Revenue
458.85m€2.8× since 2015
2.6% of Montenegro's revenue
Arts & entertainment
1,100 companies earned 458.85m€ in 2025, 2.6% of all company revenue in Montenegro. It ranks 9 of 18 sectors by revenue. Revenue has grown 2.8× since 2015.
Nationwide · 2025
Year
Overview
Companies
1,100+745 since 2015
698 with at most one employee
Employees
8,796+74% since 2015
Largest employer: JP RT Crne Gore - Podgorica (743)
Profit margin
12.2%6.1 pts above average
Total profit: 55.95m€
This sector 12.2%Montenegro: 6.1%
Payroll cost/emp./mo*
1,273€2% above average
Average per employee, not per company
This sector 1,273€Montenegro: 1,242€
Revenue and companies since 2015
FinalPreliminary
Revenue in € million (bars) and filing companies (below), 2015–2025
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 161,664,788€ | 355 |
| 2016 | 187,411,974€ | 387 |
| 2017 | 156,909,552€ | 420 |
| 2018 | 201,110,217€ | 483 |
| 2019 | 213,739,435€ | 524 |
| 2020 | 189,430,367€ | 576 |
| 2021 | 264,330,805€ | 619 |
| 2022 | 304,663,433€ | 784 |
| 2023 | 358,532,955€ | 935 |
| 2024 | 418,593,407€ | 1,021 |
| 2025 (Preliminary) | 458,854,259€ | 1,100 |
The number of companies jumped most in 2022: from 619 to 784.
What changed in 2025
Growth is measured on the same companies, which filed for both years.
- Revenue, same companies (936)
- 416.08m€ → 455.10m€
- Employees, same companies
- 8,156 → 8,543
- Payroll cost per employee, same companies
- 1,224€ → 1,293€
- Filed for 2025, not for 2024
- 164 companies · 3.75m€
- Filed for 2024, not for 2025
- 85 companies, 2.51m€ in 2024
Activities in this sector
51.4%
- Companies
- 44
- Employees
- 3,348
- Revenue
- 235,870,142€
- Companies
- 285
- Employees
- 799
- Revenue
- 74,266,569€
- Companies
- 26
- Employees
- 1,445
- Revenue
- 45,813,173€
5811
Book publishing- Companies
- 31
- Employees
- 202
- Revenue
- 12,759,691€
2.5%
- Companies
- 41
- Employees
- 589
- Revenue
- 11,453,400€
2.1%
- Companies
- 11
- Employees
- 314
- Revenue
- 9,824,742€
2.1%
- Companies
- 21
- Employees
- 144
- Revenue
- 9,636,061€
- Companies
- 168
- Employees
- 219
- Revenue
- 8,558,699€
- Companies
- 10
- Employees
- 416
- Revenue
- 8,453,693€
- Companies
- 52
- Employees
- 76
- Revenue
- 5,841,479€
1.0%
- Companies
- 22
- Employees
- 207
- Revenue
- 4,807,779€
9001
Performing arts- Companies
- 34
- Employees
- 117
- Revenue
- 4,175,031€
0.8%
- Companies
- 103
- Employees
- 204
- Revenue
- 3,689,151€
0.8%
- Companies
- 77
- Employees
- 130
- Revenue
- 3,678,078€
0.8%
- Companies
- 8
- Employees
- 82
- Revenue
- 3,670,066€
10 more activities
16,356,505€ · 3.6%
Total
- Companies
- 1,100
- Employees
- 8,796
- Revenue
- 458,854,259€
Where they are and who is growing
Revenue by municipality
Share of the sector's revenue
- Podgorica 298.05m€65.0%
- Tivat 67.84m€14.8%
- Budva 51.24m€11.2%
- Bar 8.16m€1.8%
- Nikšić 7.42m€1.6%
- Herceg Novi 5.44m€1.2%
- Ulcinj 3.47m€0.8%
- Other municipalities (14) 15.84m€3.5%
Fastest growing
