PM and GroupM estimate growth in digital ad spends at 30%/45% to ~Rs 50 bn in CY2015. These estimates exclude the SME segment. GroupM expects marginal acceleration in growth rates for digital, notwithstanding the high base. This could be led by rising acceptance of mobile ads, success of Facebook and expectations of sharp increase in digital media consumption after the launch of RJio. Further, ecommerce players such as Flipkart have plans to open its platforms for advertising. Given these factors, we would not be surprised if English print struggles to grow or declines in CY2016. Regional print is not so vulnerable yet; some impact and loss of share is inevitable and built in our estimates for DB Corp and Jagran.
