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COMPANY

PRESENTATION

OCTOBER 2013

COMPANY PRESENTATION OCTOBER 2013

AVITO.RU

  • Avito has online classified business in

Russia (Avito.ru), Ukraine (Torg.ua)

Morocco (Avito.ma) and Egypt (Bekam.com)

  • This presentation only concerns Avito.ru if specifically not mentioned otherwise

  • The exchange rate 30 RUR/USD has been used for all Rubles figures

AVITO.RU  Avito has online classified business in Russia (Avito.ru), Ukraine (Torg.ua) Morocco (Avito.ma) and Egypt
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AVITO.RU  Avito has online classified business in Russia (Avito.ru), Ukraine (Torg.ua) Morocco (Avito.ma) and Egypt

AVITO IN BRIEF

  • Avito is the #1 general online classified in Russia* 3.2bn page views / 34m UMVs / 11.4m new items (only desktop) 3.9bn page views / 40m UMVs / 11.8m new items (incl. mobile)

  • Avito is one of 5 Russian sites with over 100m page views per day and one of the largest online classifieds in the world

  • Freemium monetization has commenced for real Revenues in 2012 was $~30.0m (2011: ~10) Strong growth continues in 2013.

  • Avito is has reached critical mass Existing user base and organic growth will generate significant profit in

2013

Avito will see a 5-15% growth loss with discontinuted marketing efforts

  • All focus is on increasing monetization and growing in Hero Categories

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AVITO IN BRIEF  Avito is the #1 general online classified in Russia * – 3.2bn

* September2013. PVs does not include PVs from native mobile apps

THE COMPANY

  • Approximately 270 employees o (80 Moscow, 50 St Petersburg, 120 Simferopol and 20 in Mena)

  • Executive management

o Jonas Nordlander (co-founder), Filip Engelbert (co-founder) and CFO

  • Swedish holding company Kinnevik Founders/mgmt Naspers Vostok Nafta Baring Vostok Northzone Accel

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THE COMPANY  Approximately 270 employees o (80 Moscow, 50 St Petersburg, 120 Simferopol and 20

EVOLUTION OF AVITO

Unique monthly visitors

Million

45 40 35 30 25 20 15 10 5 0 2009 2010 2011 2012 2013 Jan
45
40
35
30
25
20
15
10
5
0
2009
2010
2011
2012
2013
Jan
Mar
Maj
Jul
Sep
Nov
Jan
Mar
May
July
Sept
Nov
Jan
Mar
May
July
Sept
Nov
Jan
Mar
May
July
Sept
Nov
Jan
Mar
May
July
Sept
5
5
EVOLUTION OF AVITO Unique monthly visitors Million 45 40 35 30 25 20 15 10 5

AVITO CONNECTS THE BUYER AND SELLER

The seller Before  Easy listing process  Moderation 24/7  Private or Pro’s During 
The seller
Before
Easy listing process
Moderation 24/7
Private or Pro’s
During
Answer questions
from buyers
After
Seller removes ad
when the object is
sold
AVITO CONNECTS THE BUYER AND SELLER The seller Before  Easy listing process  Moderation 24/7
The Buyer Before  No registration in Avito needed  Access to all listings, no limitations
The Buyer
Before
No registration in
Avito needed
Access to all listings,
no limitations
During
Contact the sellers via
email or telephone
After
Payment on delivery.
No interaction with
Avito
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AVITO CONNECTS THE BUYER AND SELLER The seller Before  Easy listing process  Moderation 24/7

CLASSIFIEDS IS A LOCAL BUSINESS

  • Avito started pushing heavy marketing in Q1 2010 with a focus on Moscow and St.

