MOSCOW, March 20. /TASS/. The revenue of the technology holding VK under the International Financial Reporting Standards (IFRS) increased by 23% in 2024 year-on-year reaching 147.6 bln rubles ($1.75 bln), according to the company’s statement.

The primary driver of this growth was revenue from online advertising, which rose by 20% to 96.1 bln rubles ($1.14 bln). According to the financial report, revenue from online advertising for small and medium-sized businesses increased by 27%, while revenue from video advertising on VK platforms doubled, reaching 3.9 bln rubles ($46.36 mln). Additionally, revenue from educational services for children and VK Tech grew by 83% to 6.3 bln rubles ($74.9 mln) and by 42% to 13.6 bln rubles ($161.7 mln), respectively.

The revenue of the Social Platforms and Media Content segment rose by 23% in 2024, reaching 104.3 bln rubles ($1.24 bln) compared to the previous year. The primary growth driver in this segment was the expansion of the social network VKontakte, whose revenue increased by 29% year-on-year. The segment’s revenue was further bolstered by a 4.5-fold increase in total viewing time on VK Video by the end of 2024, a 118% surge in the average daily number of views on VK Clips, and a 17% expansion in the VK Music subscriber base.

By the end of 2024, VK’s services had an average daily audience of 77 mln users, with users spending 29.4% more time on the platform than in 2023, according to the company’s financial report.

The average monthly audience of VKontakte increased by 3.5 mln users, reaching 91.2 mln. In Russia, the average daily audience of the social network grew by 3.4 mln users in Q4 2024, totaling 59.5 mln users. Meanwhile, the average monthly audience of the social network Odnoklassniki in Russia increased by 1.2 mln users in Q4 2024, reaching 36.2 mln. The average daily audience of Dzen in Russia in Q4 2024 amounted to 28 mln users.

VK is a Russian investment and technology corporation founded in 1998. Among its assets are the social networks VKontakte and Odnoklassniki, the email service Mail.ru Mail, the messaging platforms VK Messenger, Mail.ru Agent, and TamTam, as well as the classifieds service Youla.