Slovakia’s Media Finances 2024

The Slovak media industry experienced notable expansion and structural change in 2024. Revenues among the thirty largest media companies rose by 8.6% compared with the previous year, well ahead of the national inflation rate of roughly 2.8%. Profits improved even more significantly, climbing by 20.2%, a sign that many companies have stabilised operations and adapted to recent economic pressures. These figures suggest the sector has entered a phase of recovery after several challenging years, MediaGuru reported.

The overall growth, however, was uneven and revealed sharp contrasts between segments. Television continues to command the largest share of net advertising expenditure in Slovakia, generating approximately €208.5 million, or 44% of the total €472.4 million spent on advertising in 2024. Digital advertising is now almost level with TV at €202.9 million (43%), although much of this spending flows to global technology platforms such as Google and Meta, making it difficult for local digital publishers to compete on equal terms.

Television revenues remain concentrated in a small number of powerful players. Markíza-Slovakia, part of CME, reinforced its leadership position with revenues of €151.8 million, up nearly 15% year-on-year. Profits also increased, reaching €27.9 million, a rise of 14.4%. These results reflect both Markíza’s dominance in audience share and its strong position in securing TV advertising budgets. Its main rival, Slovenská produkčná, which operates the Joj group of channels, grew revenues more modestly, to €124.7 million (up 3.9%), but its profits fell by 11%, dropping to €10.8 million. This divergence highlights how rising operational costs, content investment, and rights acquisitions are weighing on second-tier TV groups.

Beyond these dominant players, News and Media Holding, a diversified company with both print and digital operations, recorded one of the strongest performances of the year. Its revenues surged by 30% to €43.4 million, while profits more than doubled, increasing by 131.8% to reach €1.15 million. This reflects the benefits of consolidation, scale efficiencies, and a decisive pivot toward digital distribution.

Other publishers struggled to keep pace. Companies such as Petit Press and Mafra Slovakia managed only marginal revenue growth, falling behind the overall market trend and shrinking in real terms once inflation is accounted for. Print advertising revenues declined by 4% in 2024 and are projected to contract by another 6% in 2025, underscoring the ongoing structural decline of traditional print media.

The radio sector remained stable in revenue terms but faced pressure on margins. Bauer Media Slovakia maintained near-flat growth, while D.Expres (Rádio Expres) experienced a 16.2% decline in profits despite steady audience levels, a sign that operating costs are rising faster than revenues.

Among mid-tier companies, Mac TV, a Joj licensee, posted modest revenue growth. STVR, Slovakia’s public broadcaster, saw revenues fall by 5.1%, though it managed a slight profit increase thanks to tighter cost controls. These results show that even under revenue pressure, careful financial management can stabilise operations.

Structurally, the Slovak media market remains highly concentrated. The two dominant TV groups — Markíza and Joj — command a disproportionate share of both revenues and profits, leaving little room for challengers. This concentration creates barriers to entry and limits competitive diversity. In the digital sphere, local players are growing, but their advertising revenues remain small compared to the international platforms that capture most of Slovakia’s online ad spending.

Looking ahead to 2025, the outlook is mixed. Television and digital are expected to continue growing, while print will face further contraction. The rapid shift toward online consumption is likely to accelerate, prompting more consolidation and potentially leading to mergers or closures among smaller, vulnerable companies. Players with scale and diversified portfolios, such as News and Media Holding, are best positioned to adapt and thrive, while smaller print-reliant publishers risk further losses or exit from the market altogether.

Overall, 2024 was a recovery year for Slovak media. Revenues and profits grew, but the divide between winners and losers widened. Television remains profitable and highly concentrated, digital publishers are gaining momentum, and print continues to decline. The sector’s future will depend on how effectively local media can navigate an advertising landscape dominated by global tech platforms and rapidly shifting consumer behaviors.