But thanks to the ongoing festival season and upcoming state elections, firms are looking to turn the corner very soon.
Traditional ads consist of TV, radio, print and outdoor mediums. This revenue dip can be attributed to cautious ad spending by firms beset by weak market sentiment and rising consumer prices.
Zee Entertainment Enterprises (ZEEL) reported a 9 per cent decline on a year-on-year (Y-o-Y) basis in domestic ad revenue for Q2FY25, the firm said on its conference call with analysts.
"We have seen some pickup from the month of September with the onset of the festive season," said Punit Goenka, chief executive officer (CEO) and managing director, ZEEL in the company's earnings call.
"Hence, we remain optimistic about the upcoming festive quarter leading to an uptick in advertising revenues," he said.
Abheek Biswas, head of knowledge and consumer research, Dentsu India, said in an email response that the festival season and assembly elections will be the primary drivers for the growth of ad budgets.
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