MOSCOW, Oct 18 (PRIME) -- Russian social network VKontakte (VK), owned by Internet giant Mail.Ru Group, will start placing audio advertisements in its player in November having signed partnership agreements with the world’s music majors, business daily Kommersant reported Tuesday.
“After signing the agreements with music rights’ owners, we’ve said that we’d test various models of monetization of the audio service. It’s one of the options,” the network’s spokesman Yevgeny Krasnikov told the daily.
Mail.Ru Group said earlier this year it had settled disputes with international rights’ owners of music products – Universal Music Group, Warner Music Group and Sony Music Entertainment – and inked partnership contracts with them.
Online audio advertisements are played in streaming services, online radio broadcasting and podcasts. Among its advantages are low production costs of U.S. $100–300, a geo targeting option and expanded information about goods on smartphones’ screens.
Unisound, a local online advertisements seller, said the country’s market of audio advertisements amounted to 42 million rubles as of the end of June and will increase to 125 million rubles by the end of 2016.
(63.1510 rubles – U.S. $1)
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