Industry Report Creative, arts and entertainment activities 2017

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This industry report is part of your subcription access to SeeNews | seenews.com/subscription CONTENTS

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

NUMBER OF COMPANIES IN CREATIVE, ARTS AND I. KEY INDICATORS ENTERTAINMENT ACTIVITIES INDUSTRY BY SECTORS SECTOR 2017 2016 2015 The Creative, arts and entertainment activities industry in SUPPORT ACTIVITIES TO PERFORMING ARTS 416 411 386 Bulgaria was represented by 1,051 companies at the end of PERFORMING ARTS 380 374 340 2017, compared to 1,028 in the previous year and 960 in ARTISTIC CREATION 239 227 220 2015. OPERATION OF ARTS FACILITIES 16 16 14

The industry's net profit amounted to BGN 13,802,000 in 2017.

The industry's total revenue was BGN 97,544,000 in 2017, III. REVENUES down by 9.04% compared to the previous year. The total revenue in the industry was BGN 97,544,000 in The combined costs of the companies in the Creative, arts 2017, BGN 107,244,000 in 2016 and 90,854,000 in 2015. and entertainment activities industry reached BGN 82,097,000 in 2017, down by 11.45% year-on-year. Total revenue The industry's total revenue makes up 0.10% to the Net sales revenue 107,244,000 country's Gross domestic product (GDP) in 2017, compared 110,000,000 to 0.12% for 2016 and 0.10% in 2015. 97,544,000 100,000,000 90,854,000 99,489,000 A total of 751 people were employed in the Creative, arts 90,000,000 and entertainment activities industry in 2017, compared to 91,745,000 87,281,000 723 in 2016 and 692 in 2015. 80,000,000

Most of the companies in the industry are based in , 70,000,000

followed by and Varna. 60,000,000

BGN 50,000,000

II. INTRODUCTION 40,000,000

30,000,000 In 2017 the companies in the Creative, arts and entertainment activities industry numbered 1,051, distributed in 4 sectors. 20,000,000

10,000,000

0 INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES 2015 2016 2017

239 The companies in the Creative, arts and entertainment activities market of Bulgaria earned combined net sales revenues of BGN 91,745,000 in 2017. 380 In annual terms, sales marked a drop of 7.78% compared to 2016. In comparison to 2015 they increased by 5.11%. In 2016 sales grew by 13.99% year-on-year.

16 The Creative, arts and entertainment activities industry total revenue make up 0.1% to the country's GDP in 2017, compared to 0.12% for 2016 and 0.10% in 2015.

416 Support activities to performing arts

Performing arts Artistic creation

Operation of arts facilities

In 2016 there were a total of 1,028 companies operating in the industry. In 2015 their number totalled 960. 2 SeeNews Industry Report

0.12% Share in GDP 0.12 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS 27.66% 0.11 0.1% 0.1% 0.1

0.09 12.67% 0.08

0.07

0.06 2.87% 0.05

0.04

0.03

0.02

0.01

0 2015 2016 2017 56.80% Support activities to performing arts In 2017 the Creative, arts and entertainment activities industry Performing arts contributed to GDP BGN 89,287,000 in Gross value added Artistic creation (GVA) accounting for 0.05% of the total for the country's economy. Operation of arts facilities

In the previous year, the industry's GVA amounted BGN The highest growth, of 9.19%, was recorded by Performing 97,661,000, accounting for 0.06% of the total for the country arts, while Operation of arts facilities registered the sharpest in 2016. In 2015 the GVA of the Creative, arts and decline, of 15.72%. entertainment activities was BGN 86,043,000, or 0.06% of the GVA for the country's economy. TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL NET SALES REVENUE REVENUE GVA BY SECTORS (BGN) (BGN) RANK SECTOR BGN SHARE OF THE OPERATION OF ARTS FACILITIES COUNTRY'S GVA (%) ARENA RUSE MENIDZHMANT EOOD 1,061,000 1,044,000 1 SUPPORT ACTIVITIES TO PERFORMING ARTS 49,853,000 0.03 THEATER BULGARAN EOOD 675,000 675,000 2 PERFORMING ARTS 24,869,000 0.02 LAYT DIZAYN 5 OOD 300,000 300,000 3 ARTISTIC CREATION 11,956,000 0.01 ARTISTIC CREATION 4 OPERATION OF ARTS FACILITIES 2,609,000 0.00 ART FEST EOOD 2,698,000 944,000 ALEXANDRA AUDIO EOOD 1,825,000 1,818,000 KAMEN DONEV EOOD 746,000 746,000 We expect, based on the trend in the last three years, the total SUPPORT ACTIVITIES TO PERFORMING ARTS revenue of the Creative, arts and entertainment activities EUROMUSIC EOOD 3,179,000 3,170,000 industry to change at a compound annual growth rate (CAGR) ART BG - INVEST EOOD 2,746,000 2,746,000 of 3.62% in 2018. SOFIA MUSIK ENTERPRISES AD 2,660,000 2,166,000 PERFORMING ARTS NET SALES REVENUE BY SECTORS 7/8 AD 6,796,000 6,224,000 RANK SECTOR NET SALES REVENUE (BGN) NATSIONALNA IMPRESARSKA MREZHA OOD 1,474,000 1,458,000 1 SUPPORT ACTIVITIES TO PERFORMING ARTS 52,108,000 LI 1 EOOD 1,157,000 863,000 2 PERFORMING ARTS 25,379,000 3 ARTISTIC CREATION 11,626,000 4 OPERATION OF ARTS FACILITIES 2,632,000 The top 10 companies in terms of total revenue in Creative, arts and entertainment activities accounted for 28.24% of the industry's total in 2017, 34.21% in 2016 and 37.29% in 2015.

