Radiowalla Network Ltd Management Discussions

For the Financial Year 2024-25 Radiowalla Network Limited

1. Executive Summary

In-store digital media is emerging as one of the most powerful growth engines within the global retail media landscape. Globally, retail media spending is forecast to exceed $57.4 billion by 2030, with in-store channels such as In-Store Audio and Digital Signage, becoming central to omnichannel retail strategies.

For India, the opportunity is even more pronounced. With rapid increase in organized retail share, India is set to register the highest global growth rate. Radiowalla Network Limited is strategically positioned at the intersection of this transformation, with its leadership in In-store audio media and expanding footprint in digital signage.

Retail media advertising spends: Global Scenario

Retail media is the fastest-growing advertising channel worldwide. Spending on Retail media networks is expected to surpass traditional formats like audio, OOH, and even linear TV. From an estimated $ 31 billion in 2024 it is expected to reach $57.4 billion in 2030 with a CAGR of about 10.5% Highly targeted advertising at the point of purchase using First-party shopper data and location-based targeting is driving this rapid increase.

Indian growth story

By 2028, retail media could account for 20-25% of Indias overall digital advertising spend. Most large retail chains are already deploying strategies to increase monetization of retail media inventory including deploying in-store radio and digital signages for promotions, navigation, and immersive shopper engagement. In-store media is now seen as a revenue diversification tool beyond core retail margins.

Key Benefits of In-Store Digital Media

1. Targeted & Measurable - Enables data-driven personalization and measurable ROI.

2. Engagement & Immersion - Interactive screens, AR try-ons, and wayfmdmg boost dwell time.

3. Revenue Diversification - Creates high-margin ad inventory for retailers.

4. Operational Efficiency - Centralized, real-time updates reduce costs and increase agility.

5. Omnichannel Integration - Bridges offline and online journeys seamlessly. Challenges Ahead

?€? Display Blindness & Fatigue - Shoppers ignore repetitive, low-quality content.

?€? Privacy & Data Governance - Need for secure, responsible use of shopper data.

?€? Infrastructure Requirements - Requires robust tech stack: ad servers, analytics, attribution systems.

Digital Signage in Retail

The digital signage market is expanding at a robust pace, with global valuation in the USD 26-29 billion range in 2024, depending on sources. It is expected to grow to USD 45-56 billion by the early 2030s, with compound annual growth rates (CAGR) projected between ~7.9% and 8.3%

The retail digital signage segment is forecast to climb from around USD 5.9 billion in 2025 to USD 7.9 billion by 2030, representing a CAGR of approximately 5.9%.

Growth in retail is propelled by multiple drivers:

?€? Declining hardware costs, especially LED video-wall displays, lowering entry barriers;

?€? Widespread adoption of cloud-based and AI-powered systems enabling dynamic, remote content control and shopper-responsive messaging;

?€? Integration with IoT (e.g., shelf-edge displays), analytics, and programmatic ad trading, allowing personalization and media monetization within stores

?€? Geographically, North America commands the largest share, while Asia-Pacific leads in growth, buoyed by digital-first retail modernization and favourable infrastructure

Global & Indian Overview of In-Store Audio Media Global Effectiveness

In-store audio has proven to be one of the most effective retail media channels. Studies indicate that 89-96% of shoppers actively pay attention to in-store audio ads, with 57% acknowledging audios influence on purchase decisions and 35-41% making immediate purchases after exposure. Compared with visual media, in-store audio delivers a +14% advantage in recall and visibility, making it a high-impact communication medium at the point of sale.

India Context

In India, in-store audio remains a highly underutilized opportunity within the retail media mix. Radiowalla has emerged as the category pioneer, delivering personalized in-store radio services that seamlessly blend curated music, advertisements, and brand messaging across diverse retail environments. With an estimated 250 million+ monthly shopper reach, Radiowalla already operates at unmatched scale. The companys recent integration with the Adswizz programmatic advertising platform strengthens its ability to monetize audio inventory by enabling targeted, data-driven ad placements for brands.

Market Growth Outlook

Globally, the in-store music and audio services market was valued at approximately USD 1.2 billion in 2023 and is projected to grow to USD 2.3 billion by 2032, reflecting a CAGR of ~7.2%. In India, penetration levels remain relatively low (between 50,000-60,000 using any service), leaving substantial headroom for growth as modern retail formats expand and retailers seek new monetization channels.

Benefits & Strategic Role of In-Store Audio

?€? Captive Engagement: Delivers messages in real time at moments closest to purchase decisions.

?€? Omnichannel Amplification: Complements digital campaigns by driving offline-to- online journeys.

?€? Brand Identity & Resonance: Enables sonic branding that enhances customer loyalty and store ambience.

?€? Targeted & Measurable: Flexible scheduling and data integration allow attribution to sales uplift.

?€? Incremental Revenue Stream: Converts background music into a monetizable advertising asset for retailers.

Key Challenges in Scaling In-Store Audio

?€? Audio Fatigue: Poor curation risks alienating shoppers and staff.

?€? Demographic V ariability: Messaging must be localized by store format and region to be effective.

?€? Infrastructure & Content Quality: Requires investment in professional-grade audio systems and content production.

?€? Data Privacy & Compliance: Growing integration with retail media networks necessitates strict adherence to data protection standards.

Radiowalla is continuing to invest in technology and infrastructure to address the above challenges. With continued focus on bringing in new features to our offerings and providing superior customer service, we aim to maintain our leadership position in the market.

Final Takeaway

In-store digital media is no longer a supporting layer; it is becoming the centre piece of modern retail media strategies. Globally, brands and retailers are harnessing digital signage and audio to drive measurable outcomes, brand resonance, and revenue growth.

For India, the opportunity is unparalleled: rapid retail digitization, large-scale retail chains, and data-driven marketing adoption create fertile ground for exponential growth.

Radiowalla Network Limited stands at the forefront of this evolution, with proven leadership in in-store audio and expanding capabilities in digital signage and video analytics. As Indias retail media sector accelerates, Radiowalla is uniquely positioned to deliver scalable, measurable, and brand-safe retail media solutions, making it a compelling growth story for investors.