Madison World, in association with Pitch and Exchange4Media, has released the Pitch Madison Advertising Report 2026.
The report states that India’s advertising market reached ?1,55,105 crore in 2025 under an expanded ADEX definition, marking 12 percent growth over 2024. Under this framework, Digital accounts for 60 percent of total ad spends, while Traditional media represents 40 percent.
The expanded definition incorporates Quick Commerce advertising and MSME Digital spends into overall market sizing.
Market size and forecasts
For 2025, Total Digital ADEX stood at ?93,156 crore, up 22 percent from ?76,261 crore in 2024. Traditional media declined 1 percent to ?61,949 crore.
Digital ADEX comprises three components:
For 2026, the report forecasts total ADEX to reach ?1,74,605 crore, implying growth of 12 to 13 percent. Digital is projected to account for approximately 64 percent of the market at ?1,11,976 crore.
Under the legacy ADEX definition used in earlier editions of the report, 2025 ad spends grew 7 percent to ?1,15,291 crore. In that calculation, Digital accounted for 46 percent and Traditional media 54 percent. The 2026 forecast under this earlier framework indicates growth of around 9 percent to approximately ?1,25,600 crore.
Large Screen: TV and CTV
In 2025, Linear TV ADEX declined 5 percent to ?32,855 crore, while TV ad volumes fell 10 percent. When Connected TV is included, Large Screen advertising, defined as TV plus CTV, reached ?38,855 crore, up around 4 percent. CTV alone is estimated at ?6,000 crore, roughly double the previous year.
For 2026, Large Screen ADEX is projected to reach ?40,855 crore, up 5 percent. CTV is expected to grow to approximately ?8,000 crore, while Linear TV remains flat.
Retail Media and Quick Commerce
Within core Digital, Ecommerce and Retail Media advertising reached ?10,257 crore in 2025, up 27 percent over 2024.
Quick Commerce advertising on platforms such as Blinkit, Zepto and Swiggy Instamart increased from ?1,325 crore to ?4,000 crore, reflecting 202 percent growth. The report projects Q-Comm ADEX to reach approximately ?6,000 crore in 2026, representing 50 percent growth.
MSME Digital
MSME Digital advertising spends are estimated at ?35,814 crore in 2025, up 21 percent over 2024. For 2026, spends are forecast to grow 20 percent to around ?42,976 crore.
According to the report, MSME budgets account for approximately 38 percent of core Digital ADEX, placing them among the larger components of India’s advertising ecosystem.
That is the shape of it: a bigger market, a heavier digital tilt, and growth concentrated in performance-led segments rather than traditional formats.
