The Work
Telegram Media Group is a digital-first media company in Croatia known for Telegram.hr, a leading news portal focused on investigative reporting and long-form journalism. Through its specialized platforms Super1 (lifestyle), Pitanje Zdravlja (health), and Telesport (sports), it reaches a broad and diverse readership. With a commitment to quality reporting and innovation, Telegram was one of the first media outlets in Croatia to introduce a paywall, positioning itself early in the market for direct reader revenue.
In 2023, Telegram joined MDIF’s portfolio through Pluralis, a blended-finance vehicle managed by MDIF, seeking a partner aligned with its editorial values and mission. Alongside the investment, MDIF’s Media Advisory Services (MAS) provided targeted support to refine Telegram’s subscription model and deepen user engagement. MAS worked closely with the team to improve conversion strategies, assess key performance metrics and identify operational enhancements that could drive reader loyalty and revenue.
The Impact
With MAS support, Telegram strengthened the performance of its subscription model while expanding its overall audience reach. Pageviews increased by 67% between 2023 and 2024, reflecting rising engagement across its platforms. Subscriber numbers grew by more than 25%, bolstering direct revenue streams and reducing reliance on more volatile advertising income. Total revenues grew by 5%, signaling a steady financial trajectory supported by a maturing business model.
The improvements in user engagement and recurring revenue have made the company more resilient in the face of political and economic pressure, allowing it to maintain its commitment to independent reporting. With a sharpened focus on product performance and a stronger subscription offering, Telegram is better positioned to grow sustainably and continue delivering in-depth, high-quality news to Croatian audiences.
Telegram was facing severe political and economic pressure due to its investigative journalism, as well as regular business challenges facing media today – thus, a strong partner was needed to help us grow the business, develop new revenue streams, boost our reach and achieve long-term sustainability. MDIF and Pluralis was ideal for us due to their vast media experience and commitment to editorial independence
– Miran Pavić, CEO, Telegram Media Group