Advertising - Bulgaria | Statista Market Forecast

Ad spending in the Advertising market in Bulgaria is forecasted to reach US$356.60m in 2024.
The largest market is TV & Video Advertising with a market volume of US$93.70m in 2024.
When compared globally, the United States leads in ad spending with US$425.90bn in 2024.
In the Advertising sector, 71% of total ad spending is expected to come from digital sources by 2030.
The average ad spending per capita in the TV & Video Advertising market is projected to be US$14.16 in 2024.
By 2030, Advertising market of the 77% revenue is anticipated to be generated through programmatic advertising in Bulgaria.
Bulgaria's advertising market shows a rising demand for digital advertising services, reflecting the country's increasing digitalization and tech-savvy population.

Definition:
Advertising spending refers to expenses for promotional strategies with which brands or businesses purchase advertising space to promote products or services. The primary purposes of advertising include creating awareness, generating interest, and persuading consumers to take a particular action such as purchasing a product, visiting a website, or supporting brands. Advertisers use advertising to reach their target audience while media companies and advertising agencies use it as a source of income.

Structure:
The advertising spending consists of two main channels (traditional advertising and digital advertising). Traditional Advertising refers to above-the-line media that delivers commercial messages to broad audiences. This includes mass media such as traditional TV, traditional radio, printed newspapers, printed magazines, and traditional out-of-home (OOH) advertising formats. Digital Advertising uses the internet to deliver marketing messages to internet users in various forms. This includes digital video, search engine, social media, digital out-of-home, digital banner, digital audio, digital classifieds, and influencer advertising.

Additional information:
The market comprises advertising spending, share by advertising channel, users, average revenue per user, advertising share by industry, ad spending by medium, and digital ad spending share (programmatic and non-programmatic). The market only displays B2B spending and users for the above-mentioned channels. Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. Additional definitions for each market can be found on the respective pages. For more information on the data displayed, use the info button right next to the boxes.

Traditional advertising such as non-digital ads for TV and radio, as well as out-of-home advertising and print advertising
Digital advertising such as online ads for video, banner, audio, classifieds, and search engines, as well as digital out-of-home, social media, in-app, and connected TV advertising
Influencer advertising

Sponsorships/events and promotion
Product placement
Commission-based affiliate systems

The Advertising market in Bulgaria has been experiencing steady growth in recent years, driven by changing customer preferences and the increasing importance of digital advertising. Customer preferences in the advertising market have shifted towards digital platforms, as more and more consumers spend their time online. This has led to a decrease in traditional forms of advertising such as print and television, and an increase in digital advertising formats such as social media ads, search engine marketing, and influencer marketing. Customers are increasingly seeking personalized and interactive advertising experiences, and digital platforms provide the tools to deliver these experiences effectively. Trends in the Bulgarian advertising market reflect global trends in the industry. The rise of social media has created new opportunities for advertisers to reach their target audiences. Platforms like Facebook, Instagram, and YouTube have become popular advertising channels, offering precise targeting options and engaging ad formats. Additionally, the growing popularity of mobile devices has led to an increase in mobile advertising, as advertisers seek to reach consumers on the go. Programmatic advertising, which uses automated technology to buy and sell ad inventory, is also on the rise, allowing advertisers to target specific audiences and optimize their campaigns in real-time. Local special circumstances in Bulgaria also contribute to the development of the advertising market. The country has a relatively high internet penetration rate, with a large portion of the population having access to the internet. This provides a fertile ground for digital advertising, as advertisers can reach a wide audience online. Additionally, the Bulgarian economy has been growing steadily in recent years, leading to an increase in consumer spending and business investments. This creates opportunities for advertisers to promote products and services to a growing market. Underlying macroeconomic factors play a significant role in the development of the advertising market in Bulgaria. The country's membership in the European Union has opened up opportunities for foreign investment and trade, leading to increased competition among businesses. As businesses strive to differentiate themselves in the market, advertising becomes a crucial tool for building brand awareness and attracting customers. Additionally, the overall economic stability and positive consumer sentiment in Bulgaria create a favorable environment for advertising investments. In conclusion, the Advertising market in Bulgaria is developing in response to changing customer preferences, with a shift towards digital advertising formats. The rise of social media, mobile devices, and programmatic advertising are key trends in the market. Local special circumstances, such as high internet penetration and a growing economy, contribute to the development of the advertising market. Underlying macroeconomic factors, including EU membership and economic stability, also play a role in the growth of the industry.

Data coverage:

Data encompasses enterprises (B2B). Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising by businesses for traditional and digital advertisements.

Modeling approach:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party reports, and survey results from our primary research (e.g., Consumer Insights Global Survey). Next, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, consumer spending, and digital consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year. In some cases, the data is updated on an ad-hoc basis (e.g., when new relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

All advertising markets across the globe win, yet some win more than others. Ad spending worldwide reached almost 733 billion U.S. dollars in 2023, up less than three percent from the previous year. For comparison, in 2022, Switzerland ranked 20th among the leading economies by gross domestic product (GDP) with a result exceeding 800 billion dollars. Whereas global ad revenues concentrate in areas with either large populations or high purchase power – preferably both – their evolution depends on a larger set of indicators. It was forecast that, in 2024, South Asia will be the world's fastest-growing ad market, and the only out of nine with a double-digit increase rate: 12.1 percent. The second-placed region, comprising the United States and Canada, was projected to see its ad expenditure rise 7.6 percent.