In 2024–2025, pro-government broadcasters generated a total of GEL 89.5 million in commercial advertising revenue, while critical broadcasters (including the 2024 data of Mtavari Arkhi) received almost four times less - GEL 23 million. This clearly illustrates the significant disproportion and unequal distribution of the advertising market between pro-government and critical broadcasters.

As a result of the financial problems that have emerged, 17 regional broadcasters were unable to resume broadcasting in 2025. Due to the ongoing financial crisis, the country’s leading critical broadcasters - Formula and TV Pirveli - are facing the risk of closure. The shutdown of critical broadcasters would cause irreparable harm to the public’s right to proper information, leaving society exposed solely to the government agenda and propaganda.

Below is an analysis of the general data on television advertising revenues for the full year of 2024 and for the first three quarters of 2025.

2024:

According to data from the Communications Commission, in 2024 there were 105 active broadcasters (television and radio), whose total revenue (including state funding and other non-broadcast income) amounted to GEL 251.9 million, while total revenue from broadcasting reached GEL 111.1 million. Of this amount, television broadcasters received GEL 101.5 million, and radio broadcasters received GEL 9.6 million (a total of 102 TV and radio broadcasters).

• In 2024, compared to the previous year, the total advertising revenue of broadcasters (television and radio) decreased by 2.3%, amounting to GEL 92.8 million.
• Compared to the previous year, television commercial advertising revenue declined by 19% in 2024, totaling GEL 70.7 million. The combined commercial advertising revenue of three critical television channels decreased by GEL 3.2 million, falling to GEL 15.2 million.
• A significant disproportion continued to exist between advertising revenues received by pro-government and critical television channels, with pro-government broadcasters’ advertising income substantially exceeding that of critical broadcasters.
• As in previous years, in 2024 the largest shares of advertising revenue were again received by the pro-government broadcasters Imedi Holding (35.7%) and Media Holding (Rustavi 2) (14.8%). In total, the three leading pro-government broadcasters - Imedi Holding, Media Holding (Rustavi 2), and POSTV - generated GEL 44.1 million in advertising revenue, which is almost three times higher than the combined advertising revenue of the three main critical channels - Formula, TV Pirveli, and Mtavari Arkhi - which together earned GEL 15.3 million.
• During the 2024 parliamentary elections, political parties spent a record GEL 35.3 million on advertising - 2.5 times more than during the 2020 parliamentary elections. Of this amount, GEL 16 million was spent on paid political advertising on television.
• More than half of total political advertising expenditure - GEL 18 million - was spent by Georgian Dream, which exceeds the total advertising spending of all parties in 2020 by GEL 4.5 million. Specifically for television advertising, Georgian Dream paid GEL 5.8 million, while placing no paid political advertising on any of the central critical television channels.
• In 2024, revenue from paid social advertising amounted to GEL 1.4 million. The largest shares - GEL 668,884.00 and GEL 484,778.29 - were received by the pro-government Media Holding (Rustavi 2) and POSTV, respectively.
• Compared to national broadcasters, regional television stations have even more limited overall and advertising revenues. Due to a lack of financial resources, 17 regional broadcasters were unable to resume broadcasting starting in 2025.

First Three Quarters of 2025:

• Compared to the same period of the previous year, in the first three quarters of 2025 the total commercial advertising revenue of broadcasters increased by GEL 11.7 million, reaching GEL 65.4 million. Television advertising revenue also rose by GEL 12 million, amounting to GEL 59.9 million.
• A significant increase in advertising revenues was recorded primarily in favor of pro-government television channels. For example, in the third quarter of 2025 alone, compared to the same quarter of the previous year, the advertising revenue of Imedi increased by GEL 8.8 million, reaching GEL 14.4 million, while the critical TV Pirveli saw an increase of only GEL 100,000, reaching GEL 1.3 million. The advertising revenue of Formula remained unchanged at GEL 0.8 million.
• A substantial disproportion also persisted in the aggregate advertising revenues for the first three quarters of 2025 between pro-government and critical broadcasters. During the reporting period, three pro-government broadcasters - Imedi Holding, Media Holding (Rustavi 2), and POSTV - generated 5.8 times more advertising revenue, totaling GEL 45.5 million, while the critical broadcasters Formula and TV Pirveli earned only GEL 7.8 million.
• An analysis of television advertising revenues also shows that following the closure of Mtavari Arkhi in 2025, its advertising revenue - GEL 4.9 million in the first three quarters of 2024 - was largely redistributed among pro-government broadcasters.

The analysis of the television market further indicates that the expenses of leading television broadcasters continue to significantly exceed their revenues - by twofold, and in some cases by threefold. As a result, these broadcasters have been ending the fiscal year at a loss for several consecutive years and have been unable to achieve profitability.

Conclusion

• The analysis of broadcasters’ advertising revenues in 2024–2025 clearly shows that the advertising market is insufficient to ensure the stable functioning of the media, and it is unevenly and disproportionately distributed in favor of pro-government broadcasters.
• For example, in just the first three quarters of 2025, the pro-government Imedi Holding alone earned 29.2 million GEL from commercial advertising, which is 3.7 times more than the combined advertising revenue of the two critical broadcasters, Formula and TV Pirveli, during the same period. These two critical channels together earned only 7.8 million GEL in advertising revenue.
• The presence of the Public Broadcaster on the overall advertising market is also noteworthy. Its editorial policy aligns with the government’s agenda, and, given its substantial state funding, it competes with private broadcasters for commercial advertising. This ultimately results in the accumulation of the majority of advertising revenues in pro-government channels. Critical broadcasters, already operating on the edge of minimal financial resources, face particularly strong pressure.
• There is also a clear sense of self-censorship among advertisers, which critical broadcasters themselves have mentioned in private discussions. According to them, some advertising contracts have already been canceled. These concerns are further reinforced by the overall figures for advertisements placed in broadcasters.
• The financial problems of critical media are accompanied by severe shortages of both technical and human resources. Against the backdrop of months-long salary arrears, many journalists are forced to leave the profession, while those who remain continue to work on a voluntary basis.
• This situation is compounded by deteriorating legislation, which increases pressure on broadcasters critical of the government. At the beginning of 2025, repressive legislative changes effectively restricted funding from Western foundations for both television and online media. It is also notable that the expanded supervisory role of the Communications Commission is used as an instrument to punish broadcasters under the current government.
• The environment for media representatives has become hostile in recent years, manifested through unlawful detentions (including criminal proceedings), fines, SLAPP (Strategic Lawsuits Against Public Participation) suits, physical and verbal harassment, intimidation, threats, coercion, and other obstacles to journalistic work. Over the past two years, more than 600 such incidents have been recorded.
• This is accompanied by a hybrid information war, a government-led campaign to discredit critical media, and impunity for crimes committed against journalists. In a highly polarized environment, these factors make the operating conditions for independent media representatives extremely precarious.

Transparency International-Georgia monitors the television advertising market on an annual basis