VK’s revenue for the nine months of 2023 increased by 37% – Kommersant

In January-September 2023, the revenue of VK holding (MOEX: VKCO) according to international financial reporting standards (IFRS) increased to 90.3 billion rubles. Compared to the same period in 2022, the figure increased by 37%. According to report company, the main source of growth was revenue from online advertising, which reached RUB 55.4 billion based on the results of three quarters. (+47% year on year).

Based on the results of January-September, the average daily audience of VK services grew by 16% and amounted to 76 million users. Compared to nine months of 2022, the time spent by users on VK services increased by 8%. The Time spent indicator (time spent by the user on the site) averaged 3.4 billion minutes per day. At the end of the reporting period, users of VK services accounted for more than 95% of the monthly RuNet audience.

VK revenue structure for the nine months of 2023:

• social networks and content services (“VKontakte”, “Odnoklassniki”, “Zen”, “Mail”) – 79%,
• educational technologies – 12%,
• technologies for business – 5%,
• new business areas – 4%.

“Over the nine months of 2023, VK’s revenue and audience indicators grew significantly due to an increase in advertising revenue and the continued growth of audience metrics on all key platforms. The most important growth drivers remain high demand for educational services and technologies for business from VK,” the report says.

In the VK Play gaming platform, which is part of the “New Business Directions” segment, at the end of September 2023, 33.7 million accounts were registered, and the average monthly audience of the project for nine months was 13.6 million users. The average monthly audience of the RuStore app store based on the results of three quarters amounted to 12.1 million users.

In the first half of 2023, VK’s revenue according to IFRS amounted to RUB 57.3 billion The total loss decreased from 53.5 billion to 8.8 billion rubles, adjusted EBITDA amounted to 3.9 billion rubles. VK revenue at the end of 2022 reached RUB 97.8 billion (+19% year on year).

Read more about the development of game development markets in interview VK Play product director Alexander Mikheev told Kommersant.

Milena Kostereva