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India, with its booming cities and thriving economy, has become an attractive market for British and U.S. magazine publishers.
Conde Nast launched an Indian edition of GQ earlier this week, in its push to expand its luxury titles to that country. It follows in the footsteps of magazines including the Economist, Vogue, Rolling Stone and FHM that have begun publishing Indian editions, writes Media Life.
While ad forecasts are down for a large part of the world in 2008 and 2009, India is expected to see ad spending jump 20 percent in 2008 and 19 percent in 2009, becoming the 15th largest ad market, predicts GroupM. Carat predicts (via MarketingCharts) that ad expenditures in India will grow by 21 percent in 2008, along with other emerging economies, including Russia (22.8 percent growth) and Mexico (20 percent).
Growth in the Indian ad market comes from a number of factors, including the growing wealth of the country, the vibrancy of the country’s traditional media, and rising literacy rates.
The magazine sector is not expected to grow as fast as other sectors, however, because while the number of magazine titles being launched there is increasing, the amount of advertising cash infusing the market is not. Magazines will grow 12 percent in 2008, and just 5 percent in 2009, according to GroupM.
Newspapers, too, are seeing a boom in India. GroupM expects the newspaper category to grow 18 percent in 2008 and another 18 percent in 2009.
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