Russian advertising market grows 27% to 315 bln rubles in H1

MOSCOW. Aug 30 (Interfax) - Russia's advertising market grew by 27% year-on-year to over 315 billion rubles in the first half of 2023, industry association AKAR reported.

The market also grew by 19% compared to the first half of 2021.

The Russian advertising market has emerged from crisis by all key indicators and reached record highs, AKAR analysts said.

Almost all segments of the market grew in the second quarter, AKAR said, without providing growth or absolute figures for these segments. Advertising budgets increased by 50%.

The regional advertising market is also on the upswing, growing by 25% to over 21 billion rubles in the first half, the association said.

AKAR also said there is an objective need to seriously rethink the structure of the market, identify new segments and sub-segments, as well as find solutions for technologies to assess volumes and verify them. In light of this, a working group has been formed to improve methods for assessing the market and the new approach is expected to be applied when reporting the results of 2023.