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Tech and e-commerce giants Google, Meta, Amazon, and Flipkart collectively generated over Rs 60,000 crore in advertising revenue in FY24, a 9% increase from Rs 55,053 crore in FY23, according to Registrar of Companies (RoC) filings.
For the first time, the Indian arms of Google and Meta surpassed Rs 50,000 crore in combined gross revenue. The marketplace arms of Flipkart and Amazon garnered over Rs 10,000 crore in cumulative ad revenue, with Flipkart Internet alone raking in close to Rs 5,000 crore.
Amazon Seller Services, which generated Rs 5,380 crore in ad revenue in FY23, has yet to publish its annual report. However, sources indicate that the company is likely to report strong ad revenue earnings in line with industry trends.
Advertising industry experts say this surge highlights the rapid growth of digital advertising in India, driven by increasing smartphone adoption, expanding internet penetration, and more time spent online by users across activities like entertainment and shopping.
Experts note that Google and Meta are attracting ad revenue from a wide range of advertisers due to their extensive reach and targeting capabilities. Meanwhile, e-commerce platforms are enhancing brand sales, offering higher returns on investment (RoI).
Although quick commerce platforms currently represent a smaller share, they are expected to benefit significantly as digital ad spending continues to grow.Industry estimates suggest that the quick commerce sector could be earning between Rs 2,500 crore and Rs 3,000 crore from advertising annually.”Performance advertising is driving the growth of digital media spends across Meta and Google. Amazon and Flipkart are seeing significant growth in transactions and users, which drives transaction-based advertising on these platforms,” said Uday Sodhi, senior partner at Kurate Digital Consulting.
“The new emerging digital media option is Q-commerce. As the footprint of quick commerce grows across major cities, we can expect a substantial rise in their ad revenues as well.”
Google India recorded an 11% increase in gross advertising revenue for the fiscal year ending March 2024, reaching Rs 31,221 crore, up from Rs 28,040 crore in FY23.
Meta India’s gross advertising revenue reached Rs 22,730 crore in FY24, compared with Rs 18,308 crore the previous year.
Meanwhile, Flipkart Internet posted a 50% increase in ad revenue, totalling Rs 4,972 crore.
“India’s internet advertising market is the fastest-growing in the Asia-Pacific region and the second-fastest growing in the world. Internet advertising in India is projected to grow at a compound annual growth rate (CAGR) of 15.6%, from Rs 41,000 crore in 2023 to Rs 85,000 crore by 2028,” said Manpreet Singh Ahuja, chief digital officer, PwC India.
“Digital advertising is not just about reach; it’s about precision-driven brand building. As India’s digital ecosystem matures, advertisers are increasingly focusing on capturing consumer intent and behaviour at deeper levels, leveraging advanced analytics, AI, and immersive formats.”
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