The Economic Environment of the Media Market in Bulgaria 2023

In 2023, Bulgaria's economy experienced moderate growth and high inflation. GDP growth was around 1.8%, reflecting a slowdown due to global economic headwinds and reduced exports, primarily influenced by the ongoing conflict between Russia and Ukraine.

Inflation was high, at approximately 8.6%, mainly driven by rising energy and food costs. Private consumption grew in the first half of the year but slowed later.

 Advertisers had to navigate high inflation while maintaining effective communication with consumers. Despite TV's strong position, its growth slowed as many businesses shifted budgets to digital channels to reach their target audiences more efficiently. Digital platforms offered measurable results and flexibility, making them attractive for advertisers with budget limitations.

Published: September 15, 2024

SIMONA TENCHEVA
CHIEF OPERATING OFFICER | ARGENT
simona.tencheva@wecan.net
Simona is Chief Operating Officer of Argent (strategic partner of Café Communications Sofia), responsible for the functional management and leadership of the team and ensuring client deliverables meet quality standards and surpass client expectations. She is also a Global Network Director of Local Planet, leading the local implementation of key global initiatives across the network and in addition, is also responsible for the coordination and the development of the CEE region. Having 25 years background in the communications industry, prior to joining Argent, Simona worked for several media owners and media agencies, managing sales, various strategic projects, corporate development, and key partnerships.

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The Economic Environment of the Media Market in Bulgaria 2023

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