MAM
Maxus strengthens its top management
MUMBAI: Continuing its focus on product excellence and the need for continuous investments in people development, Maxus has elevated some of its key people and strengthened the top management.
Maxus West head Anand Chakravarthy who joined last year has been promoted to managing partner. He will continue to be based at Mumbai, leading the West team and expansion plans.
Maxus South Asia digital head Unny Radhakrishnan has been promoted as chief digital officer. In his new role, he will be additionally responsible for developing new practices and investments and new offerings from Maxus Metalworks (the creative R&D lab of Maxus).
Maxus digital strategy head Vishal Jacob has been promoted as national director – digital.
In his new role, he will take over from Radhakrishnan and be responsible for the digital services of Maxus across offices.
Maxus West digital head Sairam Ranganathan has been promoted as general manager. Additionally, he will be also responsible for the digital media product and digital training needs.
Maxus Delhi client leader Mimi Deb who joined three years ago has been elevated to general manager. She will lead several large new businesses like Shopclues and several other blue chip clients which the agency won recently.
AD Agencies
This year next year ’26: Content-driven advertising is in steady decline, says WPP Media COO
One of several market trends outlined in WPP Media’s 2026 advertising outlook
MUMBAI: India’s advertising market is set to cross Rs 2 trillion in 2026, expanding 9.7 per cent year-on-year, as commerce-led and AI-powered formats accelerate a structural shift away from traditional content-driven advertising, according to WPP Media South Asia chief operating officer Ashwin Padmanabhan.
Speaking on the industry outlook, Padmanabhan opined India exited 2025 with advertising spends of around Rs 1.84 trillion, reflecting 9.2 per cent growth over the previous year. The market is forecast to expand a further 9.7 per cent in 2026, adding nearly Rs 17,800 crore in incremental advertising expenditure and taking total spends beyond Rs 2 trillion for the first time.
Advertising in India currently accounts for roughly 0.5 per cent of GDP, a level materially below mature markets such as the UK (about 1.5 per cent), the US (around 1.4 per cent) and China (approximately 1.1 per cent).
Padmanabhan argued this gap highlights the long runway for growth, particularly as India’s per capita GDP, now estimated at roughly $2,800, moves closer to the $4,000 threshold, historically associated with a sharp rise in advertising intensity.
Traditional media sees slower growth
By contrast, growth in traditional content-driven formats is expected to moderate. Television advertising, including linear TV and digital extensions such as connected TV, is forecast to grow 3.1 per cent in 2026. Print advertising, defined to include newspapers, magazines and their digital platforms, is expected to expand 4.4 per cent, reflecting relative stability after several years of decline. Audio advertising is projected to grow a modest 1.5 per cent.
As a result, content-driven advertising, which accounted for more than 90 per cent of total ad spends in 2010, is forecast to decline to about 70 per cent of the total market by 2026, down from roughly 72 per cent in 2025. This shift underscores the growing preference for formats tied more directly to commerce and data-driven outcomes.
Digitalisation reshapes ADex mix
Digital formats are expected to account for 68.1 per cent of total advertising spends in India in 2026, up steadily but still below the global average of nearly 83 per cent. This figure includes not only pure-play digital advertising but also the digital extensions of television, print, audio and out-of-home media.
Within digital, the fastest growth is expected in commerce-led advertising, forecast to rise nearly 24 per cent year-on-year. These formats, closely linked to transactions and conversions, are increasingly favoured by advertisers seeking higher accountability and measurable returns.
Closely following is intelligence-led advertising, encompassing traditional search as well as emerging AI-enabled search and discovery, projected to grow 8.8 per cent. Padmanabhan likened the intensifying competition among AI platforms to the early days of telecom, noting how consumer attention is now being contested by players such as Google, OpenAI, Anthropic and Perplexity.
Location-based advertising, including out-of-home, cinema, ambient media and their digital extensions, is forecast to grow 8.9 per cent, aided by improved measurement and increasing integration with mobile and commerce platforms.
Category drivers and sectoral trends
From a category perspective, Padmanabhan identified SMEs, technology, real estate, education and automotive as the primary growth engines. Together, these segments accounted for about 51 per cent of advertising volumes in 2025 and are forecast to grow at a robust 14 per cent in 2026.
Foundational sectors, including CPG, e-commerce, BFSI and retail, represented around 46 per cent of total ad spend in 2025 but are expected to grow at a slower 6 per cent pace next year. Durable services, which made up only 3 per cent of advertising volumes, are forecast to grow around 2 per cent.
Padmanabhan noted continued premiumisation within FMCG, aided by the rapid expansion of quick commerce, which has enabled faster go-to-market for higher-value products. Rural consumption trends remain closely tied to monsoon outcomes, while inflation in raw materials could influence pricing decisions across categories.
Auto, EVs and BFSI in focus
The automotive sector recorded a strong year, with vehicle registrations rising about 8 per cent, spanning personal vehicles, commercial vehicles and tractors, signalling resilience in both rural demand and overall economic activity. Electric vehicle (EV) adoption continues to rise, led by commercial vehicles and two-wheelers, which together account for the bulk of volumes. EVs represented about 4 per cent of personal vehicle sales and nearly 6 per cent of two-wheeler sales in 2025.
However, Padmanabhan cautioned that constraints related to rare-earth magnets, heavy earth materials and shortages of high-end semiconductors could affect the pace of EV and AI-enabled device adoption, potentially pushing up costs.
In BFSI, strong growth in personal loan portfolios, driven by spending on travel, consumer goods and mobile devices, has supported advertising demand. At the same time, declining savings and deposits could place pressure on banks’ lending capacity, posing a potential risk to medium-term growth.
Tier 2, Tier 3 markets and retail revival
E-commerce platforms saw their highest volumes during the 2025 festive season from Tier 2 and Tier 3 cities, signalling a shift beyond metro-centric growth. This trend is expected to persist, with deeper market penetration becoming critical for both e-commerce and quick commerce platforms.
Retail also staged a sharp revival in 2025 after more than three years of stagnation, supported by festive demand and new store launches. Padmanabhan said this momentum is likely to continue into 2026.
Overall, the Indian advertising market stands at an inflection point. Technology, commerce, and AI are reshaping how brands reach consumers, while ample headroom remains for growth as economic fundamentals strengthen.
