Eyes are turning towards Russia as reports surface that the country’s Internet advertising market almost doubled in 2007.

by Helen Leggatt

MindShare Interaction has calculated that Russia’s Internet advertising market totaled $369 million in 2007, a 97 percent increase on 2006. This year, MindShare forecasts the country’s Internet advertising spending will reach $685 million.

The spend in 2007 was quite evenly split between contextual advertising comprising $210 million (57 percent) and display advertising at $159 million (43 percent).

Russia’s two largest Internet companies, Yandex and Rambler, are forecast to have combined 2007 revenues of $232 million which accounts for 63 percent of the Russian Internet advertising market.

Google has an estimated 3 percent share of Russia’s Internet advertising market, and just 5 percent of its contextual advertising market.

The majority of top advertisers in Russia came from the mobile telecommunications, automaker, technology and consumer goods sectors. Automakers were the biggest spenders with a quarter of total spend.

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