In this episode of The Media Room, Vanita Kohli-Khandekar speaks with Vivek Couto, Co-founder and CEO of Media Partners Asia, and Mihir Shah, Vice President at Media Partners Asia, about the biggest shifts reshaping advertising across India and the Asia-Pacific region.

India’s advertising market has doubled from $8 billion to $16 billion over the last five years. But the composition of that market is changing rapidly. Retail media has emerged as one of the biggest growth areas, with the Indian market now worth around $3.1 billion and growing rapidly across e-commerce, quick commerce, food delivery and fintech platforms.

The conversation explores why Amazon and Flipkart are no longer the only players in retail media, how platforms such as Zepto, Blinkit and Swiggy are attracting advertisers, and why first-party data and measurable conversions are changing the way brands spend their advertising budgets.

Vivek Couto and Mihir Shah also discuss the rise of Connected TV, which is bringing together television's brand-building power with digital measurement. They look at India's 55 million active CTV homes, the growth of CTV advertising and why the market could reach $2 billion in the coming years.

The discussion also looks at AI and the future of search, the growing concentration of advertising among major platforms, the importance of IPL and other mass-media moments, and whether traditional display advertising could be squeezed between retail media and video.

They also examine the future of professional content as UGC, social video, microdramas and AI reshape the economics of content production — and why premium content may have to compete on emotion and memory rather than volume.

In this episode:

• India’s $16 billion advertising market

• The rise of India’s $3.1 billion retail media market

• Amazon, Flipkart, quick commerce and the next phase of digital advertising

• Why retail media is growing faster than traditional search and display

• The rise of Connected TV and CTV advertising in India

• AI search and the future of Google and traditional search

• The concentration of advertising among Meta, Google and ByteDance

• IPL, live sports and the value of mass-media moments

• Streaming, UGC, microdramas and professional content

• How AI could reshape premium content and multilingual entertainment

Watch the full conversation with Vivek Couto and Mihir Shah on The Media Room with Vanita Kohli-Khandekar from The Core.

#TheMediaRoom #MediaPartnersAsia #VivekCouto #MihirShah #IndianAdvertising #RetailMedia #CTV #Advertising #DigitalAdvertising #AI #MediaIndustry #Streaming

Chapters

(00:00) – The APAC Advertising Market Is Changing

(03:31) – India’s $16 Billion Advertising Market

(07:07) – What Exactly Is Retail Media?

(09:32) – Amazon, Quick Commerce & The Rise of Retail Media

(3:58) – India’s $3.1 Billion Retail Media Market

(17:52) – Is Performance Marketing Killing Brand Building?

(21:02) – How Sports, Streaming & Retail Media Are Converging

(23:45) – The Growing Concentration of Ad Spending

(26:06) – How AI Will Change Search & Advertising

(31:10) – CTV’s $23 Billion APAC Opportunity

(34:08) – UGC, Premium Content & The Future of Media

(38:08) – Why India’s $5 Billion Content Market Is Recalibrating

(40:40) – Closing Thoughts