The Media Market in Bulgaria 2023

The most recent and significant change that shook the stability of the local media industry was the legal ban on advertising by betting companies. The abolition of this substantial portion of ad spend in the middle of the year severely impacted both small media outlets, which lack sufficient alternative advertising revenue, and the major TV groups. The only sector likely to benefit from this change is the OOH (Out-Of-Home) vendors, who are not affected by the ban.

In terms of advertising spend, the total market in 2023 reached €315 million, marking a 7.5% increase compared to 2022. Despite this growth, the distribution of ad spend reflects the changing media landscape. Television continues to dominate with a 52.8% share, but this is a slight decline from previous years as more advertisers allocate budgets to digital channels.

Online media now holds a significant 34.2% share, highlighting the ongoing digital shift in consumer behavior. This shift is driven by the ability of digital platforms to offer targeted and measurable advertising opportunities, making them increasingly attractive to advertisers.

Traditional media such as print and radio have much smaller shares, at 1.2% and 3.7%, respectively. Out-of-home advertising holds a 7.8% share, demonstrating its resilience and effectiveness in capturing audience attention in public spaces. Cinema advertising remains a niche market with a 0.2% share.

In terms of market players, the most notable change in 2023 was Media Group 24's acquisition of the FOCUS news agency. This consolidation has reinforced Media Group 24's status as one of the largest online news media groups in Bulgaria. Aside from this acquisition, there were no other significant changes in media ownership.

Distribution of advertising spending by media types (2023 net, eur M)

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 Media Market in Bulgaria 2023

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