3 SeeNews Industry Report

TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE ART 2003 - TODORKA KRASTEVA ET 41,000 INDUSTRY SVETLINA V TUNELA EOOD 37,000 RANK COMPANY TOTAL NET SALE REVENUE REVENUE (BGN) (BGN) 1 7/8 AD 6,796,000 6,224,000 The 10 largest companies in terms of total revenue in sector 2 EUROMUSIC EOOD 3,179,000 3,170,000 Operation of arts facilities earned total revenue of BGN 3 ART BG - INVEST EOOD 2,746,000 2,746,000 2,601,000 and accounted for 2.67% of the industry's total 4 ART FEST EOOD 2,698,000 944,000 revenue. 5 SOFIA MUSIK ENTERPRISES AD 2,660,000 2,166,000 6 STUNT FACTORY EOOD 2,308,000 2,267,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY 7 EVROCON EOOD 2,012,000 2,012,000 ARTISTIC CREATION WERE: 8 ALEXANDRA AUDIO EOOD 1,825,000 1,818,000 COMPANY BGN ART FEST EOOD 2,698,000 9 JOKER MEDIA EOOD 1,737,000 1,488,000 ALEXANDRA AUDIO EOOD 1,825,000 10 DEGRIS VENTS EOOD 1,584,000 1,580,000 KAMEN DONEV EOOD 746,000 DONEV THEATRE EOOD 642,000 The total revenues of the top 10 companies in the Creative, NESHANAL ART OOD 482,000 arts and entertainment activities were 0.03% of GDP in 2017, BULGARIA ART INDUSTRIES EOOD 443,000 compared to 0.04% for 2016 and 0.04% in 2015. DREAMWORLD ART GALLERY EOOD 426,000 FEST-APOLONIA OOD 366,000 The top 10 by assets in the Creative, arts and entertainment DREAM ARTIST EOOD 284,000 activities field made up BGN 14,278,000, or 15.56% of the LADECOR OOD 272,000 total net sales revenue.

TOP 10 BY TOTAL ASSETS IN THE INDUSTRY The 10 largest companies in terms of total revenue in sector RANK COMPANY BGN Artistic creation earned total revenue of BGN 8,184,000 and 1 7/8 AD 16,738,000 accounted for 8.39% of the industry's total revenue. 2 GALERIA VITOSHA 2003 AD 7,859,000 3 ARENA RUSE MENIDZHMANT EOOD 3,101,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR SUPPORT 4 KAMEN DONEV EOOD 2,215,000 ACTIVITIES TO PERFORMING ARTS WERE: 5 JOKER MEDIA EOOD 2,011,000 COMPANY BGN 6 MUSIC JAM OOD 1,942,000 EUROMUSIC EOOD 3,179,000 7 ART FEST EOOD 1,922,000 ART BG - INVEST EOOD 2,746,000 8 SOFIA MUSIK ENTERPRISES AD 1,779,000 SOFIA MUSIK ENTERPRISES AD 2,660,000 9 MODO BULGARIA EOOD 1,605,000 STUNT FACTORY EOOD 2,308,000 10 ARTISHOK EOOD 1,594,000 EVROCON EOOD 2,012,000 JOKER MEDIA EOOD 1,737,000 DEGRIS VENTS EOOD 1,584,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN ARTISHOK EOOD 1,555,000 OPERATING REVENUE IN CREATIVE, ARTS AND ENTERTAINMENT BG SOUND STAGE OOD 1,553,000 ACTIVITIES STAGE MASTERS EOOD 1,364,000 RANK COMPANY Y/Y GROWTH 1 POINT 7 EOOD 33900.00% 2 EVROCON EOOD 25050.00% The 10 largest companies in terms of total revenue in sector 3 DIANA DAFOVA ET 4900.00% Support activities to performing arts earned total revenue of 4 EKSPERIMENTIKA 89 EOOD 4800.00% BGN 20,698,000 and accounted for 21.22% of the industry's 5 CHOCHO I CHOCHO EOOD 4600.00% total revenue. 6 SOUND INDUSTRY EOOD 2100.00% 7 PAK - MAN EOOD 1800.00% TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY 8 ZOLITH EOOD 1800.00% PERFORMING ARTS WERE: 9 RIMINI FINE ART EOOD 1300.00% COMPANY BGN 7/8 AD 6,796,000 10 HEINSBURG EOOD 1233.33% NATSIONALNA IMPRESARSKA MREZHA OOD 1,474,000 LI 1 EOOD 1,157,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY MELPOMENA THEATRE EOOD 1,068,000 OPERATION OF ARTS FACILITIES WERE: REFRACT EOOD 745,000 COMPANY BGN VIVA ARTE OOD 613,000 ARENA RUSE MENIDZHMANT EOOD 1,061,000 ISLES ENTERTAINMENT EOOD 516,000 THEATER BULGARAN EOOD 675,000 MARINOV - VESELIN MARINOV ET 394,000 LAYT DIZAYN 5 OOD 300,000 SRTAR EVENT OOD 391,000 EVENT LEADERS PRO EOOD 191,000 BULGARE EOOD 389,000 NEW STAGES OOD 130,000 ASEM GROUP EOOD 80,000 VESELINA SHARLANEVA - 2011 ET 44,000 The 10 largest companies in terms of total revenue in sector KRAGCHETA EOOD 42,000 Performing arts earned total revenue of BGN 13,543,000 and accounted for 13.88% of the industry's total revenue. 4 SeeNews Industry Report

INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS IV. EXPENSES 26.52%

The combined costs of the companies in the Creative, arts and entertainment activities industry reached BGN 82,097,000 in 2017. 13.66%

Total Expenses Operational expenses

100,000,000 92,714,000 2.89%

90,000,000 91,783,000 82,097,000

80,000,00077,422,000 80,983,000

70,000,00076,610,000

60,000,000

50,000,000 BGN

40,000,000 56.94% Support activities to performing arts 30,000,000 Performing arts

20,000,000 Artistic creation Operation of arts facilities 10,000,000

0 Artistic creation marked the highest annual rise in total 2015 2016 2017 expenses, of 1.76%, while total expenses went down the most, by 18.75%, for Support activities to performing arts.

In annual terms, total expenses dropped by 11.45% compared In terms of operating expenses, the highest increase, of to 2016 and increased by 6.04% in comparison to 2015. 1.88%, was recorded by the Artistic creation sector. The sharpest fall was posted by Support activities to performing The total operating expenses of the companies in the arts - 19.01%. Creative, arts and entertainment activities industry were BGN 80,983,000 in 2017. The biggest spenders in the industry, with costs of over 10% of industry's costs, numbered 23, including BG SOUND Operating costs fell by 11.77% compared with the previous STAGE OOD, ART BG - INVEST EOOD, LIFT MEDIYA EOOD, year and increased by 5.71% when compared to 2015. ARENA RUSE MENIDZHMANT EOOD, MEZHDUNARODEN FESTIVALEN TSENTAR PRIATELI NA BULGARIA OOD. The We expect, based on the trend in the last three years, the total medium spenders, or those in the 5% and 10% range count 29 costs of the Creative, arts and entertainment activities and include PING PONG EVENTS EOOD, DENS industry to change at a compound annual growth rate (CAGR) MENIDZHMANT EOOD, COOL WORKS OOD, LAYT DIZAYN 5 of 2.97% in 2018. OOD, ART BG - MENAGEMENT EOOD. Below 5% threshhold are 999 companies, including VOVATON EOOD, SMAYLS TOTAL COSTS BY SECTORS MYUZIK OOD OOD, HA HA HA IMPRO OOD, BOLG ART RANK SECTOR TOTAL COSTS (BGN) EOOD, DEKORSAYN EOOD. 1 SUPPORT ACTIVITIES TO PERFORMING ARTS 46,745,000 2 PERFORMING ARTS 21,772,000 Employment expenses in the Creative, arts and entertainment activities industry increased by 1.08% on the year to BGN 3 ARTISTIC CREATION 11,211,000 14,087,000 in 2017. 4 OPERATION OF ARTS FACILITIES 2,369,000

