Print Performance Overview 2024: Innovations, Polls, Festive Spends drive industry

The Indian print media industry started the year 2024 on a highly optimistic note, with various projections for a robust growth during the year. And this industry didn’t disappoint. Amid decline globally, the print media industry in India continues to remain resilient even as it did face some challenges.

As per the FICCI-EY M&E report for 2024, print advertising grew 4% in 2023 to reach Rs 177.6 billion, while circulation grew 3% to reach Rs 82.3 billion. The FICCI-EY report projected print advertising to grow at a 4.7% CAGR in 2024, driven by access to increasingly elusive affluent audiences and premium inventory formats. The report saw print subscription to see a marginal growth of 0.7% CAGR on the back of cover price increases while market leaders hold on to readers and other papers start to see declining trends. As per the report, Print segment can grow to Rs 288 billion by 2026, at a CAGR of 3.4%.

PwC in its ‘Global Entertainment & Media Outlook 2024-28: India perspective’ report pegs India’s print advertising market to grow at 3%, against a global decline of -2.6%.

The Performance Meter

TAM Media’s report on Print advertising in H1 of 2024 (January-June) reveals that the indexed growth of ad space per publication in Print was reported at 5% over the corresponding period in 2023.

India’s largest print media company DB Corp, delivered Advertisement revenue CAGR growth of 20% in last 3 years period from Rs 10084 million in FY21 to Rs 17524 million in FY24. Similarly, PAT has delivered an impressive 44% CAGR growth in last 3 years from Rs 1414 million in FY21 to Rs 4255 million in FY2024. In the 1st Half Year of FY25, EBITDA margins expanded by 200 bps YoY to 27.8% and EBITDA stood at Rs 3351 million with growth of 10% YOY, on account of soft newsprint prices & reflecting efficient cost management. Profit After Tax saw a 12% YoY growth to Rs 2004 million, showcasing sustained profitability. Total revenue grew by 2% YoY to Rs 11988 million on an Election led high base, where the state elections boosted ad revenues in H1 of last year. Advertisement revenue remained flattish with 1% YOY growth to Rs 8291 million on an election led high base where the State Elections driven environment boosted Ad revenue in H 1 FY 24followed by a similar boost with the national elections in the H 2 of FY 24.

In H1 FY2025, DB Corp’s Total Revenue grew by 2% to Rs 11,988 million as against Rs 11,755 million. Advertising Revenue grew by 1% to Rs 8,291 million as against Rs 8,247 million. Circulation Revenue stood at Rs 2,367 million as against Rs 2,404 million, while Net Profit grew by 12% YOY to Rs 2,004 million as against Rs 1,790 million.

HT Media’s print ad revenue grew 3% in Q2 FY2025 at Rs 252 crore, compared to Rs 244 crore in Q2 FY2024. Operating revenue saw a 3% growth at Rs 334 crore, as against Rs 324 crore garnered in the corresponding quarter of FY2024. “The Print business posted better numbers on the back of pricing led advertising growth, which, coupled with our emphasis on operational efficiency resulted in enhanced profitability,” said Shobhana Bhartia, Chairperson and Editorial Director, HT Media Ltd & Hindustan Media Ventures Ltd.

However, in Q2 FY2025, Jagran Prakashan registered decline in its operating, advertising and circulation revenues.

Operating Revenues at Rs 446.51 crore as against Rs 458.73 crore
Advertisement Revenues at Rs 312.14 crore as against Rs 318.61 crore
Circulation Revenues at Rs 82.66 crore as against Rs 89.72 crore

Flagship publication Dainik Jagran saw marginal decline in its operating revenue in Q2 FY2024 at Rs 266.44 crore, compared to Rs 267.52 crore in Q2 FY2024. On the other hand, the group’s other publications, which include Midday, Naidunia, I-Next, Punjabi Jagran, Inquilab – North, and Sakhi, saw growth in Operating Revenue from Rs 47.09 crore in Q2 FY2024 to Rs 59.87 crore in Q2 FY2025.

Print’s Tryst with Innovation

The year 2024 saw brands experimenting with different innovations in print advertising – from olfactory experiences to impromptu craft work to mixed reality ads and more.

Flipkart Mango Ad

Popularly referred to as the Flipkart Mango Ad, this ad created quite a stir with its simple, yet effective idea. Partnering with its media agency, Havas Media India, Swiggy Instamart brought a fresh and fragrant experience to Mumbaikars with a unique collaboration with The Times of India. On Sunday, June 2, 2024, TOI readers across Mumbai were greeted with a delightful surprise – a one-of-a-kind mango-scented front-page newspaper ad from Swiggy Instamart. The ad, which featured vivid visuals of mangoes and a crisp, engaging copy that stated, “Read this ad with your nose,” offered an immersive experience that tempted the senses of the readers.

Uday Mohan, Chief Operating Officer, Havas Media India, said, “This campaign is a testament to the power of print in creating impactful messaging. By combining the sensory appeal of scent with the visual impact of print, we were able to create a truly meaningful experience that resonated with the audience.”

Cleartrip paper plane

On October 2024, Cleartrip unveiled a groundbreaking print ad in The Economic Times that served as a playful yet powerful reminder to take a break and prioritize self-care by travelling. The ad allowed readers to fold the newspaper into a paper plane, scan a QR code, and symbolically throw their stress away. This imaginative campaign was executed by SW Network (Sociowash).

Campus’ mixed reality print ad

Sports and athleisure brand Campus recently unveiled its first-ever mixed reality print advertisement, marking a significant leap in innovative marketing technology. As part of its “Move Your Way” campaign, this cutting-edge initiative seamlessly blends physical print media with digital interactivity, redefining consumer engagement and bridging the gap between traditional advertising and modern technology.

Elections Bonanza

Elections mean good business for news media, and this year, the Lok Sabha elections held mid-year provided a big boost to digital as well as print media.

As per media reports, higher election spend buoyed Print ad revenue by 10-11% in H1 of 2024. Not just the national publications, but the windfall in political and election ad spends extended to regional publications and community newspapers as well.

While there are varying statistics available on the election ad spends this year, as per media reports, a massive growth was seen in Google ads by major political parties. GroupM ‘This Year, Next Year’ predicted that the ad spend growth this year would be driven mostly by Lok Sabha elections. As per reports, ad spends traditional and digital media for the Lok Sabha elections by various political parties are pegged in the region of between Rs 1,500-2,000 crore.

Festive sparkle

The print industry saw one its best performances in recent times during the festive season this year. Retail sector, jewellery brands, automobile majors, e-commerce platforms, and even premium brands turned to print to increase reach and recall during the festive season. The increase in ad spends during the festive season further buoyed the print industry this year.

In an earlier interaction with Adgully, Naresh Gupta, Co-Founder, Bang in the Middle, noted, “Print will look at expanding its offering by bundling options or services. There will be festivals, fares, etc., that the brands will leverage along with print ads to drive the audience engagement. The Times of India built itself with events and sponsorships, The Hindu has been terrific in their activities in Chennai. Almost all language newspapers are a part of social fabric in their city. These activities will deepen as print finds it mojo back.”

When it comes to Print media expanding their advertiser engagement, Gupta felt that what print needs to do is fight the impressions that the younger audience has given up on print and that print is expensive compared to digital. “Reach is a major advantage with print and they should build on that factor as much as they can,” he added.

Also Read: Campus launches mixed reality print ad featuring Vicky Kaushal