India sets hot media investment pace
EmptyNEW DELHI -- Media investment in India is expected to exceed $5 billion next year and reach as high as $10 billion by 2011, according to a new study from U.K.-based global media investment management company GroupM.
"Only China and Russia combine such scale with such growth," GroupM futures director Adam Smith said. "India is currently contributing 3%-4% to annual global media investment growth, which is comparable to Japan, Canada or the largest European countries."
The report said the boom has been sparked, at least in part, by the evolving sophistication and increased spending power of the Indian consumer -- leading to increased advertising in categories including financial services, automotive, fashion and high-end household goods.
And wages among the nation's urban dwellers are rising as fast as the Indian economy, which is clocking an average GDP growth rate of more than 8%.