5 SeeNews Industry Report

Employment expenses Average taxes expenses by company 1,565 Salaries expenses 1,600 1,467 Social security expenses 1,440 15,000,000 1,298 13,937,000 14,087,000 1,280 13,500,00013,086,000

1,120 12,000,000 12,674,000 12,770,000 12,037,000 10,500,000 960

9,000,000 800 BGN 7,500,000 640 BGN

6,000,000 480 4,500,000

320 3,000,000

1,257,000 1,307,000 160 1,500,0001,038,000

0 0 2015 2016 2017 2015 2016 2017

The highest growth in labour costs, of 14.45%, was registered EXPENSES ON TAXES BY SECTORS by Support activities to performing arts, while Operation of RANK SECTOR BGN Y/Y CHANGE arts facilities marked the sharpest fall, of 14.72%. 1 SUPPORT ACTIVITIES TO PERFORMING ARTS 777,000 7.92% 2 PERFORMING ARTS 534,000 18.14% The monthly costs per employee in the Creative, arts and 3 ARTISTIC CREATION 300,000 7.91% entertainment activities industry averaged BGN 1,563 in 2017, 4 OPERATION OF ARTS FACILITIES 34,000 -42.37% BGN 1,606 in 2016 and BGN 1,576 in 2015.

The monthly social security costs per employee in the industry averaged BGN 145 in 2017, versus BGN 145 in 2016 and BGN 125 in 2015. V. PROFITABILITY

EMPLOYMENT EXPENSES IN CREATIVE, ARTS AND The industry's net profit amounted to BGN 13,802,000 in ENTERTAINMENT ACTIVITIES BY SECTORS IN 2017 2017, compared to a net profit of BGN 13,021,000 in 2016 RANK SECTOR EMPLOYMENT AVERAGE and a net profit of BGN 12,185,000 in 2015. EXPENSES EXPENSES PER (BGN) EMPLOYEE (BGN) 1 PERFORMING ARTS 6,731,000 30,320 Net profit/loss 2 SUPPORT ACTIVITIES TO PERFORMING ARTS 4,452,000 12,367 Operating profit/loss

3 ARTISTIC CREATION 2,678,000 17,973 16,000,000 15,447,000 4 OPERATION OF ARTS FACILITIES 226,000 11,300 14,530,000 14,400,00013,419,000

12,800,000 13,802,000 THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER 13,021,000 EMPLOYEE IN THE INDUSTRY 11,200,00012,185,000 RANK COMPANY BGN 1 7/8 AD 26,692 9,600,000 2 DONEV THEATRE EOOD 12,000

3 PUCKO & PUCKA AGENCY OOD 11,250 8,000,000

4 JETSETTER EOOD 11,083 BGN 5 PISTOLET OOD 8,417 6,400,000 6 COOL WORKS OOD 8,306 4,800,000 7 CANTUS FIRMUS AD 5,381

8 SNIMACHEN EKIP OOD 5,167 3,200,000 9 VIZION LAB EOOD 3,917 10 ALEXANDRA AUDIO EOOD 3,580 1,600,000

0 The industry's tax expenses stood at BGN 1,645,000 in 2017. 2015 2016 2017 In 2016 it paid taxes of BGN 1,509,000. In 2015 the industry paid BGN 1,247,000 in taxes.

6 SeeNews Industry Report

ROE TOP 10 COMPANIES BY HIGHEST NET PROFIT IN CREATIVE, ARTS AND ENTERTAINMENT ACTIVITIES ROA RANK COMPANY BGN 2221.11% 20.76% 1 ARTISHOK EOOD 830,000 2 REFRACT EOOD 586,000 20 18.67% 3 KAMEN DONEV EOOD 506,000 18 4 LI 1 EOOD 482,000 5 RUSALKA CONSULTING LTD& CO. KD 475,000 16 6 DRUM-MUSIC SHOW EOOD 393,000 14 7 ALEXANDRA AUDIO EOOD 367,000 8 EUROMUSIC EOOD 345,000 1212.91% 12.77% 9 SRTAR EVENT OOD 232,000 11.53% 10 10 STUNT FACTORY EOOD 210,000

8

TOP COMPANIES BY HIGHEST NET LOSS IN CREATIVE, ARTS AND 6 ENTERTAINMENT ACTIVITIES 4 RANK COMPANY BGN

1 ART BG - MENAGEMENT EOOD 315,000 2 2 JOKER MEDIA EOOD 215,000 3 BULGARE EOOD 204,000 0 4 STAR ARENA-MUSIC COMPANY OOD 140,000 2015 2016 2017 5 VISIT BULGARIA EOOD 103,000

LEADING INDUSTRY'S SECTORS BY ROA The combined operating earnings of the companies in the 16 15.44 Creative, arts and entertainment activities industry increased by 6.31% y/y to BGN 15,447,000 in 2017. 14.4

12.8 12.02 OPERATING PROFIT/LOSS BY SECTORS (BGN) SECTOR 2017 2016 2015 11.2 10.92 SUPPORT ACTIVITIES TO PERFORMING ARTS 7,442,000 8,514,000 5,813,000 9.6 PERFORMING ARTS 5,002,000 2,980,000 4,729,000 ARTISTIC CREATION 2,723,000 2,520,000 2,744,000 8 OPERATION OF ARTS FACILITIES 280,000 516,000 133,000 6.4 4.8 The profit margin for the Creative, arts and entertainment activities industry stood at 15.90% in 2017, while in 2016 it 3.2 amounted to 13.81% and 14.86% in 2015. 1.6

0 PROFIT MARGIN BY SECTORS Support activities Performing arts Artistic creation RANK SECTOR PROFIT to performing arts MARGIN 1 ARTISTIC CREATION 19.56%

2 PERFORMING ARTS 18.90% LEADING INDUSTRY'S SECTORS BY ROE 3 SUPPORT ACTIVITIES TO PERFORMING ARTS 13.76% 31 30.23 4 OPERATION OF ARTS FACILITIES 10.61% 27.9

