Ukraine ad spending jumps 77% annually but yet to recover fully since Russian invasion

Ukraine's advertising media market in 2023 increased by 77% after last year's dip, but is still a third smaller than before the start of full-scale war, according to the study of the All-Ukrainian Advertising Coalition (VRK).

The radio advertising market grew the most this year – by 160% to 865 million hryvnias ($23 million), which is already more than in 2021. In 2024, according to forecasts, its volume will cross the mark of 1 billion hryvnias ($26.6 million).

Advertising on the Internet also recovered to the "pre-war" level, although the growth there was more modest – 78% to 12.8 billion hryvnias ($340.2 million). Primarily, it was ensured by banner advertising, social media posts, rich media, digital video (especially YouTube) and influencer marketing. In 2024, growth should continue, but the dynamics will slow down to 15-20%.

Television advertising fell by 80% in the first year of the full-scale war and has so far recovered only partially – by 49% to 3.9 billion hryvnias ($103.7 million). But in the second half of the year, its pace picked up, and next year growth may reach 60-65%.

Advertising in the press increased by 79% in the first year of the full-scale war, and this year it grew quite a bit – by 4% to 357 million hryvnias ($9.5 million). In 2021, this figure was four times higher. The recovery of this market next year will be just as slow.

How the situation with advertising will pan out will largely depend on the Armed Forces of Ukraine and successes at the front.