The All-Ukrainian Advertising Coalition (VRK) has revised its 2023 forecast for the Ukrainian advertising market, now expecting a 64% annual growth, the association said in a message on its website on Sept. 5.
The impressive growth expectations are now double the original 32% figure, largely fueled by digital advertising, according to the updated forecast.
The forecast for the TV market remains at 45% increase compared to 2022. Direct advertising is expected to increase by approximately 45%, and sponsorships — by 50%.
Advertising in the press is projected to grow by 1%, reaching UAH 345 million ($9.4 million), with ads placed in nationwide press outlets potentially expanding by 3%, reaching UAH 228 million ($6.1 million).
Meanwhile, outdoor advertising is projected to rise by 51%, amounting to UAH 2,653 billion ($71.8 million). Digital outdoor advertising growth will expand by 76%, amounting to UAH 482 million ($13 million).
Radio advertising growth is expected to hit the 67% mark by the end of the year, reaching UAH 555 million ($15 million). The forecasted growth of digital media advertising for the year stands at 75%, amounting to UAH 12.567 billion ($340 million).
The total advertising market will reach UAH 20.1 billion ($541 million), according to the updated forecast.