24.8 The Creative, arts and entertainment activities industry's return on equity (ROE) is 20.76% compared to 18.67% in 2016 21.7 and 21.11% in 2015. 18.6 16.45 15.71 The Creative, arts and entertainment activities's return on 15.5 assets (ROA) was 12.77%, while in 2016 it amounted to 11.53% and 12.91% in 2015. 12.4 9.3

6.2

3.1

0 Support activities Performing arts Operation of arts to performing arts facilities

7 SeeNews Industry Report

TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING EMPLOYEE IN CREATIVE, ARTS AND ENTERTAINMENT ACTIVITIES REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* RANK COMPANY BGN COMPANY HEA RANK COMPANY NAME CORRELATION DQUARTERS (BGN) (CITY) 1 EUROMUSIC EOOD 1,575,500 1 ARTISHOK EOOD 830,000 SOFIA 2 ARTISHOK EOOD 1,548,000 2 LI 1 EOOD 482,000 SOFIA 3 LIFT MEDIYA EOOD 1,315,000 3 REFRACT EOOD 293,000 SOFIA 4 LI 1 EOOD 1,130,000 4 SRTAR EVENT OOD 232,000 VARNA 5 FACING THE SUN OOD 1,095,000 5 KRISHOW EOOD 204,000 TROYAN 6 BG SOUND STAGE OOD 737,500 6 EUROMUSIC EOOD 172,500 PLOVDIV 7 TOP ARTIST BG OOD 649,000 7 LIFT MEDIYA EOOD 121,000 VRATSA 8 DEGRIS VENTS EOOD 524,333 8 HRIS 2001 EOOD 104,000 SOFIA 9 PUCKO & PUCKA AGENCY OOD 524,000 9 JETSETTER EOOD 99,000 SOFIA 10 KRISHOW EOOD 501,000 10 DRUM-MUSIC SHOW EOOD 98,250 BALCHIK

*The correlation is calculated by subtracting the quotient of the operating profit, and About 50.00% of the 10 leading companies in terms of net the employment expenses to the number of employees. profit per employee are located in SOFIA, while 10.00% are TROYAN-based and 10.00% are headquartered in BALCHIK. AVERAGE REVENUES PER EMPLOYEE IN CREATIVE, ARTS AND ENTERTAINMENT ACTIVITIES IN 2017 The average net sales revenue per employee in the Creative, SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES arts and entertainment activities industry amounted to BGN REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) 122,164 in 2017, down by 11.22% compared to 2016 and OPERATION OF ARTS FACILITIES 131,600 132,000 132,450 20 down by 3.14% compared to 2015. ARTISTIC CREATION 78,027 93,423 93,517 149

SUPPORT ACTIVITIES TO 144,744 150,261 150,519 360 The industry's average operating revenue per employee PERFORMING ARTS dropped by 11.15% year-on-year in 2017 to BGN 129,322. It PERFORMING ARTS 114,320 119,221 120,604 222 dropped by 0.92% compared to 2015.

The Creative, arts and entertainment activities field generated AVERAGE REVENUE PER COMPANY IN CREATIVE, ARTS AND an average BGN 129,885 in total revenue per employee. In ENTERTAINMENT ACTIVITIES IN 2017 2016 and 2015 the figure was BGN 148,332 and BGN 131,292, SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF respectively. SALES OPERATING TOTAL COMPANIES REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) The average total revenue per company in the Creative, arts OPERATION OF ARTS FACILITIES 164,500 165,000 165,563 16 and entertainment activities industry went down to BGN SUPPORT ACTIVITIES TO 125,260 130,034 130,257 416 92,811 in 2017 from BGN 104,323 in 2016. The 2015 value was PERFORMING ARTS BGN 94,640. PERFORMING ARTS 66,787 69,650 70,458 380 ARTISTIC CREATION 48,644 58,243 58,301 239 A company in the Creative, arts and entertainment activities sector made on average a net sales revenue of BGN 87,293 in 2017, compared to BGN 96,779 in 2016 and BGN 90,918 in The total indebtedness of the companies in the Creative, arts 2015. and entertainment activities industry was BGN 36,762,000 versus BGN 38,233,000 a year ago. In 2015 the industry's The Creative, arts and entertainment activities industry made indebtedness totalled BGN 33,707,000. 0.03% of the overall sales country-wide, decreasing its market share by 0.01 pp. INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) SECTOR 2017 2016 2015 Operating profit per employee for the industry as a whole was SUPPORT ACTIVITIES TO PERFORMING ARTS 18,703,000 23,291,000 22,235,000 BGN 20,569 in 2017. For comparison in 2016 it amounted to PERFORMING ARTS 9,454,000 6,915,000 5,780,000 BGN 20,097 and BGN 20,097 in 2015. ARTISTIC CREATION 5,144,000 4,732,000 4,695,000 OPERATION OF ARTS FACILITIES 3,461,000 3,295,000 997,000 THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN CREATIVE, ARTS AND ENTERTAINMENT ACTIVITIES RANK COMPANY BGN Debt-to-assets ratio of the companies in the industry is 0.34 1 ARTISHOK EOOD 922,000 in 2017. It was 0.34 in 2016 and 0.36 in 2015. 2 LI 1 EOOD 536,000 3 REFRACT EOOD 325,500 4 SRTAR EVENT OOD 258,000 VI. EMPLOYMENT 5 KRISHOW EOOD 215,000

A total of 751 people were employed in the Creative, arts and

entertainment activities field at the end of 2017, compared to

723 in 2016 and 692 in 2015.

8 SeeNews Industry Report

the largest employer being Retail trade, except of motor NUMBER OF EMPLOYEES BY INDUSTRY SECTORS vehicles and motorcycles with 200,534 and Extraction of SECTOR NUMBER SHARE OF crude petroleum and natural gas at the bottom with 27 INDUSTRY TOTAL employees. SUPPORT ACTIVITIES TO PERFORMING ARTS 360 47.94% PERFORMING ARTS 222 29.56% The Creative, arts and entertainment activities's share in the ARTISTIC CREATION 149 19.84% country's total employment was 0.03% in 2017, 0.04% in 2016 OPERATION OF ARTS FACILITIES 20 2.66% and 0.03% in 2015.

We expect, based on the trend in the last three years, the number of employees of the Creative, arts and entertainment activities industry to change at a compound annual growth ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS rate (CAGR) of 4.18% in 2018.

222 149

20

360 Support activities to performing arts Performing arts Artistic creation Operation of arts facilities

The analysis on companies' sizes by the number of employees, shows that 283 firms have less than 50 employees*.

* Companies without data in the number of employees at end of the year are not taken into consideration.