Petersburg

  • In September 2010 we targeted an additional 13 cities, in August 2011 Avito targeted a further 13 cities (all in all 28 cities) and starting January 2012 Avito went Federal

  • Avito is the undisputed leader in most cities and #1 or #2 in Auto and Real Estate verticals

Saratov Barnaul Tomsk Kemerovo Irkutsk Vladivostok Novosibirsk Khabarovsk Krasnoyarsk Tyumen Yekaterinburg Chelyabinsk Omsk St. Petersburg Nizhny
Saratov
Barnaul
Tomsk
Kemerovo
Irkutsk
Vladivostok
Novosibirsk
Khabarovsk
Krasnoyarsk
Tyumen
Yekaterinburg
Chelyabinsk Omsk
St. Petersburg
Nizhny
Novgorod
Ufa
Krasnodar
Tver
Moscow
Tula
Voronezh
Volgograd
Rostov-na-Donu
Yaroslavl
Izhevsk
Kazan
Samara
Stavropol
Perm
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CLASSIFIEDS IS A LOCAL BUSINESS  Avito started pushing heavy marketing in Q1 2010 with a

AVITO SNOWBALL

For any given weekday*

Number of Visits: 8m which represent 4m UV and who

look at 150m pages

AVITO SNOWBALL For any given weekday* Number of Visits: 8m which represent 4m UV and who

Of which 17% are buyer contacts

AVITO SNOWBALL For any given weekday* Number of Visits: 8m which represent 4m UV and who

Of which 7% are new listings/items

AVITO SNOWBALL For any given weekday* Number of Visits: 8m which represent 4m UV and who
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AVITO SNOWBALL For any given weekday* Number of Visits: 8m which represent 4m UV and who

* Ocotber 13 2013

AVITO IS PART OF LIFE

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AVITO IS PART OF LIFE 9
AVITO IS PART OF LIFE 9

SELLER RETENTION IS HIGH BUT NEW SELLERS ARE STILL IMPORTANT

No. of listers

Mar-12 Sep-10 Sep-13 Sep-09 Sep-12 May-11 Sep-11 Nov-10 Nov-09 Nov-12 Mar-13 Mar-10 May-12 Jan-13 Jan-10 Jan-12
Mar-12
Sep-10
Sep-13
Sep-09
Sep-12
May-11
Sep-11
Nov-10
Nov-09
Nov-12
Mar-13
Mar-10
May-12
Jan-13
Jan-10
Jan-12
Nov-11
Mar-11
Jan-11
Jul-10
Jul-12
Jul-11
Repeat listers
New listers
800
1
800 000
1
600 000
1
400 000
1
200 000
1
000 000
000
2 000 000
600
000
400
000
200
000
0
Jul-13
May-10
May-13
10
10
SELLER RETENTION IS HIGH BUT NEW SELLERS ARE STILL IMPORTANT No. of listers Mar-12 Sep-10 Sep-13

EXISTING SELLERS LIST MANY ITEMS

No. of items

Nov-11 Nov-10 Nov-09 Nov-12 Mar-13 Mar-10 Mar-12 Jan-10 Jan-12 Sep-11 Mar-11 Jan-11 Jul-13 Jul-10 Jul-12 Jul-11
Nov-11
Nov-10
Nov-09
Nov-12
Mar-13
Mar-10
Mar-12
Jan-10
Jan-12
Sep-11
Mar-11
Jan-11
Jul-13
Jul-10
Jul-12
Jul-11
Items from repeat lister
Items from new lister
May-10
6 000 000
5 000 000
4 000 000
3 000 000
2 000 000
1 000 000
0
Jan-13
7 000 000
May-13
May-12
Sep-10
Sep-13
Sep-09
Sep-12
May-11
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EXISTING SELLERS LIST MANY ITEMS No. of items Nov-11 Nov-10 Nov-09 Nov-12 Mar-13 Mar-10 Mar-12 Jan-10

OCT 10 CO-HORTS

Listers

  • 300 000

  • 250 000

  • 200 000

  • 150 000

  • 100 000

50 000

0

Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13
Oct-10
Dec-10
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13

15%

10%

5%

0%

  • No. of listers

    • Share of initial listers

Items

In October 2010 there were ~ 250K new sellers.

Out of these 175K

(70%)has returned since, about 10% per month

  • 500 000

  • 400 000

  • 300 000

  • 200 000

  • 100 000

0

Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13
Oct-10
Dec-10
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13

30%

25%

20%

15%

10%

5%

0%

In October 2010 they

listed 460K items.

