Update Bulgarian ad market slumps -
Bulgarian ad market slumps
By Chris Dziadul | March 27, 2009 | 06:41 UK
Bulgaria’s ad market is likely to fall in value by up to 30% this year, according to data supplied by the country’s advertising association (BAA).
Quoted in Dnevnik, its chairman Kasimir Gergov blamed the global economic crisis, the effects of which began to be felt in Bulgaria from last September, for the reduction, which could be anything between 20-30%.
By contrast, the ad market grew by 9% to BGN518.805 million (€265.091 million) in 2008 – and an even more impressive 25% in 2007.
Importantly, the cost of TV advertising has fallen by between 25-28% in the first three months of this year.