The employees of the leading 10 companies when it comes to numbers make up 26.36% of the workforce in the industry in 2017.

TOP 10 FIRMS BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 BULGARE EOOD 49 6.52% 2 STUNT FACTORY EOOD 23 3.06% 3 ART FEST EOOD 22 2.93% 4 ALEXANDRA AUDIO EOOD 22 2.93% 5 STAGE MASTERS EOOD 17 2.26% 6 JOKER MEDIA EOOD 16 2.13% 7 7/8 AD 13 1.73% 8 SELECT MUSIC MEDIA EOOD 12 1.60% 9 GRATSIA EOOD 12 1.60% 10 ORIENT 2007 EOOD 12 1.60%

The Creative, arts and entertainment activities industry is the 78th largest employer in the country with 751 employees with 9 SeeNews Industry Report

The industry is represented by the following companies

VOVATON EOOD SABROSA 1981 EOOD ARTIKA NELI EOOD DZZD ARTE KLASIK SMAYLS MYUZIK OOD OOD ROMANOVA ENTERTAINMENT EOOD PAGANE VT EOOD AMADEA MUSIC OOD HA HA HA IMPRO OOD LIVELOVE EOOD RAYZING ORGANIZATSIYA EOOD AGENTSIYA ELIT MYUZIK EOOD BOLG ART EOOD LMT INTERNATIONAL EOOD MAX PRODUCTIONS EOOD ANGEL MARINOV MARINOART ET DEKORSAYN EOOD WHITE RABBIT OOD HAY SAUND STUDIO - SVETOSLAV GEORGIEV ET DJ DANCHO & CO EOOD EPIZOD EOOD ZHAR ART OOD ILIYA ZHELEV 2009 EOOD FOLKLORNA FORMATSIA VALSHEBNI RITMI EOOD HIT-BOTAM-AUDIO EOOD OVAYA EOOD LECHEV MUSIC EOOD MS SOFT 2012 OOD FADEKS EOOD KUSHEV MUSIC MANAGEMENT EOOD DUGA AGENCY EOOD ART BG - EVENTS EOOD STRINGS - VENETA GEORGIEVA ET MUZIKALEN SVYAT EOOD DENS MENIDZHMANT EOOD NAYAS ART OOD EMBEKS EOOD SNIMACHEN EKIP OOD INTERZON E EOOD DZHI EN MYUZIK LEYBAL EOOD EOOD ZOGRAFSKA SHKOLA EOOD CREATIVE ART STYLE EOOD LISICHOK EOOD ATELIE PRIKAZEN SVIAT OOD OZARENIE EOOD DZZD SHPPT NIKOLINA CHAKARDAKOVA I ODETTE - YULIA OLEYNIK OOD ART STOUN EOOD NEVROKOPSKI TANTSOV ANSAMBUL ADISHOP EOOD MARDZHI DENS GRUP EOOD EOOD ANSAMBUL FOLKLORNI RITMI OOD SHOWTIME AGENCY OOD ZLATNIA TROFEY EOOD BOOT ROOM OOD 8 MOTO EZERO EOOD TAPANI I GAYDI EOOD BALKAN ENTERTEYMANT GRUP EOOD RAXON GROUP OOD DZZD VOKALNA FORMATSIYA KVARTET WRITE AND PLAY OOD BALGARKA DZHUNIAR PROPAGANDA 2006 EOOD GERMA-7 EOOD ART BG - INVEST EOOD DIDZHEY KAMBI EOOD TARGET PRODAKSHAN OOD IF MAN EOOD PLAMEN CVETKOVSKI EOOD FAYARSTORM PRADAKSHANS OOD KOLEX - ART EOOD PLANETA EOOD ARTGLAS ATELIE OOD FIREFLY EOOD MEGI 97 - RUMEN STOYANOV ET ODILIYA M&V OOD PRO SAUND - 68 EOOD EOOD ILANGELO EOOD ETNORITAM PRO ARTIST EOOD EOOD ARTEYA - 08 EOOD KOMAR FILM OOD KALIDA AUDIO EOOD IKONOTEHNIES EOOD EOOD IVENT ZONA EOOD ART STUDIO KALINA EOOD ART RABOTILNITSA 13 EOOD VANGELOFF EOOD SIRMAGENCY EOOD PROZHEKTOR PLYUS EOOD KB PRODAKSHAN EOOD COOL WORKS OOD IORI I SIN EOOD ART KOLORIT OOD MYUZIK ART FEST EOOD MUZART EOOD LIFT MEDIYA EOOD VARDA DIDZHEY EOOD ART INDEKS EOOD PATH 21 EOOD NELINA 13 EOOD RD SAUND - ZDRAVKO PASHOV ET VA STUDIO EOOD DAR ART EOOD VOKS MYUZIK EOOD ARTISTIK EOOD MUZIKALNA KASHTA - PEEV, PEHOVI I SIE GP SELECT MUSIC MEDIA EOOD PING PONG EVENTS EOOD POSHTENSKA KUTIA ZA PRIKAZKI EOOD JETSETTER EOOD E - BUKING OOD PAK - MAN EOOD TIMEWARP MUSIC EOOD MOYATA DOMASHNA RABOTILNITSA EOOD MSARTS EOOD ARENA RUSE MENIDZHMANT EOOD ZADYAVKA EOOD NASHENCI EOOD ES EYCH EN STUDIO OOD KEY DI NOYS EOOD KRASTEVA FILM FRODUKTION EOOD SAMSAMSISTUDIO EOOD NEVENA ROGASHKA ET SANBIYM SOFIA EOOD MINUS ENTERTAINMENT EOOD NEW DANCE COMPANY ELIKA EOOD EY DZHI DZHORDAN EOOD ORFEY KLASIK EOOD ICON MACHINE STUDIO OOD ESPERO EOOD VILIA 1 EOOD VALENTIN MITACHKOV ET PREMIERE OOD IKON SUVENIRS - ROSITSA STEFANOVA ET APPLAUSE EOOD MR ROCK MUSIC EOOD OPERARS EOOD DVORETS NA KRASOTATA EOOD PETTE SEZONA OOD ROSKO 2011 EOOD HETEROPODI OOD IF OOD BULGERIAN INV GALERI EOOD ANSHLAG EOOD ROYANA 2008 EOOD MARBEN ART EOOD DZZD TRIP KOLEKTIV ADRENALIN DNP OOD CUBAN STATION DANCE EOOD SMOLEVI OOD ASEM GROUP EOOD VT MYUZIK EOOD EKZOD ART EOOD MEZHDUNARODEN TARGOVSKI I KULTUREN MERIET MYUZIK EOOD EOOD TSENTAR GEOPAN OOD BRATANIS GEORGIOS EOOD SILVAR FILM EOOD VESELITE SHOPI EOOD CHINARI GROUP OOD MARGARET 03 EOOD MEZHDUNARODEN FESTIVALEN TSENTAR AKTSENT - DD OOD PRIATELI NA BULGARIA OOD BG SOUND STAGE OOD EUROTOUR BG EOOD TSIRK DE LA LYULIN EOOD KOLEKS KOLYO NACHEV ET FRESH DEALS EOOD NEW STAGES OOD AGNIIYA EOOD NINA DIMITROVA - THEATRE CREDO ET ABV PRO EOOD S VISION EOOD VILEKULA OOD DETSKI BALETEN TEATAR - KAPKA OOD YAYA-YANA LEVIEVA ET TOMIK - 2017 EOOD ARTRAM OOD MESMERISE EOOD KRAGCHETA EOOD KUKERI RUSE TSETSKO KOLEV ET KRASI MUSIC EOOD LAYT DIZAYN 5 OOD STAR IKARS OOD ORFIKA OOD DAVIDOV ART DRIYM EOOD ARTISTICA BG EOOD PIDEV EOOD EOOD CLASIC - M EOOD EDELVAYS TORBOVI TSVETANA TORBOVA ET STANISTANT EOOD PRODUCTION HOUSE SPIRIT EOOD ART SOUND AND LIGHT OOD DZZD KLUB HORO TARGOVISHTE YAB FILMS EOOD DIMITAR DIMITROV - D 95 ET NEW EX DANCE GROUP EOOD ORFEY G YANEV OOD VESELINA SHARLANEVA - 2011 ET GAITANI GROUP EOOD HIT MIX MUSIC OOD TALANTINO EOOD FONDACIYATA OOD CHAMBAO OOD AYKON MASHIYN PRODAKSHANS OOD OOD BONINI EOOD MAKEDONIYA - KIRIL IKONOMOV ET DZZD MIMI-VILI DZZD SHKOLA NIKOLINA CHAKARDAKOVA I NTA SAGAMAR OOD THOSE GUYS EOOD KALIENTE MYUZIK OOD GALERIA STUBEL EOOD FLAY ART STUDIO EOOD DEGRIS VENTS EOOD PLASTIK 333 - KOL V I S-IE SD PINK KADILAK EOOD GGKS EOOD AMADEUS STUDIO OOD EKRAN FILM EOOD NEVENA ASENOVA - 47 ET DANI LAZER SHOW EOOD VEDA JUNIOR BALLET OOD B T R LIVE OOD KOSAR 13 - KOSTA KOSTADINOV ET D MUSIC EOOD RAHNEV MYUZIK EOOD KONTRAKULTURA EOOD ORKA 79 EOOD CHOCHO I CHOCHO EOOD UOTARFOUL EOOD PARVI BALGARSKI BALET - VESA TONOVA EOOD PALITRA LOVE EOOD THE YOUR SMILES OOD EOOD GOLDEN DODI EOOD 10 SeeNews Industry Report

