Ad investments nearly flat in July
Summary
- Finnish media advertising volume decreased by nearly 1% in July year-on-year, with a cumulative decline of 4% for the year-to-date period.
- Online media advertising grew by 4%, while print media advertising contracted by 12%; television and outdoor advertising increased by 4% and 7%, respectively, whereas radio advertising fell by 8%.
- Media advertising accounted for significant portions of revenue for companies like Sanoma (15%), Alma Media (17%), and Keskisuomalainen (33%) in 2025, making its development crucial for these firms.
- July's advertising trends were consistent with expectations, reflecting slight seasonality and aligning with broader economic trends, thus not prompting any changes to existing estimates.
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Translation: Original published in Finnish on 8/27/2026 at 7:57 am EEST.
According to statistics published by Fifty5Blue (formerly Kantar), the volume of Finnish media advertising decreased by nearly 1% in July year-on-year. Following the weaker months earlier in the year, the market has cumulatively decreased by 4% against corresponding prior-year period.
Diverging trends between media segments
When examined by media segment, the market's development followed the familiar bifurcated pattern, with online media growing and print media contracting. Advertising in printed newspapers, which suffer from structural decline, thus decreased by as much as 12%, while online media, benefiting from the digital transition, grew by 4%. Television advertising also increased at a rate of 4%, while outdoor advertising surged by as much as 7% year-on-year. Radio advertising, in turn, decreased by 8%. Among advertiser groups, brand advertising remained stable year-on-year, while retail advertising grew by nearly 6%. Classified advertising, on the other hand, decreased by 9% from the comparison period.
Based on the latest published annual figures (2025), Finnish media advertising accounted for approximately 15% of Sanoma's revenue and about 17% of Alma Media's revenue, according to our calculations. For Keskisuomalainen, the figure is considerably higher, as media advertising accounted for 33% of the company's revenue (2025). Thus, the development of media advertising is a relevant driver for these companies. As a result of Ilkka's acquisition of Kaleva, the development of the media market does not directly affect its operating figures, but the performance of the associate company Kaleva impacts Ilkka's earnings per share.
The relatively stable development in July is not surprising, given the slight seasonality of advertising investments and the fact that July is typically a quieter month. In our view, the development of online and retail advertising is also in line with general economic trends, which have shown signs of an upturn. Overall, July's figures do not warrant any changes to our estimates, and they were largely in line with our expectations.
Development of Finnish media advertising
Source: Fifty5Blue, Inderes. NB! Q3’26 figures incl. July figures only