Estimates for the current year, made by Media Fact Book, indicate a continued growth in the local media market, reaching 762 million euros. A significant increase is expected for TV (+10%) and OOH (+10%), alongside moderate growth for Digital (+7%) and Radio (+7%). In contrast, the Print segment will see a decline of 10%, according to Agerpres.
The positive trend is attributed to favorable economic factors, such as lower energy prices and a strong labor market, which have offset the effects of a challenging economic and geopolitical climate, according to a press release from Initiative.
“The Romanian media market has been on a stable upward trend in 2023, reaching an estimated net value of 701 million euros, with a 6.5% increase compared to the previous year. This positive evolution is due to favorable economic factors, such as lower energy prices and a strong labor market, which have counteracted the effects of a difficult economic and geopolitical climate,” according to the Media Fact Book analysis, the only report analyzing the Romanian media and advertising market, which estimates that the media market will continue to grow, reaching a record value of 762 million euros by the end of 2024.
According to the same source, in 2023, digital continued to grow (+8% compared to 2022), reaching a value of 252 million euros, representing 36% of the total media market.
Meanwhile, TV audiences recorded a more moderate decline, ending last year with a 4% decrease compared to 2022, a decline offset by strong performances in the last quarter, balancing out a weaker start to the year. The net value of the TV market remained constant at 368 million euros, representing 52% of the total media market.
“The media market demonstrated its remarkable ability to exceed expectations in 2023. This performance highlights not only the sector’s resilience but also its ability to adapt and innovate in the face of challenges. We are confident that 2024 will continue this positive trend, driven by technological innovations and increased strategic adaptability. We look forward to exploring and implementing new ways in which media can better serve the needs of a diverse audience, responding to rapid changes in consumer behavior and global dynamics. These efforts are essential to ensure that our industry thrives, providing added value to all stakeholders involved,” said Alexandra Olteanu, Managing Director of Initiative.
The digital segment continued to grow (+8% compared to 2022), reaching a value of 252 million euros and representing 36% of the total media market. This growth was driven by factors such as e-commerce and changes in media consumption. Google Search and Display Advertising dominated budget allocations, while social media maintained a significant share of digital advertising budgets. For 2024, Media Fact Book estimates moderate growth in the digital market of +7%, reaching 269 million euros.
In 2023, TV audiences recorded a more moderate decline, ending the year with a 4% decrease compared to 2022. This decline was compensated by strong performances in the last quarter, balancing out a weaker start to the year. The net value of the TV market remained constant at 368 million euros, representing 52% of the total media market.
News channels increased their penetration, especially in the mature demographic with medium and high social status. They highlighted global events, such as developments in the conflicts in Ukraine and the Middle East, and the anticipated preparations of political parties for the 2024 elections, while television remained a focal point with major sporting events, talent shows, and popular series.
With a robust start in 2024, the TV market is poised to surpass the previous year’s performance, with global events such as the European Football Championship and the Paris Olympics promising to boost audiences to record levels, with an anticipated 10% increase in net revenues, reaching 405 million euros.
In 2024, a new audience measurement system will be introduced, reflecting an updated demographic structure based on the 2021 National Census. This promises significant adjustments in data recording, including the inclusion of populations from urbanized peripheries in the urban environment category.
In the OOH sector, the market saw significant consolidation in 2023, with a 12% increase, reaching revenues of 41 million euros, representing 6% of the total media market in Romania. This sector followed its natural evolution, adapting to rising inflation and benefiting from more generous allocations in advertising budgets, aiming to reach a diverse and geographically extended audience. Significant investments in DOOH and expansion in high pedestrian traffic areas consolidated this segment, signaling a natural post-pandemic recovery.
Projections for 2024 indicate a continuation of this upward trend, with an estimated 10% increase, reaching approximately 45.6 million euros.
At the same time, radio stations captured the public’s attention with varied programs of music, entertainment, and current topics such as sustainability and education, leading to a 10% increase in the radio advertising market last year, reaching an estimated total value of 35 million euros. Media Fact Book predicts continued growth for this segment, with an estimated 7% increase, reaching approximately 37.5 million euros.
In 2023, the Print market recorded a significant decrease of 11% compared to 2022, reaching five million euros and capturing less than 1% of the total media market. Projections for 2024 indicate a continuation of the downward trend, with an estimated -10% compared to 2023 and a total market value of 4.5 million euros.
In the same year, the Retail category continued to dominate the media market, contributing 25% of the total estimated media market, consolidating its leadership position started in 2021. This was followed by the Healthcare category, contributing 17%, and Food & Beverages, with 12% of the market, both having significant contributions.
These insights are extracted from the Media Fact Book, an annual guide edited by the Initiative agency since 1997. Initiative is one of the largest independent media networks in the world, offering specialized services in media planning and buying, media strategy, and new media consulting.