Since then they have

listed 2.7m more

items

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  • No. of listers

    • Share of total listings

OCT 10 CO-HORTS Listers 300 000 250 000 200 000 150 000 100 000 50 000

HERO CATEGORIES MAKE UP 70% OF THE PAGE VIEWS

PVs September 2013

  • Home electronics

For business

Home electronics For business
  • Home and dacha

Pets

Home and dacha Pets
  • Personal belongings

Hobby and recreation

Personal belongings Hobby and recreation
  • Jobs

Services

Hero

Jobs Services Hero

Hero

  • Transport

Real estate

Hero

Transport Real estate Hero

Hero

7%

1% 5% 4% 45% 19% 11% 4% 3%
1%
5%
4%
45%
19%
11%
4%
3%

1%

  • Moskovsskaya

  • Leningrad

  • Krasnodar

  • Nizhny Novgorod

  • Rostov

  • Samara

  • Tatarstan

  • Sverdlovsk

  • Bashkortostan

  • Volgograd

  • Other

2% 3% 4% 4% 4% 4% 33% 3% 22% 11% 9%
2%
3%
4%
4% 4% 4%
33%
3%
22%
11%
9%
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HERO CATEGORIES MAKE UP 70% OF THE PAGE VIEWS PVs September 2013 Home electronics For business

Source: Internal data, Liveinternet

AVITO HAS COMMENCED VERTICALIZATION

Auto

AVITO HAS COMMENCED VERTICALIZATION Auto Real estate Jobs Services  Separate branding  Increasingly differentiated products
AVITO HAS COMMENCED VERTICALIZATION Auto Real estate Jobs Services  Separate branding  Increasingly differentiated products

Real estate

AVITO HAS COMMENCED VERTICALIZATION Auto Real estate Jobs Services  Separate branding  Increasingly differentiated products

Jobs

AVITO HAS COMMENCED VERTICALIZATION Auto Real estate Jobs Services  Separate branding  Increasingly differentiated products
AVITO HAS COMMENCED VERTICALIZATION Auto Real estate Jobs Services  Separate branding  Increasingly differentiated products

Services

AVITO HAS COMMENCED VERTICALIZATION Auto Real estate Jobs Services  Separate branding  Increasingly differentiated products
  • Separate branding

  • Increasingly differentiated products

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AVITO HAS COMMENCED VERTICALIZATION Auto Real estate Jobs Services  Separate branding  Increasingly differentiated products

CURRENT TV CAMPAIGN SHOWED INSTANT RESULTS IN TARGETED CATEGORIES

New weekly listings

Increase from

campaign start

140 000 +36% 130 000 120 000 +41% 110 000 100 000 90 000 Campaign started
140
000
+36%
130
000
120
000
+41%
110
000
100
000
90
000
Campaign
started here
80
000
70
000
60
000
50
000
40
000
Work
Services
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CURRENT TV CAMPAIGN SHOWED INSTANT RESULTS IN TARGETED CATEGORIES New weekly listings Increase from campaign start

MARKETING

Online Offline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Online
Offline
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2010
2011
2012
2013
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MARKETING Online Offline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

MULTIPLE REVENUE STREAMS

1: Value Added Services

VIP d. Premium a. b. Highlight c. Push-up
VIP
d.
Premium
a.
b.
Highlight
c.
Push-up
 
VIP d. Premium a. b. Highlight c. Push-up
VIP d. Premium a. b. Highlight c. Push-up
   
VIP d. Premium a. b. Highlight c. Push-up

2: Shops

 Product mainly
  • Product mainly

targeting SMEs in all categories

  • “Your own site on the

site”

  • Is constructed to generate more views of

 

the owner’s objects

3: Advertising

Examples of formats:

3: Advertising Examples of formats: Several types of revenues streams:  Agencies business  eCommerce clients
3: Advertising Examples of formats: Several types of revenues streams:  Agencies business  eCommerce clients

Several types of

revenues streams:

