Bucharest, June 17, 2024 – RBJ – The media market in Romania has been on a stable upward trend in 2023, reaching an estimated net value of 701 million euro, with an increase of +6.5% compared to the previous year. This positive evolution is due to favorable economic factors, such as decreased energy prices and a strong labor market, which countered the effects of a difficult economic and geopolitical climate.
The Media Fact Book analysis, the only report analyzing the Romanian media and advertising market, estimates that the media market will continue to grow, reaching a record value of 762 million euro by the end of 2024. Significant growth is expected for TV (+10%) and OOH (+10%), moderate growth for Digital (+7%) and Radio (+7%), and a downward trend for Print (-10%).
“The media market demonstrated remarkable capacity to exceed expectations in 2023. This performance highlights not only the resilience of the sector, 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 for media to better serve the needs of a diversified 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 involved stakeholders,” said Alexandra Olteanu, Managing Director, the Initiative.
Digital continued its growth (+8% vs. 2022), reaching a value of 252 million euros, representing 36% of the total media market. This growth is fueled 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 a moderate growth of the digital market by +7%, up to 269 million euro.
In 2023, TV audiences recorded a more moderate decline, ending the year with -4% compared to 2022, a decline compensated by strong performances in the last quarter, which balanced a weaker start to the year. The net value of the TV market remained constant at 368 million euro, representing 52% of the total media market.
News channels have increased their penetration, especially in the mature demographic with medium and high social status. They highlighted global events, such as developments of conflicts in Ukraine and the Middle East, and the anticipated preparations of political parties for the 2024 elections, while television remained the focal point with major sporting events, talent shows and popular series.
Starting strong in 2024, the TV market is poised to surpass the previous year’s performance, with world-class events such as the European Football Championship and the Paris Olympics promising to drive audiences to record levels, anticipating a revenue increase of 10% up to €405 million.
The introduction of a new audience measurement system in 2024, reflecting an updated demographic structure based on the 2021 National Census, promises significant adjustments in data recording, particularly by including populations from suburban areas as part of the urban environment.
The OOH market continued to consolidate, registering a growth of +12%, with revenues of 41 million euro, representing 6% of the total media market. This sector has continued its natural evolution, adapting to rising inflation and benefiting from more generous advertising budget allocations, in an effort to reach a large and geographically diverse audience. Significant investments in DOOH and expansion initiatives in high pedestrian traffic areas have strengthened this segment, indicating a natural post-pandemic evolution. Projections for 2024 suggest a continuation of the upward trend, anticipating a growth of 10%, to an estimated total of 45.6 million euro for the OOH market.
In the past year, Radio stations have captivated audiences with varied music, entertainment programs, and current topics such as sustainability and education, leading to a +10% increase in the radio advertising market, reaching an estimated total net value of 35 million euro by the end of the year. For 2024, Media Fact Book anticipates market growth of 7%, to approximately 37.5 million euro.
The downward trend of the Print market continued in 2023. It was the only media industry with a negative evolution, decreasing by 11% compared to 2022, to 5 million euro, and accounting for less than 1% of the media market share. In 2024, print is expected to continue the negative trend, with an estimated decline of -10% compared to 2023 and a total market value of 4.5 million euro.
In 2023, the Retail category continued to dominate the media market, contributing 25% of the total estimated media market, solidifying its leadership position established in 2021. This was followed by the Healthcare and Food & Beverages categories, which also had significant contributions, representing 17% and 12% of the market, respectively.
The information was extracted from the Media Fact Book, an annual guide published by the Initiative agency since 1997.
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Initiative is one of the largest independent media networks in the world, providing specialized planning and buying media services, strategy, media consulting and new media.
Initiative is a member of the Interpublic Group of Companies and is affiliated with the International Initiative Worldwide network. In Romania, Initiative is a member of the Lowe Group, which also includes the agencies MullenLowe Romania (integrated marketing and communication agency), Golin (public relations), Medic One (medical communication) and Path (the Lowe Group unit specialized in data analysis and interpretation).
