How to monetize your content in small and unfavourable market conditions? Lessons from Hungary

The media landscape in Hungary is caught in a perfect storm—divisive, toxic, and increasingly hostile to independent journalism. Smear campaigns, cyberattacks, and a suffocating legal framework pose existential threats to independent outlets, big and small. Add financial hardship to the mix, and it’s clear the deck is stacked against them. The government’s overwhelming grip on the media, a distorted advertising market, and an unfriendly economic climate—marked by the highest inflation in the EU—only make matters worse.

On top of these structural roadblocks, most outlets—particularly small rural ones—are constantly short on time and stretched thin. According to research conducted by the Media and Journalism Research Center (MJRC) between 2022 and 2025, many rural outlets in Hungary are drowning in donor demands. While these projects are a lifeline financially, they come with strings attached: capacity-building workshops, training sessions, and bureaucratic hoops to jump through—pulling journalists away from what they do best: producing content. A 2024 The Fix Media article spotlighted these burdens in detail.

One of the most common expectations from donors—if not an outright requirement—is long-term sustainability. But in today’s Hungary, keeping an independent media outlet afloat is a very difficult task. Government interference and attempts to choke off foreign funding are tightening the noose. For most small outlets, breaking even remains a pipe dream. A recent financial analysis revealed that without donor support, many would be dead in the water—and if the Hungarian Parliament pushes through a June bill targeting foreign-funded entities, the situation will go from bad to worse. Until then, survival depends on walking a tightrope between donor reliance and the search for financial independence—an increasingly uphill battle, especially after USAID’s recent cuts delivered a heavy blow to both grantees and the broader aid infrastructure.

Despite their best efforts, the few independent rural outlets can't make ends meet from local markets alone. According to data collected by the MJRC, some that 40% to 60% of their budgets come from foreign grants, with the rest cobbled together through reader donations, subscriptions, and whatever scraps they can pull from the advertising market. But while that market is skewed, there is still a glimmer of hope for those brave enough to challenge the government’s dominant position in the information space.

Since 2010, state advertising has been the engine driving Hungary’s communication and media sectors. But from 2022 onward, the state started tightening its purse strings, and ad budgets from government bodies began to nosedive. In the past two years, it’s been the private sector—somewhat surprisingly—keeping the market on life support.

At first glance, this could have been a ray of hope for small-town outlets. But even in the private sector, it’s not all smooth sailing. Most advertisers prefer laser-focused targeting, and rural outlets often lack a clearly defined audience segment. Being “independent” isn’t exactly a selling point in marketing circles. What’s more, the big ad agencies—all based in Budapest—barely register the existence of local players. With low ad prices and modest readership numbers, rural media barely get any attention.

Even worse, these small outlets have limited resources, usually lacking know-how, personnel and sales expertise. This lack of capacity, combined with their invisibility to major advertisers, means their ad revenue is very low—if it exists at all.

Furthermore, some big ad agencies are in bed with the government—or at least close enough to toe the line. After more than a decade of state ad spending dominating the market, advertisers are understandably wary of rocking the boat. In Budapest, where the economy is more dynamic, outlets might have some breathing room. But in rural areas, options are limited. One rural outlet confided that they haven’t had a single advertiser in years, even when offering free space. Not coincidentally, their town has been run by the ruling party, Fidesz, since 2010.

So, where’s the silver lining? For starters, despite the challenges, the ad market still ticks along: 60% private, 40% state. Since state money is off the table for independent media outlets, in particular rural ones, the 60% “free market” is worth a closer look. But it’s not quite a level playing field here either. A chunk of the private sector is made up of oligarch-owned firms and pseudo-independent businesses with political strings attached. Another group consists of “real” private enterprises, mainly multinational companies that stay on the government’s good side in exchange for regulatory leniency. All these players are effectively off-limits.

But if we take them out of the equation, the ratio is reversed. Market insiders estimate that only about 40% of private companies are truly reachable. Who are they? Think multinational giants too big to bully—companies like Ferrero, Procter & Gamble, or L'Oréal. Their HQs are far from Hungary, and they have no appetite for local political games. Or think major employers in provincial towns—too small a target to bother with politically, yet big enough to spend modest sums on branded content. As one media executive put it: “What’s wrong with a large local employer who wants to build its reputation in front of the local inhabitants [by] supporting the [outlet’s] animal protection section with HUF 10 million (€25,000)?”

In addition to the ’untouchable’ multinationals, there’s the hidden goldmine: homegrown businesses flying under the radar—particularly in agriculture—who’ve grown fat on EU subsidies. For many of them, a typical advertising or sponsorship budget could easily cover a rural outlet’s yearly core costs. Moreover, many of these companies are right there in the countryside.

But reaching these players takes the right touch. You need a seasoned salesperson—someone who knows the ropes, speaks the right language, and understands how decisions are made, often far from local offices or even Budapest. “You need to know how the market works, to whom and what can and should be offered: advertising, branded content or other types of sponsorship”, our source explained. And here lies the rub: find a professional salesperson who knows all the above and would be willing to work for a smaller outlet.

But while headhunting a salesperson may take time, there are other ways rural outlets can boost their bottom line:

To conclude, in a media market as distorted as Hungary’s, the key to survival isn’t just grit—it’s strategy. The smartest move independent outlets can make today is to find that rare gem: a sales professional with the network, the know-how, and the interest to chase real partnerships. In an increasingly uncertain climate—where foreign funding may soon dry up—local support will be the only lifeline left. And in this game, knowing where to look could mean the difference between staying afloat and sinking without a trace.

Source of the cover photo: Pawel Czerwinski via Unsplash