VK financial report – the first half of 2023: the company’s revenue increased to 57.3 billion rubles

VK Company Limited reported its financial results for the second quarter and first half of 2023. During these periods, the company’s revenue and audience indicators have grown significantly. VK actively invested in product development, content, and work with authors. High demand for educational services and technology for business from VK remains a key growth driver.

Primary indicators

  • Compared to the first half of 2022, the company’s revenue increased by 36% to 57.3 billion rubles.
  • The main source of growth was online advertising revenue, which increased by 51% year-on-year to 35.1 billion rubles.
  • Growth in advertising revenue was driven by performance formats, which grew by 39% yoy, and medium and small business segments, which grew by 52% YoY.
  • As of the end of June 2023, more than 95% of the monthly audience of Runet uses VK services.

According to the results of the second quarter of 2023 :

  • the average daily audience (DAU) of VK services increased by 16% compared to the same period last year was 76 million users ;
  • the time spent by users in VK services increased by 4% compared to the second quarter of 2022: Time spent averaged 3.3 billion minutes per day.

 “Social networks and content Services” Segment

  • Segment revenue for the first half of 2023 increased by 40% compared to the first quarter of 2022 and amounted to 45 billion rubles. The increase in revenue was mainly due to the growth in revenue from the social network VKontakte and the acquisition of the Zen platform.
  • In the second quarter of 2023, the average monthly audience of VKontakte in Russia increased by 12% compared to the second quarter of 2022, which reached 84.6 million users.
  • The daily audience of Zen in the second quarter of 2023 was 32 million users. Yandex sold Zen and VK News in September 2022.

 “Educational technologies” Segment

  • The Segment’s revenue increased by 28% in the first half of 2023 to  7 billion rubles.
  • The growth in revenue was driven by the high demand for courses on educational platforms included in Skillbox Holding Limited and the effect of the consolidation of the online platform for pupils Uchi.ru on February 17, 2023.
  • From January to June 2023, 73 thousand new paying students joined the educational platforms of Skillbox Holding Limited, and the average monthly audience of Uchi.ru reached 2.8 million users.

 “Technologies for Business” Segment

  • In the first half of 2023, the segment’s revenue increased by 64% compared to the first half of 2022, which reached 3 billion rubles.
  • The main growth was due to the VK Cloud platform and VK WorkSpace communication services.

Segment “New Business Lines”

The main products included in this segment are the VK Play gaming platform, the RuStore app store and voice technologies (Marusya and VK Capsule).

  • The segment’s revenue amounted to 2.5 billion rubles.
  • At the end of the first half of 2023, more than 22 million accounts were registered on VK Play, and the average monthly audience of the project in the second quarter of 2023 was more than 11.5 million users.
  • The average monthly audience of RuStore in the second quarter of 2023 was more than 10 million users. VK launched the RuStore app store with the support of the Ministry of Digital Development in May 2022.
  • In the first half of 2023, 2.2 times more smart devices were sold to end users than in the same period in 2022.
Aleksandra Kelesh
Experienced marketer with a background in supply chain and logistics. Working in SEO, as well as content translations.