Ad investments remained flat in August
Summary
- In August, media advertising volumes in Finland remained stable, with a cumulative market decrease of 3% compared to the same period last year, according to Fifty5Blue.
- Online media advertising grew by nearly 5%, while print media continued to decline, dropping by 12%; radio advertising increased steadily, and outdoor advertising rose by 4%.
- Media advertising accounted for significant portions of revenue for companies like Sanoma (15%), Alma Media (17%), and Keskisuomalainen (33%) in 2025, highlighting its importance as a revenue driver.
- The analyst sees no need to adjust estimates based on August figures, noting the steady development in Q3 and the alignment of online and retail advertising growth with the general economic growth picture.
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Translation: Original published in Finnish on 9/24/2026 at 8:19 am EEST.
According to statistics published by Fifty5Blue, media advertising volumes in Finland showed stable development in August. Following the weaker months earlier in the year, the market has cumulatively decreased by 3% against corresponding prior-year period.
Online media continued its positive trend; structural drivers evident in print
Examining the market by media segment revealed the familiar bifurcated pattern, with online media growing and print media contracting. Advertising in printed newspapers, which suffer from structural decline, decreased accordingly by 12%, while online media, benefiting from the digital transition, grew by almost 5%. Radio advertising grew steadily, while television advertising declined slightly (-1%). Outdoor advertising also maintained its strong growth, rising 4%. Among advertiser groups, brand advertising remained stable year-on-year, as in the previous month, while retail advertising grew by about 2%. Classified advertising, on the other hand, decreased by nearly 3% 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 figures for the first two months of Q3 have developed relatively steadily, which, in our view, is not surprising in this economic environment, given the market's divergent structural drivers. We also consider the slight growth in online and retail advertising figures to be in line with the general economic growth picture, which indicates fairly good growth. We see no reason to change our estimates based on the August figures, so we will review the need to fine-tune company-specific estimates in connection with the Q3 earnings previews.
Development of Finnish media advertising
Source: Fifty5Blue, Inderes. NB! Q3’26 figures incl. July and August figures only, July figures revised upward by Fifty5Blue