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The online advertising market in Bulgaria is experiencing the strongest growth within the media mix, with net investments for 2025 reaching a record ˆ138 million—an 18% year-on-year increase. However, only one-third of these funds is directed toward the local market via Bulgarian websites and platforms. The majority of investments go to global players such as Google, Meta, and other social networks, with TikTok acting as a key driver. These figures come from the annual AdEx study conducted by the industry association IAB Bulgaria for 2024 and 2025, based on data provided by 32 companies, including seven media outlets, 22 media agencies, and three influencer agencies. A report by the Bulgarian Association of Communication Agencies (BACA) shows that total net advertising investments in the country grew by 10% in 2025, reaching ˆ372 million. Nearly half of this amount (ˆ189 million) was allocated to television. Digital advertising is the second-largest channel, accounting for 38% of total investments. BACA reports a 12% increase compared to 2024, while IAB Bulgaria reports 18%. This growth rate exceeds that of the European and US markets, although the baseline figures in those regions are incomparably higher. In 2025, online advertising investments in Europe rose by 11% year-on-year to ˆ131 billion. Data from IAB Bulgaria shows that internet advertising in the US has doubled, reaching ˆ261 billion—a 14% increase compared to 2024. Tech giants dominate the advertising market in Bulgaria as well. In 2025, 68% of all net online advertising investments—totaling ˆ94 million—went to Google, Meta’s platforms (Facebook and Instagram), and other social networks such as TikTok, Pinterest, and LinkedIn. Their share grew by three percentage points year-on-year, coming at the expense of investments in the local market. Local websites, media outlets, programmatic advertising, and audio and influencer marketing attracted just ˆ44 million. Net advertising investments in Google products, including its search engine, account for the largest share of the total volume. Next come social media, recording a 39% growth driven primarily by advertising on TikTok, which has been accessible from Bulgaria since mid-2024. Last year, investments in the Chinese social network reached ˆ7.7 million, up from ˆ1.7 million in 2024. Facebook and Instagram hold the largest share within the social media category, with ˆ37 million and a 20% increase compared to 2024. Half a million euros is allocated to LinkedIn, while ˆ1 million is distributed among other platforms, including Pinterest, Snapchat, and X. Regarding the breakdown by ad type, display advertising accounts for the largest share (68%), with net investments of just over ˆ25 million in both 2025 and 2024. Far behind in volume, influencer marketing and digital audio take second place with ˆ6 million, also marking the highest year-on-year growth at 22%. Native advertising attracts ˆ3.4 million, followed by PR and paid posts totaling ˆ2.8 million. Email marketing lags behind with ˆ100,000 in investment and a decline of nearly 2%. Influencer marketing continues to grow in 2025—rising by nearly 25%—attracting ˆ5.4 million on its own and holding a 4% share of the total online advertising market. Over 72% of all influencer marketing investments are directed toward Instagram. TikTok has increased its share by four percentage points to 20% at the expense of YouTube, where investment has nearly halved to 5%. All other social networks combined account for less than 3% of the influencer marketing share. Video remains a preferred format; in 2025, over ˆ10 million was invested in video display advertising, up from ˆ7 million the previous year. These figures exclude video advertising on YouTube and Facebook. YouTube advertising in isolation showed no growth, with ˆ3.3 million invested in it last year. IAB Bulgaria presents data on the market's largest advertisers using an index, where the company with the highest budget holds the highest index value. Coca-Cola Bulgaria tops the ranking of the largest digital advertisers, with an index score nearly double that of the runner-up, Efbet. Another gambling brand, Winbet, also appears in the top 10, taking eighth place. The three major telecom operators—Vivacom, A1, and Yettel—are also among the largest online advertisers. DSK Bank is the only bank in the top 10, while Kaufland Bulgaria is the only supermarket chain. Rounding out the top 10 are the lender Ferratum and the food company Mondelez. The market's eight largest sectors account for 80% of digital advertising budgets. "Hobbies, Fashion, and Sports"—a category that includes gambling operators—ranks first with nearly 16%. Retail chains account for 12%, and financial institutions for 10%.