yandexArkady Volozh, the CEO of the Russian Yandex.ru, has revealed in a conference held last week that their revenues in 2008 are 80% higher than in 2007. Revenues in 2008 were said to be more than $300 million. Yandex has been closely developing itself to become the local Google. This goes hand in hand with the share of revenues. 85% of Yandex’ revenues came from contextual advertising both on Yandex’ sites as well as partner sites, according to Quintura.

Other figures also confirm that Yandex is truly becoming the dominant advertising solution in Russia. In 2008 it had more than 100 000 advertisers, up 50% from 2007. Quintura also comments that Yandex’ search volume is increasing steadily as the Russia heads into economic downturn. Yandex has some 54% marketshare against Google’s 32% in the Russian market.