In FY23-24, Google, Meta, Amazon, and Flipkart collectively hit a new milestone, raking in over Rs 60,000 crore in ad revenue—a 9% hike from last year’s Rs 55,053 crore. For the first time, Google and Meta India broke past the Rs 50,000 crore mark in gross revenue. Meanwhile, Flipkart and Amazon’s ad divisions together exceeded Rs 10,000 crore, with Flipkart Internet itself approaching Rs 5,000 crore.

Breaking it down, Google India’s ad revenue surged by 11%, reaching Rs 31,221 crore, up from Rs 28,040 crore. Meta India saw an impressive 24% leap to Rs 22,730 crore, and Flipkart Internet recorded a notable 50% jump, achieving Rs 4,972 crore.

India’s internet advertising scene is among the world’s fastest-growing, with a sharp 35.3% growth rate in 2022, driven by 782 million mobile internet users, making the country a “mobile-first” powerhouse. According to PwC’s Global Entertainment & Media Outlook 2023–2027: India Perspective, while global internet ad market growth dipped from 30.8% in 2021 to 8.1% in 2022 (valued at USD 484 billion), India’s ad revenue soared, increasing from USD 3.3 billion to USD 4.4 billion. The global revenue is forecasted to grow at a 6.5% CAGR, reaching USD 663 billion by 2027, whereas India’s market is projected to expand at a 12.3% CAGR, reaching USD 7.9 billion by 2027.

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Mobile advertising will remain the main driver, especially in emerging markets like India, Indonesia, and the Philippines, where mobile connectivity reigns supreme, according to the report. Mobile’s share of global internet ad revenue is expected to climb from 67.8% in 2022 to 73.4% by 2027. In India, this trend is even stronger, with mobile ad revenue projected to make up 73% of the total by 2027. While India had only 30 million fixed broadband households in 2022 (10.8% penetration), mobile internet subscribers numbered a staggering 782 million (56% penetration), underscoring vast potential for continued digital growth.