Can print command premium without a currency? INS' ad surcharge reignites IRS debate

The Indian Newspaper Society's (INS) July 22 recommendation that member publications levy a 15% advertising surcharge has reopened a broader debate in India's print industry, one that extends well beyond rising newsprint costs.

While publishers argue that higher input costs have made better advertising yields imperative, advertisers say the industry's ability to command a premium ultimately depends on something far more fundamental: credible audience measurement.

Nearly seven years after the last Indian Readership Survey (IRS), marketers say newspapers are seeking higher pricing in a market that still lacks a universally accepted currency to measure readership, audience quality and campaign effectiveness. Although MRUC announced a pilot survey for just two cities last year after prolonged deliberations, it has yet to take off, leaving the industry's readership measurement framework unresolved.

Marketers argue that advertisers have continued investing in print despite the lack of a common readership currency. Now, asking them to absorb an additional surcharge without strengthening measurement, they claim, only prompts procurement and marketing teams to ask tougher questions—not just about the extra 15%, but about print allocations as a whole.

“The absence of the IRS has weakened the print's ability to negotiate higher advertising rates today”, affirms Rajiv Dubey, Vice President, Head of Media and Head of Brand Activations at Dabur India. 

He says, “Today, advertisers expect independent and credible audience data before paying more. Without a common readership currency like IRS, it becomes difficult for print to justify higher advertising rates across the industry, although leading publications, especially strong vernacular titles, can still command a premium. It also becomes challenging to quantify the incremental reach that print delivers and the cost of achieving that reach.”

“Credible audience measurement is essential to restoring print’s pricing power. It gives advertisers confidence in the audience they are buying and enables publishers to justify premium pricing based on proven value rather than higher costs alone,” Dubey noted.

The veteran marketer further explains, “There has also been a generational shift in media planning, with decisions becoming increasingly data-led. A robust and widely accepted IRS would help rebuild advertiser confidence and strengthen print’s case for commanding higher advertising rates.”

For many advertisers, the debate is no longer confined to rising input costs. It is increasingly about accountability.

Sooraj Balakrishnan, Head of Marketing and Associate Director at Acer, shares, “The way audiences consume news today is far more fragmented than ever before. Consumers move between print, digital, social media, video, podcasts and news aggregators, with each platform playing a distinct role in their information journey. Despite this, print continues to remain highly relevant because of the trust, credibility and attention it commands. As media planning becomes increasingly data-driven, robust and credible audience measurement—both for print and across platforms—is critical to demonstrating value.”

“While publishers may have valid reasons for revising pricing, transparent measurement standards strengthen advertiser confidence and help ensure investment decisions are based on measurable outcomes. Ultimately, sustainable pricing power comes from the ability to consistently demonstrate campaign and business impact,” Balakrishnan noted.

Marketers’ comments reflect a broader concern within the advertising ecosystem. Pricing power, marketers argue, is rarely driven by cost alone. It is earned through demonstrable value backed by trusted audience data and measurable outcomes. In the absence of an industry currency, advertisers increasingly rely on circulation audits, proprietary research and campaign performance metrics—none of which provide a common benchmark across the print industry.

Also Read: Why INS surcharge diktat could backfire on publishers

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‘Pricing power cannot rest on a single metric’

Publishers have a different point of view. Shreyams Kumar, Former INS President and Managing Director of Mathrubhmi, quips, "Credible audience measurement is important because it builds advertiser confidence and brings greater transparency to media planning. But print's pricing power cannot rest on a single metric. Unlike digital, newspapers derive value from a combination of independently audited circulation, readership studies, editorial credibility, market leadership and, most importantly, the business outcomes they deliver.”

During high-impact periods like Onam, advertisers continue to invest in print because of the trust, engagement and influence it offers. While stronger audience measurement would reinforce print's value proposition, its pricing power ultimately stems from its credibility, proven effectiveness and the trust it has built with readers and advertisers over decades, Kumar noted. 

Agencies caught in the middle

Advertising agencies, meanwhile, find themselves caught in the middle. While publishers seek higher yields to offset rising costs, advertisers remain reluctant to absorb additional pricing, leaving agencies to balance the commercial interests of both sides during media negotiations.

Anil Solanki, Media Head, dentsuX, shares, "A credible readership currency is critical to justify higher print ad rates. Premium publications may still command a premium, but without independent audience measurement, pricing is driven more by perception than proof.”

e4m reached out to the INS seeking their comments on the matter. The copy will be updated if they respond. 

Why IRS Has Yet to Return?

Industry executives say one of the factors slowing the return of the IRS has been the lack of alignment among publishers over funding and methodology. Many of them are apprehensive that the ISR findings could potentially weaken their market position and affect advertising revenues that have only recently recovered to pre-pandemic levels, industry insiders say.

Ashish Bhasin, Founder, Bhasin Consulting Group and former CEO, dentsu Asia Pacific, believes print deserves stronger pricing—but only if it can substantiate it. "Print has remained a powerful medium, but publishers have also been responsible for not investing enough in industry research. For years, the absence of a credible readership currency like the IRS has made it harder to demonstrate value.”

He added, "I hope print publications are able to realise better pricing. Equally, I hope the industry invests in readership research and measurement because that's what will ultimately give advertisers the confidence to pay a premium. What the market finally pays will be determined purely by market forces."

Pricing Amid Structural Change

The debate also comes at a time when the economics of print remain uneven across markets. Industry executives point out that circulation—particularly among English-language newspapers—has yet to fully recover from the disruption caused by the pandemic. 

While advertising rates have not fully reflected this shift, they argue that introducing a surcharge now could prompt marketers to reassess not only the additional 15% but also their overall commitment to the medium.

Notably, print media advertising grew 3% to ₹20,866 crore in 2025 from ₹20,272 crore in 2024, according to the Pitch Madison Annual Report. However, print's share of total AdEx declined from 19% to 18%, underscoring its gradual erosion in an advertising market increasingly tilted towards digital.

The INS advisory has come at a time when factors like global economic headwinds and Iran-US ongoing war have dampened the market sentiments. According to recent forecasts by PMAR and dentsu, print advertising is expected to register only modest growth compared with digital, even as key advertising sectors such as FMCG and automobiles remain cautious amid a softer consumption environment. 

These conditions are likely to make advertisers far more selective about incremental media investments, executives say.