TOP Ad Agencies in Latvia – Ad World Masters Agency of the Year 2022 Winners!

As the year 2023 begins, Ad World Masters is proud to announce its Agencies of the Year. Our rigorous selection process, which assesses the potential value of each agency, has resulted in the recognition of some of the most outstanding and accomplished agencies in the industry.

The selection process is based on the Agency Score, which is calculated using our proprietary Artificial Intelligence Algorithms. Agencies had until December 31st, 2021 to improve their score and compete for the coveted title of Agency of the Year.

The title of Agency of the Year is granted based on the Agency Score and is divided into three levels of recognition: Gold, Silver and Bronze. Gold is awarded to agencies with scores of 9.2 or higher, Silver is awarded to agencies with scores of 8.7 or higher, and Bronze is awarded to agencies with scores of 8.5 or higher. Each awarded agency will receive a digital badge of “Agency of the Year” for the level they are in.

The results of the competition are categorized by country, depending on the agency’s main location. In Latvia, the Ad World Masters Agencies of the Year competition features 1 Gold, 2 Silver, and 1 Bronze winners. These agencies represent the very best in the industry and are a testament to the creativity, innovation, and excellence that define the advertising field.

We would like to extend our heartfelt congratulations to all of the winners and thank all of the participating agencies for their dedication and hard work. We look forward to seeing the impact of their work in the coming year and beyond.

Curious to discover the results of other markets? Explore the results per country and learn more about the competition. If you don’t see your agency listed, sign up, list or claim your agency and you could be nominated for next year!


Insights into the advertising industry in Latvia

The advertising market in Latvia is small compared to other countries in Europe, with an estimated value of around $100 million in 2020. The market is dominated by agencies such as DDB Latvia, TBWA Latvia, and Mediapark. These agencies work with major brands and media companies to create and place advertisements across traditional and digital media.

In terms of traditional media, television remains the most popular advertising platform in Latvia, accounting for around 40% of total ad spending. Print media, such as newspapers and magazines, also play a significant role, with around 20% of ad spending.

In recent years, digital advertising has become increasingly important in the Latvian market. In 2020, digital advertising accounted for around 40% of total ad spending, with the majority of this going to mobile and video advertising. E-commerce is also growing rapidly in Latvia, with online sales reaching around $500 million in 2019.

According to IAB Latvia, the top 5 ad spenders in Latvia in 2020 were:
Telco – $9.5 million
FMCG – $8.4 million
Banking – $5.6 million
Automotive – $4.2 million
Pharmaceutical – $3.5 million

According to the Latvian Electronic Communications Office, the number of internet subscriptions in Latvia reached 1.8 million in 2020, representing an increase of 2.5% from the previous year.

Overall, the advertising market in Latvia is expected to continue to grow in the coming years, driven by the increasing popularity of digital advertising and the growth of e-commerce. However, the market is still relatively small compared to other countries in Europe and is likely to remain so in the near future.

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