Bulgaria's total advertising market amounted to BGN 329.18 M in 2010, which is a decline of 13.9% compared with 2009.

Krassimir Guergov, chair of the Bulgarian Association of Advertising Agencies, announced at an advertising forum in Sofia, as cited by BTA, that the advertising prices saw a similar decline compared with their levels in 2009.

"The preliminary results for 2010 show a decline that is twice as large as the original forecasts," Guergov pointed out.

A year ago, the Association of Advertising Agencies expected that Bulgaria's advertising market will decline by about 7%-10% in 2010.

The substantial 2010 drop comes against the backdrop of the staggering 27% decline in 2009 compared with 2008, when the Bulgarian economy was still booming.

The Association's forecasts for 2011, however, project a growth of the advertising sales in Bulgaria of between 7% and 10%.

Internet advertising is the only advertising sector that registered growth in Bulgaria in 2010, according to the AAA data. It grew by 5% year-on-year, and there are optimistic projections for 2011.

The net profit in Bulgaria's TV advertising decreased by 10.5% in 2010 year-on-year even though the gross revenues are about the same as in 2009. The major TV channels in Bulgaria have reduced their advertising prices by 5%.

The TV advertising market is expected to bounce back growing between 7% and 10% in 2011 – which is confirmed by the sales that TV advertising generated in January and February 2011.

There was a staggering decline is the advertising in the press – 12%, with newspapers suffering twice as bad as the magazines; when subtracting bonuses and discounts, however, the real decline in press advertising is estimated at 32%. There are forecasts that some Bulgarian print media will have to be shut down in 2011 over the lack of advertising revenue.

Radio advertising dropped by 3% in 2010, and there are positive expectations for this advertising sector for 2011. Outdoor and billboard advertising saw a decline of 12% in 2010.

Even though it was the only advertising sector to grow in 2010, Internet advertising has a share of only 4% of the total advertising market in Bulgaria. TV ads still rule all with a share of 65%, followed by the press with 16%, the radio with 8%, and outdoor advertising with 7%.