India’s screen economy set to reach $15.4bn by 2031 as retail media scales
Media Partners Asia forecasts the screen economy will grow from $12.5bn in 2026 to $15.4bn by 2031. Retail media has expanded from $300m in 2020 to $3.1bn today.
The channel move
Media Partners Asia projects India’s screen economy to reach $15.4 billion by 2031, while retail media has grown from $300 million in 2020 to $3.1 billion today.
Channel facts
- $15.4 bn by 2031
- $12.5 billion in 2026
- $300 million in 2020
- $3.1 billion today
What it means for online and offline
India’s retail media growth from $300m in 2020 to $3.1bn today makes first-party audience data and coordinated in-store and digital ad inventory increasingly valuable.
Signals to track
- Retailer disclosures of media revenue, margins and advertising inventory growth
- Brand budget surveys showing retail media gaining share from search, social or trade promotions
- Adoption of common audience, attribution and incrementality measurement standards
- Expansion of in-store screens and integration with retailer apps and loyalty programs
- Privacy rules or platform changes that affect use of shopper data and off-site targeting
The counter-case
The $3.1bn figure may reflect a broad or changing definition of retail media, and growth from a small 2020 base does not prove durable, incremental ad demand. Spend could be shifting from other digital channels rather than expanding, while fragmented networks, inconsistent measurement and retailer execution constrain returns. The wider screen-economy forecast is not evidence that retail media itself will sustain similar growth.