Russia stages global advertising forum
The First Worldwide Advertising Forum has officially opened in Moscow, attracting leading practioners from around the world. The event runs until September 15.
Although young by global standards, Russia's advertising market is already the fifth largest in Europe and twelfth in the world. It’s growing by 30 % annually.
In 2006 it was worth $US 8.5 BLN, with the figure expected to reach $US 10 BLN this year. It’s a long way from $US 150 BLN, the estimated worth of the U.S. advertising market, but experts are confident its impressive growth will continue. This is why Moscow has been chosen as the location for the First Worldwide Advertising Forum.
“The advertising business in Russia is growing at a rate of 30% per year, which will bring more creative and business-minded people here. Great things are expected for Russia. That's why everybody from around the world is here,” said Joseph Ghossoub, President of the International Advertising Association.
And Jacques Bille, the Vice-President, shares this opinion. He expects Russia to become a more mature market with greater focus on industry self-regulation.
“This is going to be one of the biggest markets in the world. My feeling is that professionals here are more inclined to self-regulation, of ethics. My contacts here show me that there is big progress in terms of responsible advertising,” Bille said.
Russia's advertising industry has been developed on the back of major brands that first appeared here less than a generation ago. Greater competition is driving creativity and diversity.
However, the sector faces a shortage of skilled workers.
Aleksandr Boroday – dean of the first Advertising department to be founded in a Russian University – says the issue is already ceasing to be a problem, with more and more students entering the market every year.
“What is the advertising market for us? It’s jobs for our graduates, and the bigger the market, the greater the number of jobs. Our students are already starting to work in their first year of study here,” he said.
There is still a lot of change ahead for the industry, but with more and more young people eager to create and promote goods, and more demand for their services, the future of Russian advertising looks positive.