Digital Media India is in its 12th year in 2023. It is gaining popularity in the country. People being digitally aware and with internet reaching every house hold, digital media has found its presence in the country. Most of the businesses today are conducting online whether ordering food from any restaurant or booking tickets for traveling, businesses has occupied digital space in abundance. Companies like swiggy, zomato, uber-eats have changed the shape of restaurant business helping them reach the targeted customers.
Similarly, Zoom-Car, Uber & Ola has changed the shape of travelling. The innovation has not yet stopped and it will continue to rise further. Digital media holds prominent space in near future and the result is optimistic.
Companies like Z1 Media who aims to blend the digital media and advertising to help businesses reach their potential customer with their products have taken initiative to utilize the digital space. Various other companies are involved.
According to a report the Indian digital industry is expected to grow at 29% to reach a market size of Rs 35,809 crore by the end of 2023. It is expected to contribute 38% to the overall advertising industry in India, on par with television.
Ad spends on online video are projected to grow with a CAGR of 34.86% to reach a spends’ share of 30 percent (Rs 10,474 crore) of the digital advertising market by the end of 2023. Social media is expected to grow with a CAGR of 29.79% to have a spend share of 29%. Paid search will have a spend share of 22% while display banners will have a 16% share by the end of 2023.
The Government of India on the other hand has created the Digital India program in order to leverage information technology to modernize the entire ecosystem of public services, with the objective of transforming India into a digitally empowered society and knowledge economy. Opportunities can now be found not just in big cities, but also in little towns.
In addition, when compared to other platforms, digital is one of the most cost-effective ways to promote a product. This also results in a higher rate of engagement. Because individuals use social media for almost everything, the engagement rate should be higher. People require high-quality material to keep themselves informed and entertained. As a result, it is the responsibility of digital marketers to create interesting content for their target audiences.
People around the world realized its importance during the Covid-19 pandemic. Particularly for commercial purposes. Companies can’t reach out to their customers in person, but they can do it online at any time and from anywhere. As a result, because you can directly target your specific audience, Digital platform is the most successful strategy for promoting your product.