Unofficial Advertising Revenues Many Times Higher Than Those Submitted to State Statistics Committee

Baku / 09/25/17 / Turan: In the crisis year of 2016, the revenues of advertising companies declined. Nevertheless, the crisis gave impetus to the growth of competition in the market, as evidenced by an increase in the number of contracts for the provision of advertising services by 10%.

According to the State Statistics Committee, last year 6,245 advertising agreements were concluded. This is the highest rate for the last 10 years. The total amount on the concluded contracts was 37 million manat, which is 28.3% less than in 2015.

The peak of revenues of advertising agencies of Azerbaijan was reached in 2013 - 66.3 million manat for 2,339 contracts. True, then the average annual price of oil in the world market was $ 108.7 per barrel, twice as much as now.

It is noteworthy that in addition to official, there are also unofficial data on the turnover of advertising in Azerbaijan. According to the Association of Advertisers of Azerbaijan, in 2015 the turnover of advertising activity amounted to approximately 350-500 million manat. This is many times more than the data provided by the State Statistics Committee, on the basis of financial reports provided by companies and the media, according to which, in 2015, official revenues from advertising activities in Azerbaijan amounted to slightly more than 62 million manat. -----08B