Colombia's economy comprises oil, coal, coffee and flowers. It has a large mining sector but deficient infrastructure.
As is known, the country suffers from significant trafficking of drugs and other illicit products. A large part of Colombian society is poor (27.8% in 2015), despite the fact that real GDP growth averaged 4.7% over the past decade.
Because of lower oil prices in the global market, the government lost significant amounts of income and President Santos has tried to improve the economic situation with a reform of the value added tax. Colombia receives foreign direct investment and is part of several free trade agreements. In 2016, the unemployment rate was 9.2%.
As television is the most popular sector, it also gives the highest annual advertising revenue. It represents more than 40% of the total pie chart (ANTV, 2013).
In recent years, advertising investment in traditional media has declined. From January to June 2015, advertising in radio, television and magazines reached a total of 844 billion pesos, down from 922 billion pesos in the same period of the previous year. Of this total, television accounted for 558 billion pesos (more than 50%), radio 245 billion pesos and magazines only 47 billion pesos.
Although the economic model for digital media is undefined, advertising investment increases every year. In 2014, 255 billion pesos were invested in digital media advertising, 40 billion more than in 2013. This is a significant figure in comparison to the investment made for traditional media, which according to the Asomedios study had a decrease of 16.75%.
The companies / media groups publish mainly - and sometimes only - their own advertising in their media. This has an impact on the media financing.