According to an economic times report, the Indian media and broadcast industry is expected to touch USD 34.8 billion, and this growth will be paced by a significant surge in the digital media, which will gain more prominence in the times to come.
The Indian Media Industry is said to be at a digital crossroads today. The medium has almost spread to all the industries and traditional methods of marketing (TV, Print, radio, OOH, etc.) are being challenged by digitization.
Let us see some of the major reasons that are driving the growth of digital media in India:
The early apprehensions in the digital medium have now faded away and people have started trusting the information on the internet and have adopted e-commerce in a big way. People now shop for clothes, groceries, furniture, etc. through the internet and a considerable number of people have even adopted online and mobile banking.
Majority of Indians now have at least a low-cost Smartphone, which has increased the penetration of high-speed internet exponentially. This factor has revolutionized the market for both consumers and as well as marketers. The number of internet users in India was 481 Million in December 2017, which give a huge opportunity to serve a large and growing population.
All the top corporate in India have already either developed or are in the process of developing an integrated digital strategy for themselves. Traditional methods of marketing are no longer seen as sufficient and the dependence on digital marketing is expected to become even greater in the times to come. In fact, on the global level, 2021 is expected to be the year in which Digital marketing will out-do traditional methods of marketing.
Cost-effectiveness is one thing that makes digital marketing very popular today. TV & Print ads cost a lot, but online advertising, on the other hand, is something that even start-ups can afford.
Although Digital Marketing is growing leaps and bounds, there is still a lot of scopes for the industry to grow. And with demography on its side and zeal for entrepreneurship and innovation, India has a bright digital future.