  • Agencies business

  • eCommerce clients

  • Real time bidding

  • Contextual advertising

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MULTIPLE REVENUE STREAMS 1: Value Added Services VIP d. Premium a. b. Highlight c. Push-up 2:

AVITO IS GENERATING REAL REVENUES*

25 USD 33m 20 USD 31m 15 10 5 0 Q1 2012 Q2 2012 Q3 2012
25
USD 33m
20
USD 31m
15
10
5
0
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
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AVITO IS GENERATING REAL REVENUES* 25 USD 33m 20 USD 31m 15 10 5 0 Q1

*Note: IFRS, non audited

AVO for Premium services

PREDICTABLE BUSINESS

Feb 2013 $2.4m 6,500,000 new listings Feb 2012 3,800,000 new listings $1.0m Feb 2011 1,200,000 new
Feb 2013
$2.4m
6,500,000 new listings
Feb 2012
3,800,000 new listings
$1.0m
Feb 2011
1,200,000 new listings
$0.2m
470,000 new listings
Feb 2010

Feb 2009

44,000 new listings

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Conversion from items

AVO for Premium services PREDICTABLE BUSINESS Feb 2013 $2.4m 6,500,000 new listings Feb 2012 3,800,000 new

TWO MILLION APP DOWNLOADS AND MUCH HIGHER ACTIVITY IN MOBILE

App downloads

 

820

 

thousand

1,1

million

145

thousand

App downloads 820 thousand 1,1 million 145 thousand Downloads until October 2013
App downloads 820 thousand 1,1 million 145 thousand Downloads until October 2013
App downloads 820 thousand 1,1 million 145 thousand Downloads until October 2013

Downloads until October 2013

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TWO MILLION APP DOWNLOADS AND MUCH HIGHER ACTIVITY IN MOBILE App downloads 820 thousand 1,1 million

Source: Flurry, App store, Win store, Google play

AVITO IS BY FAR THE LARGEST CLASSIFIEDS SITE IN RUSSIA THANKS TO STRONG GROWTH

Monthly page views September 2013 all categories

Billion

3,86

1,26 0,89 0,40 0,26 0,22 0,19
1,26
0,89
0,40
0,26
0,22
0,19
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AVITO IS BY FAR THE LARGEST CLASSIFIEDS SITE IN RUSSIA THANKS TO STRONG GROWTH Monthly page

FEDERAL LEADER IN AUTO AND REAL ESTATE BUT BEHIND IN JOBS

Monthly page views and listings for August 2013

Avito auto 1

Whole Russia

 

Avito real

estate

Moscow

 

Avito jobs and services 2

Whole Russia

PVs, Millions

Listings 3 , Millions

Comment

1 600

  • Three leading players

1 200 1,20  Avito only national 870 0,53 0,37 player (Drom.ru in the East, Auto.ru
1 200
1,20
Avito only national
870
0,53
0,37
player (Drom.ru in the
East, Auto.ru in
Moscow/St. Pete.)
105
No strong national real
estate competitor
47,4
0,50
0,29
0,23
6
Moscow one of most
competitive regions
332
229
0,97
hh.ru is dominating site
on revenues and has
strongest brand
126
0,34
0,25
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  • 1 Excluding auto spare parts in listings

  • 2 For avito.ru PVs for “jobs and businesses” category, for listings only including jobs and services subcategories

FEDERAL LEADER IN AUTO AND REAL ESTATE BUT BEHIND IN JOBS Monthly page views and listings
  • 3 For jobs, vacancy listings/jobs wanted listings

DEEP DIVE: AUTO IN MOSCOW AND MOSCOW REGION 2011-2013

Estimated monthly pageviews

Million

 Avito has increased 70% YoY 1 000  Auto has decreased 11% YoY 900 800
Avito has increased 70% YoY
1 000
Auto has decreased 11% YoY
900
800
700
600
500
400
300
200
100
0
jan-11
apr-11
jul-11
okt-11
jan-12
apr-12
jul-12
okt-12
jan-13
apr-13
jul-13
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DEEP DIVE: AUTO IN MOSCOW AND MOSCOW REGION 2011-2013 Estimated monthly pageviews Million  Avito has

