Industry revenue of »advertising agencies« in Latvia 2011-2023

Mirroring the trend in countries such as Greece and Switzerland to name a few, revenues of advertising agencies in Latvia have witnessed a decline from 386 million U.S. dollars in 2013 to 336 million U.S. dollars in 2019. This can be attributed to a decline in overall ad spends by enterprises, which has fallen from 134 million euros in 2007 to 87 million euros in 2019, owing to the high advertising rates and a general slowdown witnessed by the economy. Apart from internet advertising, spending on all other platforms such as television, newspapers and magazines has declined compared to a decade earlier.

The short to medium term doesn’t augur too well for the industry either, as the outbreak of the corona virus is expected to have a significant impact on the economy. As businesses look for ways to minimize losses, they are expected to curtail their advertising spend to a large extent. The Publicis Groupe, one of the largest advertising agencies in the world which also has an office in Riga, are on the verge of implementing a 545 million U.S. dollar cost-cutting plan.

Industry revenue of »advertising agencies« in Latvia from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Latvia. The industry “advertising agencies“ has the code “M7311“.

Details on the methodology can be found here.

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