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Crisis hits Russian media market, some 60,000 jobs to be cut, says paper

February 06, 2015, 5:54 UTC+3 MOSCOW
The situation on the media market "is among the most alarming," the ministry says, mentioning a shrinking advertising market as the main reason
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MOSCOW, February 6. /TASS/. The Russian Ministry of Communications and Mass Media forecasts that up to 20% of jobs will be slashed in Russian media amid an economic crisis, the Izvestia daily writes on Friday citing ministry data.

The newspaper said up to 60,000 people could be sacked. The situation on the media market "is among the most alarming," the ministry says, mentioning a shrinking advertising market as the main reason. The rise in prices of equipment and components used in printing because of a weakening rouble, as well as cancellation of state subsidies for subscription have also hit printed media.

Earlier, Deputy Minister of Communications and Mass Media Alexei Volin said the state could help the industry only by giving it an opportunity to earn money through liberalization of the advertising market, mentioning the possibility of cancelling a full ban on cigarette and alcohol ads.

A wave of cuts on the media market began at the end of 2014.

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