DEEP DIVE: AUTO IN ST. PETERSBURG

2011-2013

Estimated monthly pageviews

Million

180 160 140 120 100 80 60 40 20 0 jan-11 apr-11 jul-11 okt-11 jan-12 apr-12
180
160
140
120
100
80
60
40
20
0
jan-11
apr-11
jul-11
okt-11
jan-12
apr-12
jul-12
okt-12
jan-13
apr-13
jul-13
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DEEP DIVE: AUTO IN ST. PETERSBURG 2011-2013 Estimated monthly pageviews Million 180 160 140 120 100

AVITO MEASURES WELL AGAINST THE “PORTALS”

Monthly reach August 2013 (cities 100k+) Thousand visitors

Real estate

4 334 1 565 1 837
4 334
1 565
1 837

Недвижимость

Auto
Auto
6 974 6 158 2 939
6 974
6 158
2 939
AVITO MEASURES WELL AGAINST THE “PORTALS” Monthly reach August 2013 (cities 100k+) Thousand visitors Real estate
AVITO MEASURES WELL AGAINST THE “PORTALS” Monthly reach August 2013 (cities 100k+) Thousand visitors Real estate
AVITO MEASURES WELL AGAINST THE “PORTALS” Monthly reach August 2013 (cities 100k+) Thousand visitors Real estate
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AVITO MEASURES WELL AGAINST THE “PORTALS” Monthly reach August 2013 (cities 100k+) Thousand visitors Real estate

Source: TNS

SLANDO/OLX WAS A CONSOLIDATION MOVE

  • In the short term the acquisition will lead to marginally higher revenues and reduced marketing

  • In the long term, the deal is a game changer

SLANDO/OLX WAS A CONSOLIDATION MOVE  In the short term the acquisition will lead to marginally
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SLANDO/OLX WAS A CONSOLIDATION MOVE  In the short term the acquisition will lead to marginally

SOME COOL STATS

560 USD days ~40%
560
USD
days
~40%

per capita and year goes through Avito

(about half an average Russian monthly salary)

It would take 15

to scroll through all ads currently on the site

(if scrolling day and night at a rate of 10 ads per second) 2

of all used cars in Russia are sold on Avito 3

SOME COOL STATS 560 USD days ~40% per capita and year goes through Avito (about half

Every minute 2.7 cats and 2.3 dogs are listed on Avito.ru 5

SOME COOL STATS 560 USD days ~40% per capita and year goes through Avito (about half

One third of Russians with internet go to Avito every month 4

A new seller is added every third second

10% of new sellers pay Avito

SOME COOL STATS 560 USD days ~40% per capita and year goes through Avito (about half
  • 1 Based on the users that explicitly say that they sold the item at Avito. Total value Jan-May 2013 amounted to 1 trillion RUB. Full year estimated at 2.4 trillion RUB. Population of Russia is 143 million. Average salary (gross) is ~31 thousand RUB

  • 2 But during that time another 6m ads would be added

  • 3 Autostat.ru estimates no. of sold used cars Jan.-Jul. 2013 as 3.038m. In the same period, Users explicitly said 1.214m used cars were sold on Avito.ru

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  • 4 Number of internet users estimated at 76.5m by TNS in May 2013, same period Avito had ~25m unique visitors according to TNS

  • 5 Data for July 2013

Source: Internal data, RIA Novosti, Autostat, GKS.ru

SOME COOL STATS 560 USD days ~40% per capita and year goes through Avito (about half

RISKS

  • Monetization will not come

Monetization is largely an execution game in Hero categories. However, Avito does not know to what extent Auto dealers and RE agents/developers will pay Avito. Both markets are relatively underdeveloped

  • Corporate governance With increased size come increased complexity and more stake holder show interest

  • The X factor

  • Changes in legal framework

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RISKS  Monetization will not come – Monetization is largely an execution game in Hero categories.

