Programmatic, audio and retail media are reshaping India’s ad market

India’s advertising market is in the middle of a profound transformation, shaped by rapid digital adoption, shifting consumer behaviors and a new emphasis on measurable outcomes.

At The Trade Desk’s Future of Advertising Mumbai event last week, media and advertising leaders came together to gauge where budgets are heading and which channels will define the next phase of growth.

Three themes dominated the conversation: programmatic’s central role in advertising, audio’s underutilized ability to grow brands and retail media’s ability to unlock full-funnel campaigns.

Each reflects how Indian advertisers are balancing scale, precision and ROI in a fragmented marketplace that is one of the fastest growing in the world.

The power of programmatic

For media buyers in India, programmatic has quickly evolved from a “nice to have” to the backbone of modern campaigns.

What they said: “When you look at the consumer journey and the fragmentation which is happening, programmatic is something which brings all these pieces together. It’s absolutely imperative to have your entire campaign system based on programmatic … it’s become the heart from where the fragmented journeys can be linked together.” — Jai Lala, CEO, Zenith India

Why it matters: Recent numbers back up the shift. Programmatic buying already accounts for 42% of India’s digital ad spend and is forecast to reach 44% by 2026, according to the dentsu-e4m Digital Report 2025.

Broader projections put the Indian programmatic market on track to grow at more than 25% annually, with estimates suggesting it could reach $96 billion by 2030, driven by India’s growing digital population and marketers’ need to manage fragmented journeys at scale.

The audio opportunity

Audio may still be something of a sleeping giant, but more media buyers in India are waking up to its vast potential to unlock incremental reach and complement visual channels.

What they said: “What audio brings to the table is untapped opportunity that was never accessible before. We’ve all been obsessed with eyeballs, but the fact is, people spend a lot more time during their day doing other stuff — and audio helps you unlock that.” — Arjun Ravi Kolady, head of sales, Spotify India

Why it matters: Audio advertising is increasingly being recognized as a critical component of media plans. For brands, audio provides an opportunity to engage audiences during non-screen time — such as when commuting, exercising or multitasking.

The numbers underline the immense opportunity: India’s audio user base was estimated at 350 million in 2023 and is projected to rise to 540 million by 2027.

Retail media’s full-funnel role

Retail media is no longer just about bottom-of-the-funnel conversions. As Indian e-commerce adoption accelerates, platforms are positioning themselves as full-funnel solutions — blending upper-funnel awareness with mid- and lower-funnel conversion tactics.

What they said: “If you talk about consumer journeys now, they are not linear anymore. … [For brands], especially brands which are digital first or who are launching products which are digital first, it makes sense to go full funnel and use a DSP so that you are sharper, you have the best ROI possible for you.” — Anshul Garg, head of Publicis Commerce, India

Why it matters: Retail media in India is growing at a rapid pace, driven by a booming quick commerce sector. In fact, retail media spend in India is expected to expand by 21.9% this year, outpacing growth in paid search (6.7%) and paid social (8.7%).

The timing is significant. India’s Digital Personal Data Protection Act 2023 (DPDP Act) established new obligations around consent, storage and cross-border transfers of digital personal data.

As third-party data and cookie-based targeting face stricter limits, access to first-party data — such as that provided by retail media networks — is thus becoming even more valuable for advertisers.

The Current is owned and operated by The Trade Desk Inc.