The Bulgarian media market continued to grow in 2025 despite political uncertainty and a challenging economic environment. Total net advertising investment reached an estimated EUR 376.5 million, representing 10.7% year-on-year growth. The key market development was not overall expansion, but the continued shift of budgets toward channels offering stronger targeting, accountability, and measurable business results.
Television remained the largest advertising medium, accounting for approximately 51% of total media investment (€192.9 million). Despite changing viewing habits and increasing audience fragmentation, TV continues to deliver the broadest reach and remains the primary channel for brand-building campaigns. The market is highly concentrated around Nova Broadcasting Group and bTV Media Group, which dominate both audience share and advertising revenues. While younger audiences increasingly consume video online, television remains an essential part of the media mix.
Digital media strengthened its position further, reaching approximately 37% of total advertising investment (€138 million). Bulgaria has become a truly hybrid media market where consumers move seamlessly between devices and platforms. Internet penetration exceeded 87%, smartphone adoption became nearly universal, and digital channels evolved into the foundation of modern media planning. Search, social media, and online video remained the key drivers of growth, supported by increasing investments in performance marketing and data-driven communication.
Consumer behaviour continued to shift toward mobile-first and multi-screen consumption. Second-screen behaviour is now common practice, with audiences using social media and online content while watching television. Short-form video continued to gain popularity, while creator-led content and influencer marketing became increasingly important components of communication strategies. Artificial intelligence also gained momentum across the industry, supporting campaign optimisation, audience targeting, and content production.
Radio maintained strong weekly reach and continued to perform particularly well during commuting hours. Out-of-home advertising benefited from strong urban visibility and growing demand for high-impact formats. Cinema advertising continued its recovery, supported by major film releases and seasonal audience peaks. Print media remained under pressure as news consumption continued its migration to digital platforms.
For international advertisers, Bulgaria remains a relatively small but highly digitalised market where success depends on balancing television’s scale with digital media’s precision. The key challenge is no longer choosing between channels, but understanding how they work together to deliver measurable business results. As the country prepared for euro adoption on 1 January 2026, the advertising market entered the new year with stable fundamentals, growing digital maturity, and positive long-term prospects.