PRIORITIES

  • Increase monetization in Hero categories

  • Organizational catch-up and growth

  • Increase monetization on our platform with high margin revenues

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PRIORITIES  Increase monetization in Hero categories  Organizational catch-up and growth  Increase monetization on

REVENUE PER UNIQUE STILL MUCH LOWER THAN FOR PEERS IN DEVELOPED COUNTRIES

Estimated annual revenue per unique monthly visitor 2012 USD 1

Peer

~54 2 ~47 ~36 3 ~21 ~8 ~1
~54 2
~47
~36 3
~21
~8
~1

Country

REVENUE PER UNIQUE STILL MUCH LOWER THAN FOR PEERS IN DEVELOPED COUNTRIES Estimated annual revenue per
REVENUE PER UNIQUE STILL MUCH LOWER THAN FOR PEERS IN DEVELOPED COUNTRIES Estimated annual revenue per
REVENUE PER UNIQUE STILL MUCH LOWER THAN FOR PEERS IN DEVELOPED COUNTRIES Estimated annual revenue per
REVENUE PER UNIQUE STILL MUCH LOWER THAN FOR PEERS IN DEVELOPED COUNTRIES Estimated annual revenue per
REVENUE PER UNIQUE STILL MUCH LOWER THAN FOR PEERS IN DEVELOPED COUNTRIES Estimated annual revenue per
REVENUE PER UNIQUE STILL MUCH LOWER THAN FOR PEERS IN DEVELOPED COUNTRIES Estimated annual revenue per
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  • 1 Average exchange rate for 2012 used where applicable

  • 2 UMV estimated at 4m

  • 3 Trade me does not disclose monthly visitors, instead complete member base used=3.2m people or ~67% of population. Thus, revenue/UVM likely understated Source: Annual reports, company websites, estateagenttoday.co.uk

REVENUE PER UNIQUE STILL MUCH LOWER THAN FOR PEERS IN DEVELOPED COUNTRIES Estimated annual revenue per

SUMMARY

  • Russian internet will continue to grow fast (only China, US, India and Japan are bigger)

  • Online classified is a typical “winner takes it all” market

  • Avito has the pole position Largest Most liquid Most well known

  • In the long run, owning Russian largest market place for used

goods will be an extremely valuable position

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SUMMARY  Russian internet will continue to grow fast (only China, US, India and Japan are

APPENDIX

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APPENDIX 32

INTERNET PENETRATION GROWING FAST WITH BIG CITIES LEADING THE DEVELOPMENT

Internet penetration

Internet penetration 2013E

100% Russian cities 90% 100k+ ex 69% 83.0 Moscow/ 77.4 St pete 80% 71.8 70% 66.2
100%
Russian cities
90%
100k+ ex
69%
83.0
Moscow/
77.4
St pete
80%
71.8
70%
66.2
60.6
Russian cities
60%
70%
55.0
100k+
49.4
50%
43.0
40%
35.1
St Pete
70%
28.5
30%
users
23.5
20.4
20%
17.2
12.1
9.9
10%
Moscow
75%
Users
0%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013E
2014E
2015E
2016E
2017E
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65% 67% 69% 71% 73% 75%

INTERNET PENETRATION GROWING FAST WITH BIG CITIES LEADING THE DEVELOPMENT Internet penetration Internet penetration 2013E 100%

Source: Internetworldstats.com, Goldman Sachs

INTERNET’S SHARE OF ADVERTISING CLOSE TO

WEST, BUT FAR BEHIND PER CAPITA

Internet’s share of advertising spend

Percent

UK

 

34%

Norway

 

30%

 

Sweden

 

29%

 

Denmark

 

28%

Canada

 

28%

Netherlands

 

24%

   

Germany

 

21%

 

Finland

 

19%

 

USA

 

19%

Russia

 

19%

Switzerland

11%

   

Argentina

8%

 

Turkey

7%

Ukraine

6%

 

Brazil

6%

Belgium

5%

Internet ad.spend

per capita, 2012

69 9 3 1 5 23
69
9
3
1
5
23
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INTERNET’S SHARE OF ADVERTISING CLOSE TO WEST, BUT FAR BEHIND PER CAPITA Internet’s share of advertising

Source: ZenithOptimedia, ACAR, Goldman Sachs