Influencer Advertising - Bulgaria

In Bulgaria, ad spending in the Influencer Advertising market is forecasted to reach US$10.81m in 2024.
The market is expected to experience an annual growth rate (CAGR 2024-2030) of 6.51%, leading to a projected market volume of US$15.79m by 2030.
The average ad spending per internet user in the Influencer Advertising market is estimated to be US$2.06 in 2024.
When compared globally, the highest ad spending is anticipated China, amounting to US$19.16bn in 2024.
In Bulgaria, Influencer Advertising is rapidly growing, with brands leveraging local influencers to reach niche audiences effectively in the competitive market.

Definition:
Influencer Advertising refers to advertising that allows marketers to promote products or services by collaborating with influencers on social media. Influencer Advertising allows marketers to reach targeted audiences based on the influencer’s performance and their follower profiles; they also have the ability to measure the performance of campaigns. Influencer Advertising refers to all advertising fees paid directly to influencers (or to their person of trust or representative) for posting or streaming sponsored content (e.g., posts, videos, and/or stories) on social media to promote products or services to their followers. This sponsored content typically includes images, videos, live streams, and/or text.

Additional information:
Influencer Advertising comprises advertising spending, users, and average revenue per user. The market only displays B2B spending. Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. For more information on the data displayed, use the info button right next to the boxes.

Advertising spending paid directly to influencers to post sponsored content

The values of giveaway products as well as services that influencers receive in exchange for reviews, mentions, or giveaways for their followers
Advertising spending allocated to paid social media campaigns to boost content
Affiliate commissions, i.e., the commissions that are paid to influencers when someone makes a purchase based on their content or links
Gross merchandise volume (GMV) of transactions from sponsored posts or live streams

The Influencer Advertising market in Bulgaria has been experiencing significant growth in recent years, driven by changing customer preferences and the rise of social media platforms.

Customer preferences: Bulgarian customers have shown a growing interest in influencer advertising, as they increasingly rely on recommendations and reviews from trusted individuals when making purchasing decisions. Influencers have become influential figures in the digital space, with their content being seen as more authentic and relatable compared to traditional advertising methods. Customers appreciate the personalized approach of influencer advertising, as it allows them to connect with brands on a more personal level.

Trends in the market: One of the key trends in the Bulgarian influencer advertising market is the shift towards micro-influencers. These are individuals with a smaller follower base, but a highly engaged audience. Brands are recognizing the value of micro-influencers in reaching niche markets and driving more targeted and effective campaigns. Additionally, there is a growing emphasis on transparency and authenticity in influencer partnerships, with customers demanding genuine recommendations and disclosures of sponsored content. This trend is pushing brands and influencers to establish more authentic and long-term relationships.

Local special circumstances: Bulgaria has a relatively small population compared to other European countries, which presents both opportunities and challenges for the influencer advertising market. On one hand, the smaller market size allows for more targeted campaigns and a closer connection between influencers and their audience. On the other hand, the limited pool of influencers means that brands need to carefully select their partnerships to ensure relevance and effectiveness. Additionally, the Bulgarian market is characterized by a high level of digital penetration and social media usage, providing a fertile ground for influencer advertising to thrive.

Underlying macroeconomic factors: The growth of the influencer advertising market in Bulgaria is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, leading to increased disposable income and consumer spending. This provides an opportunity for brands to invest in influencer advertising as a way to reach and engage with consumers. Furthermore, the rise of social media platforms and the increasing availability of affordable internet access have contributed to the popularity of influencer advertising in Bulgaria. As more Bulgarians join social media platforms and spend more time online, the potential reach and impact of influencer campaigns continue to expand. In conclusion, the Influencer Advertising market in Bulgaria is growing rapidly due to changing customer preferences, the emergence of micro-influencers, and the high level of digital penetration in the country. These factors, combined with the country's steady economic growth, create a favorable environment for brands to invest in influencer advertising as a way to connect with Bulgarian consumers.

Data coverage:

Data encompasses enterprises (B2B). Figures are based on influencer advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising fees paid directly to influencers to post sponsored content.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use market data from independent databases, influencer marketing platforms, and third-party reports to analyze and estimate global influencer advertising spending. We start by researching on the average cost per content post on each social media platform, the number of influencers available on advertising platforms (breakdown by tier: nano, micro, macro, and mega), and the average number of posts per year. Then we estimate the market size for each country individually. We use relevant key market indicators and data from country-specific industry associations, such as GDP, social media users, and digital consumer spending. Lastly, we benchmark key countries or regions (global, United States, China, etc.) with external sources.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, 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 case market dynamics change.

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

Influencer marketing has become one of the most popular and effective forms of online marketing. With millions of internet users browsing social media platforms for entertainment, inspiration, and product recommendations daily, it is no surprise that marketers are harnessing the power of social media’s most recognizable faces for promotion. The global influencer marketing market value stood at 21.1 billion U.S. dollars as of 2023, having more than tripled since 2019. As influencer endorsement continues to mature as an industry, the size and value of influencer marketing platforms also continue to expand every year, making collaborations between brands and creators more profitable than ever.