ART BG - MENAGEMENT EOOD SI EN EN REKARDS EOOD ARABELLA ART EOOD SVIRETS IGRALETS IVANOV I SIE SD OZIRIS - TODOR ENEV ET SMOLMAN VEGA - YORDAN ZAHARIEV ET LINIYA B EOOD EOOD 2 NAPRED EOOD ALDO MYUZIK EOOD GAITANI - NINA KOSTADINOVA ET JJ MASTERING EOOD NELINA 2007 EOOD MASTER MAG EOOD KLEVR COMPANY OOD ART ATELIER DON KEZI EOOD BALGARKA - VANYA IVANOVA ET ORENDA-22 EOOD BLITS EFEKT EOOD FLAT LAYN KALEKTIV EOOD NEW IMAGE-X EOOD PROLET ART EOOD POLIFONIKS OOD STANT TEHNOLODZHI BULGARIA EOOD KIRILOVI - ROUSSE EOOD BG RECORDS OOD ELECTRA DENS STUDIO EOOD EVROBALKANIKA EOOD XPRESSIONS EOOD TEMENUGA RUSEVA DOBRINOVA VELIKOV MYUZIK EOOD TALASAMI OOD KSENOMENO EOOD TEATRALNA KASHTA BENEFIS - ALYOSHA BEHAR TEATAR PUH EOOD DZZD RITMIKA ET REMIKS MYUZIK OOD SENSE MUSIC EOOD SOUND CITY PM EOOD GITA-M - MARIN MARINOV ET ART I SARVISIS - EMIL CHUSHEV ET NEW CRE TIVE COMPANY OOD METROPOLIS AUDIO OOD FIRE VISION EOOD AVRAMOVA ART EOOD PARTY AGENCIA VLADISLAVA EOOD STEDI - PESHTERA EOOD HOLYMAR ART EOOD SHEPA SHEPOT EOOD DIMITAR RACHKOV EOOD STAN - 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GABRIELA GENADIEVA ET SLAVA - SM EOOD PRODANS BG EOOD DZHI AR BROUDKAST EOOD PET-PPA EOOD ART FORM STUDIO OOD TALASAMCHETATA EOOD ODD CREW OOD DEA 72 OOD V SHOPLUKA EOOD TALENT PARTNERS OOD ART UARK STUDIO OOD ARTMAZING OOD HORTSE AI EOOD SS INVESTMENT EOOD FINES TIME EOOD 11 SeeNews Industry Report

