The advertising market in Russia last year was worth 307.5 billion rubles ($4.1 billion), a decrease of 10 percent compared to 2014, the Association of Communication Agencies of Russia (ACAR) said in a statement Wednesday.
The print market has been hit the hardest by the decline in advertising revenues, ACAR data revealed. Last year newspaper and magazine advertising revenues dropped by 29 percent to 23.3 billion rubles ($315 million).
Russian spending on television advertising fell by 14 percent to 136.7 billion rubles ($1.8 billion) in 2015, compared to the previous year.
Radio last year received 14.2 billion ($192 million) in advertising revenue, 16 percent down from 2014.
The market of outdoor advertising fell by 21 percent to 32 billion rubles ($433 million) over the same period, ACAR said.
The only media segment that has demonstrated growth in advertising revenue is the Internet. In 2015, advertisers spent a total of 97 billion rubles ($1.3 billion) on Internet advertising which is 15 percent more than in 2014.
The advertising market in Russia has been shrinking since the end of 2014 as advertisers tend to slash their expenditures amid economic slowdown, the Vedomosti business daily reported Wednesday.