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Singapore-based Media Partners Asia (MPA), which yesterday released its latest report called ‘Asia Pacific Advertising Trends 2024’, projected a 5.1 percent growth in net advertising revenue across 14 measured Asia markets in 2024, totalling US$238 billion.
According to an official statement from MPA, the comprehensive study forecasts the sector to maintain a 4 percent CAGR from 2024-29, reaching $290 billion by 2029.
Key findings from the report include the following:
# Digital dominance continues with digital media expected to claim 69 percent ($164 billion) of total ad revenue in 2024, rising to 74 percent ($215 billion) by 2029.
# Seven markets — China, Japan, India, Australia, Korea, Indonesia and Vietnam — will drive growth, contributing nearly $50 billion in incremental revenue between 2024 and 2029.
# India emerges as the top performer, with a projected 10.4% growth in 2024 and 9.0% CAGR over 2024-29.
# Retail media and online video are key growth drivers, with retail mediua’s share of digital advertising in six major markets surging from 24 percent to 38 percent between 2019 and 2023.
# Premium AVOD, encompassing branded long-form online video platforms, SVOD, AVOD, freemium players, and FAST, is set to grow at a 9.2 percent CAGR, reaching $12 billion by 2029, while UGC/Social video platforms, including YouTube, Meta and TikTok, will expand to $39 billion.
# Traditional media faces challenges, with linear TV declining at a 2 percent CAGR over 2024-29. Notably, India is the only market showing material growth in linear TV advertising.
MPA ED Vivek Couto commented, “The industry’s future is intrinsically linked to the rising adoption of Commerce, Connected TV, and Premium AVOD, alongside the persistent dominance of UGC/Social Video platforms. Retail media is set to drive over 50 percent of incremental growth in total advertising across six key markets over 2024-29, while online video retains its position as the fastest-growing media segment across all 14 measured markets.”
The report provides in-depth analysis of advertising trends across all major media in 14 Asia Pacific markets, with a particular focus on TV andn Internet advertising, including search, display, video, and retail media.