IVENT PLYUS EOOD YENI DYUNYA EOOD MARSA 69 EOOD DIYP ZOUN MYUZIK OOD MILENA - MM EOOD EOOD DONEV THEATRE EOOD DRUM-MUSIC SHOW EOOD NYU MYUZIK EOOD SMAGLARS OOD PRO EM-33 - ELEONORA VASILEVA ET MELADI DZZD BALKAN MYUZIK EOOD EOOD SALAMANDER MUSIC EOOD ARS KULTURA OOD EVENT LEADERS PRO EOOD CHEDI EOOD FAKIRI DIZAYN ALEKSANDAR KOSTOV ET BLAGOEVGRADSKI MLADEZHKI TEATAR EOOD MARIETTE ET MARIONNETTE EOOD SONYA NIKOLOVA ET DETAYL 2000 EOOD ALFA HM OOD ISLES ENTERTAINMENT EOOD CITY MARK ART CENTER EOOD ART - TIHOMIR IVANOV ET CREARTS EOOD ET IVAN DOYKIN-MYUZIK TSINO TIM-8 OOD DENS ART EOOD CLOSEUP EOOD ELENI 7 EOOD STAKATISIMO EOOD AVANZARTE EOOD EOOD PANIK BOTON TEATAR EOOD ANTIGONA-ART EOOD INTRO BUKING EOOD BLACK BIRD EOOD ELEKTRA STUDIO VARNA EOOD KAMERAL GEORGI FAKALIEV ET MY AGENCY EOOD CORNUCOPIA EOOD LAYF END LAUD MYUZIK EOOD BMMB EOOD LAITMER AIRBRUSH STUDIO EOOD MEDIA SAUND GRUP EOOD STANT FILM EOOD STAGE MASTERS EOOD ART CENTER PROHLADA EOOD FUNRISE PRO OOD ART ROOM EOOD 303 LOVERS OOD SEVANTIYN EOOD NIK EM EOOD KERIN BG STUNT EOOD EDI-TZENTAR ZA KRASOTA I ZDRAVE - EMIL ILIEV HIGHLIGHT ACADEMY EOOD ET TVORCI EOOD ART START EOOD ORFEY 2 DZZD TANUKI FILMS OOD VANYA MONEVA EOOD B T R EVENT EOOD KEEN ACTS OOD TRI K-TV EOOD DIEZ EOOD FTA SAMOKOV EOOD AY EM STUDIO EOOD STUDIO KIDAR EOOD LADECOR OOD KINO ARLEKIN EOOD CREDI ARTE OOD RITAM I SARTSE EOOD EOOD TRIK-TRAK - MARIJANA GRIGOROVA ET IZPOLYN EOOD ADVERTISING AGENCY POLI-N EOOD ACRISTA ART EOOD POLIHT EOOD ORIENT 2007 EOOD ORFEY 1 DZZD MAKS IMPRES EOOD NESHANAL ART OOD ISKREN DONEV OOD ADEA ART COMPANY EOOD DYA OOD BULGARIA ART INDUSTRIES EOOD METODI MEDEV ET EDNO X EDNO EOOD MANOLO SHOU EOOD PROXY ND OOD FENIKS FOLKLOR EOOD I.K. 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TOMIK-92 EOOD ALLVLAD 2016 EOOD PENDARA PRODUCTIONS EOOD MODO BULGARIA EOOD TEATAR NA PRIKAZKATA SOFIA EOOD KONTSERTNO OBSLUZHVANE EOOD BIRD HOUSE OOD ALEGAMATSII EOOD DIOMOV EOOD GRUPA GRAMOFON OOD GURBOV ART EOOD SILVAR IMIDZH EOOD MAVISTA-STUDIO - STANISLAV PISHTALOV ET JURATION OOD AL KOMPAS EOOD FAVORIT PLAMEN BOYKANOV ET TEATAR KARLSON OOD NIKI - NIKOLAY UCHKUNOV ET UNMUTED MEDIA EOOD EVOLYUSHAN DZZD ARTPOP EOOD TEATERTEH.BG EOOD INTERNATIONAL FILM SERVICE EOOD GREGORY SOLUTIONS EOOD BAY BRADAR EOOD VALOS DANIELA VALOSKOVA ET CONTEMPORARY ART AND CULTURE EOOD PA DE KATR - DEYANA ASENOVA ET ALBATROS MDV OOD HRISTO BOYCHEV END K ET TRANSFIGUREYSHAN OOD STUNT FACTORY EOOD DI ES EYCH GALERIYA EOOD FEST PRODUCTION EOOD B T R SOUND EOOD ART VIVO EOOD ZIGI FOLK FEST EOOD AJOUR - PICOT EOOD VIA ARS EOOD DREAM ARTIST EOOD JOKER MEDIA EOOD ELIT PRODZHEKTS MENIDZHMANT EOOD SALVATOR MEUS EOOD TALIA-T EOOD MARINA IVANOVA POPOVA ET BALKAN FEST MEDIYA EOOD KARNEGI HIL OOD TALENT DEVELOPMENT RESOURCES EOOD LAKI ART EOOD BIAP OOD MAKS SAUND EOOD ORION MYUZIK EOOD NOV TEATAR OOD EURO FOLK ACADEMY OOD KLASICHESKA STSENA EOOD TIMELINE PRODUCTIONS D EOOD DIZZY GROUP EOOD INTEKS 90 TSVYATKO DOCHEV ET AMI DA - 6 OOD ET ROSEN STOYCHEV - ROSS DENS ART-VANDI 7 EOOD MEDIA-AGRO OOD PAUAR PLEY PABLISHING OOD HIT MYUZIK PRODAKSHAN EOOD POINT 7 EOOD KONTSEPT OOD SMALL THEATRE COMPANY OOD MUZIKA I IZKUSTVO - DORA HRISTOVA ET SHARENA GAYDA EOOD SRTAR EVENT OOD MIDI MYUZIK LEND EOOD GUD MUD ALIYANS OOD PRODZHEKT EOOD HOFT EOOD EKSPERIMENTIKA 89 EOOD DEMO MUSIC EOOD ANSAMBAL GOTSE DELCHEV EOOD SINOL EOOD BOHEM S WORKS EOOD TSVETI-MUNI ART EOOD TEATAR PATESHESTVENIK EOOD TANCUVAI OOD HYUMAN TINKS EOOD ELEVAN TUELV EOOD EVGENIA STANEVA ET PISTOLET OOD AJOUR - PICOT SCENE EOOD LUVSKI SKOK 33 EOOD REMIX EOOD ART FEST EOOD MASSIVE PRODUCTIONS EOOD IRINA LYUBOMIROVA IVANOVA ART MOZAYKA EOOD INDIRA ART EOOD TOROS K EOOD FEST-APOLONIA OOD SPOT MUSIC EOOD GALERIA VITOSHA 2003 AD TS.S.M OOD AKUSTIKA 69 EOOD RIMINI FINE ART EOOD LYUBOMIR KRASIMIROV DOBREV ARABELA - DONCHEVDEKO EOOD RENI MYUZIK OOD ART MELPOMENA EOOD MURA M MARCHEL YAMELIEV ET KOUKERY EOOD BYUTI KLUB „PETATA LUNA EOOD EOOD MINUS EVENTS & MANAGEMENT EOOD ARSHITETI MUZIKALI EOOD BOX OFFICE EOOD SABITIETO EOOD EOOD STUDIO DECOR BG EOOD DIMITAR LIPOVANSKI - SKARAMUSH ET DIZARA-2015 OOD DZZD SHPNPT NIKOLINA CHAKARDAKOVA I NT ANSAMBUL FORMAT KVADRAT EOOD VIZZART OOD KAMEN DONEV EOOD ART IMPRESARIO EOOD ORIENT EL HOB EOOD BAMBU EOOD ART MEDIA KOMERS - ALEKSANDAR ALEKSANDROV ET VISIT BULGARIA EOOD BOND IN EOOD EOOD MILEDI 77 EOOD PIANO SARVIZ EOOD DINAKORD EVENT PLOVDIV EOOD STEYDZH MASTERS RENTAL EOOD EVENTEASE EOOD TOP ARTISTS EOOD DINAKORD SERVIZ-PLOVDIV - DOBREV I S-IE OOD ILAN MYUZIK EOOD TRI BEARS ENTARTEYMANT OOD DENS STEYSHAN EOOD STANDARTIST OOD RIO-RAI 13 EOOD ELF - VALERI KOSTOV ET MAKOSA NOSTRA EOOD KF STIVA DZHOTO - TSVETAN STOYANOV ET NOVA FILM EOOD SPRINT STUDIO PROJECT EOOD ART MODEL EOOD ALE-HOP PRODAKSHANS EOOD EOOD VIA STUDIO OOD ARTIFACTI EOOD SITKOM OOD BOTEGA Z EOOD NATSIONALNA AGENTSIA MUZIKA EOOD TVORENIE EOOD EOOD LILI IVANOVA ET DIES KRAFT EOOD LA LUZ OOD WEIL EOOD NEW AGE AGENCY EOOD ZHIVO - ELINA TOPALSKA ET HARIZMA PRADAKSHAN EOOD IVAN ISKRENOV - MARUSHKA ISKRENOVA ET SKULPART EOOD ZORA - 2017 EOOD EOOD FESTIVAL AND CONCERT CREATIVE EOOD DRAGOSTIN MUSIC EOOD DOKATA EOOD K B 1976 EOOD AQUA STORM EOOD GAITANI SOFIA EOOD VICCTORY EOOD ILIEV ART STIL EOOD DZZD FORMA CULTURAL MOOD MANUFATORY (CMM) EOOD ARTI - NIKOLAY PADESHEV ET RITON - K OOD HEBAR-FOLK 49 EOOD BON-BON MUSIC EOOD EVROCON EOOD KAIZER FITCH EOOD STUDIO PALAS DZZD TERAMI OOD TEKNOHED EOOD MAGIC MARIO EOOD PERSEY EOOD MEDZHIK POYZAN SHOU EOOD ART - CENTAR EOOD A.B.FILMS EOOD DI BEYBI EOOD EOOD ORENDA ART EOOD KRISHOW EOOD NYUANS FILM EOOD SAGA ART - 2003 EOOD HRISTOV ART EOOD DIANA DAFOVA ET EKO STSENA HHI - GEORGI GABROVSKI ET DIDOFILM EOOD ALEF-BET EOOD INTRO KVARTET OOD ORFEY MYUZIK GRUP EOOD EOOD TODA OOD MY STUNT EOOD RIA FOLK EOOD SASHA - MRS EOOD NEW WAVE GROUP EOOD REFRACT EOOD ZAHARIEV I SIN OOD OPREPRODAKSHANS EOOD CASTRO-MICHAEL NIKOLOV ET CANTUS FIRMUS AD THEATER VILEKULA EOOD KLASIKAL TIYM SOFIYA EOOD BORIS DALI EOOD POSHTENSKA KUTIA ZA MRUSNI PRIKAZKI EOOD SHOUTAYM OOD FLOFAME ENTERTEYNMANT EOOD RUSALKA CONSULTING LTD& CO. KD STAYLIS EOOD BOMBA STUNT EOOD IZOGRAF EOOD COMMA CONSULT EOOD GRANDOS STIL 1 EOOD DANCE STUDIO DEJA VU EOOD KRASI TRADE GROUP EOOD BONI STAR EOOD AFRODITA - TEODORA STANEVA ET KENER ARTISTS OOD OOD GRAFIT PASTEL EOOD ELM - IVAYLO HRISTOV ET WANTED EOOD APLEKS EOOD ROSSI MUSIC EOOD FERI ART EOOD AKT 7 EOOD DVE IVENTS EOOD BIYOVA EOOD SHTURETS - KM EOOD ONORA BRAS ASOTSIATSIYA OOD HEY MOMICHE EOOD SDT ENTERTAINMENT EOOD PIANOMAN EOOD DO KOTEL OOD BANKRASH - MARINA RASHKOVA ET GRUPA GRAMOFON 33 OOD ROZETO EOOD REPRIZ EOOD ARTISTAS EOOD TRIO SOPRANO MUSIC OOD ZIGOTA FILMS OOD MOMO OOD VOKS MYUZIK BG EOOD DYAKOV - ANNA DYAKOVA ET SEVEN ARTS EOOD ART CHAN - SILVIYA ILKOVA ET ARTAREA OOD KAMBANA ART EOOD G T PROEKT OOD GALERY ISTAR EOOD TANTSOV KLUB BAKLITSA EOOD SMN 13 OOD FARST KLAS SHOU OOD ELA 90 OOD DELFIN ENTARTEYNMANT AD AD D - STARS EOOD 13 SeeNews Industry Report

