Polish media group Agora SA reported revenues for 2007 rose 12% from the previous year to 1.27 billion zloties (€356 million), just below analysts' expectations. Advertising sales were up 12.7% on 2006, while ad revenues of Agora's Internet service grew by almost 128%.
According to Agora's estimates, total advertising spending in 2008 will increase by around 10-11%. Online spending will remain the fastest-growing advertising segment, around 35-40%. Advertising spending on television will increase by 11-12%.
In presenting the results on Feb. 20, Marek Sowa, president of the management board, reiterated the company's strategy change last year that calls for less reliance on newspaper publishing.
"We will add new revenue streams and change the group's revenue structure, so that in three years the majority of our revenues will come from activities other than newspaper publishing," he said in a statement.