NEW DELHI : Even as digital advertising is fast outpacing traditional advertising, this year, the advertising spends on traditional media are expected to reach close to ₹ 62,000 crore, depicting an increase of 10% over last year, said a new forecast by homegrown media agency network, Madison. The ‘Pitch Madison Advertising Report 2023’ released Wednesday noted that of the entire traditional pie, television will occupy the largest share of 32%, at about ₹ 33,500 crore, followed by spends on print -- ₹ 20,133 crore or 19% of all ad spends. TRENDING STORIES See All Premium America’s imminent debt crisis:Much ado about nothing scary Premium GATE 2023: Candidate response sheet released at gate. ii . . . Premium Nifty scales 18k but concerns over higher inflation pri . . . Premium Investors are waiting for Bata India to sweep them off . . . Digital, which has been growing faster than ever before, will account for ₹ 43,036 crore of all advertising spends, which is 25% more than 2022. In absolute terms, advertising expenditure (adex) grew from Rs. 74,231 crore to Rs. 89,803 crore in 2022 and this is the second highest gain of the last two decades. The adex is expected to grow 16% on 2023, to cross ₹ 1 lakh crore. In 2022, digital overtook TV (at 34%) to become the largest medium with a 38% share of the entire ad spends while traditional adex grew by 14%, digital grew more than double by 35%. TV grew less than expected by 9% versus its projections of 14%. Sam Balsara, chairman of Madison World said, “Media habits of Indians are rapidly changing and this is reflected in our adex numbers and commentary. Advertisers who ignore these changes will do so at their own peril. " The report added that over the last two years, digital adex has doubled in size from Rs. 16,974 crores to Rs. 34,405 crore and out of home advertising or OOH has registered a 68% increase, crossing 2019 levels, contributing 4% to adex. From an overall advertising perspective including digital, FMCG continued to be the largest sector to advertise, but its share has moved down from 38% in 2020 to 32% in 2022. Ecommerce established itself as the second biggest category of adex, growing in share from 4. 9% in 2019 to 14% in 2022. MINT PREMIUM See All Premium Bird flu spreads to new countries, threatens non-stop ‘ . . . Premium No more flows in Kotak's Nasdaq ETF fund, but here are . . . Premium What India's best stocks look like: The 11 stocks you m . . . Premium Indian history needs to be kept free of politics The top five advertisers were HUL, Reckitt, Reliance Industries, fantasy sports company Dream11 and confectionary maker Mondelez. But with the funding winter, startups advertising in the top 50 list have shrunk. This year, there are just 11 startups advertising versus last year’s 15, confirming that venture capital money has shrunk. ABOUT THE AUTHOR Varuni Khosla Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands. Read more from this author Catch all the Industry News , Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates . More Less OPEN IN APP.