KAPANETSA - VALENTIN RADANOV ET MADCAP PRODUCTIONS EOOD TEATAR SLANCHO EOOD HEINSBURG EOOD LAMIATA EOOD LITTLE OKYO EOOD IV-CUSCO-15 OOD INTERPULS - TODOR GENEV ET REMIKS RENTAL MYUZIK OOD MECHTATELI OOD ZOLITH EOOD IZIART - M EOOD REKLAMNO-IMPRESARSKA AGENTSIYA BULGARIA - LYUBOMIR RALCHEV ET TANEVS EOOD CREATIVE WORK EOOD LIANA PD OOD FOLK UARLD EOOD ADRIA FILM INTERNESHANAL EOOD ANETA ATANASOVA ET BELLA VIZHAN - NIKOLAY NIKOLOV ET KOMPANIYA EKSTATIKA EOOD TRAFIKSI EOOD DENI DESIGN EOOD ALEXANDRA AUDIO EOOD SHIDO FITNES EOOD AGENCIA ART 2 EOOD AGENTSIA ES PI ES EOOD KORLI - NIKOLA PETROV ET CHAIKA ART EOOD MARINI SPORT EOOD LYUBOMIR STOYANOV LYUBOMIROV EURO BM EOOD TEHNO ART 13 EOOD B T R MUSIC EOOD PARTI AGENTSIA DZHENUS EOOD GEORGI SINGARTIYSKI ET KARNEGI HOUM OOD DIKA GROUP EOOD TOUR DE FORCE OOD FESHAN TAUN - EVA TONEVA ET 14 SeeNews Industry Report

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