grew by 7% in 2024, contributing Rs. 176 crore to the absolute growth and maintaining a stable 14% share of Print. The India Automotive market is witnessing growth in 2024, due to rising demand for EVs (Electric Vehicles) and new launches in the SUV segment.
The FMCG industry grew by 6%, adding Rs. 134 crores in 2024, with a steady share of 12% in the last two years. FMCG accounts for 13% of the overall growth. Telecom grew by a robust 30% , adding Rs. 60 crores driven by the rollout of 5G services and fierce competition among telecom providers.
The Real Estate sector saw a growth of 6%, an addition of Rs. 95 crores, due to urbanisation, affordable housing schemes, and redevelopment properties. The E-Commerce category shows significant decline with a notable degrowth of 14%.