Revenue change vs 2024, companies with at least 1m€ that year
- Čibri9.07m€ → 14.55m€+60.5%
- Adriatic Marinas43.42m€ → 60.44m€+39.2%
- Radio Televizija Podgorica2.03m€ → 2.80m€+38.3%
- Sporting Group11.00m€ → 15.19m€+38.1%
- Dolcinium Kite Beach1.53m€ → 1.95m€+27.6%
Largest employers
Employees and payroll cost per employee per month*
- 7431,418€
- 634902€
- 6171,044€
- 3541,556€
- 3411,368€
All companies (1,100)
Ranked by total revenue · Showing 1–50 of 1,100
- 1Vezuv02297060 · PodgoricaRevenue share15.7%
- Revenue
- 72,234,228€
- Revenue change 2024→2025
- +13.6%
- Profit
- 28,173,079€
- Margin
- 39.0%
- Employees
- 634
- Payroll cost/emp./mo*
- 902€
- 2Adriatic Marinas02467593 · TivatRevenue share13.2%
- Revenue
- 60,441,173€
- Revenue change 2024→2025
- +39.2%
- Profit
- 12,941,550€
- Margin
- 21.4%
- Employees
- 212
- Payroll cost/emp./mo*
- 3,301€
- 3Mna Gaming02757192 · PodgoricaRevenue share7.2%
- Revenue
- 33,135,981€
- Revenue change 2024→2025
- +15.5%
- Profit
- -3,150,888€
- Margin
- -9.5%
- Employees
- 617
- Payroll cost/emp./mo*
- 1,044€
- 4Lob Commpany02335450 · PodgoricaRevenue share7.1%
- Revenue
- 32,516,201€
- Revenue change 2024→2025
- -4.9%
- Profit
- 2,977,240€
- Margin
- 9.2%
- Employees
- 341
- Payroll cost/emp./mo*
- 1,368€
- 5JP RT Crne Gore - Podgorica02020220 · PodgoricaRevenue share5.7%
- Revenue
- 26,193,843€
- Revenue change 2024→2025
- +15.3%
- Profit
- 1,113,013€
- Margin
- 4.2%
- Employees
- 743
- Payroll cost/emp./mo*
- 1,418€
- 6Maestral Hotels and Casinos02343029 · BudvaRevenue share5.6%
- Revenue
- 25,882,633€
- Revenue change 2024→2025
- -2.4%
- Profit
- 1,966,177€
- Margin
- 7.6%
- Employees
- 354
- Payroll cost/emp./mo*
- 1,556€
- 7Meridianbet02353318 · PodgoricaRevenue share3.5%
- Revenue
- 16,081,069€
- Revenue change 2024→2025
- +14.9%
- Profit
- 2,637,952€
- Margin
- 16.4%
- Employees
- 168
- Payroll cost/emp./mo*
- 1,701€
- 8Sporting Group02314266 · BudvaRevenue share3.3%
- Revenue
- 15,185,453€
- Revenue change 2024→2025
- +38.1%
- Profit
- 4,233,795€
- Margin
- 27.9%
- Employees
- 274
- Payroll cost/emp./mo*
- 895€
- 9Čibri02723417 · PodgoricaRevenue share3.2%
- Revenue
- 14,553,432€
- Revenue change 2024→2025
- +60.5%
- Profit
- 6,550,945€
- Margin
- 45.0%
- Employees
- 275
- Payroll cost/emp./mo*
- 636€
- 10Arua03115895 · PodgoricaRevenue share1.5%
- Revenue
- 6,973,458€
- Revenue change 2024→2025
- +6.8%
- Profit
- -1,396,504€
- Margin
- -20.0%
- Employees
- 122
- Payroll cost/emp./mo*
- 1,331€
- 11Fudbalski Klub Budućnost02707306 · PodgoricaRevenue share1.5%
- Revenue
- 6,881,422€
- Revenue change 2024→2025
- -9.6%
- Profit
- -157,796€
- Margin
- -2.3%
- Employees
- 92
- Payroll cost/emp./mo*
- 4,134€
- 12Javno Preduzeće za Nacionalne Parkove02039460 · PodgoricaRevenue share1.3%
- Revenue
- 6,142,669€
- Revenue change 2024→2025
- +17.5%
- Profit
- 275,477€
- Margin
- 4.5%
- Employees
- 333
- Payroll cost/emp./mo*
- 964€
- 13Zavod za Udžbenike i Nastavna Sredstva Ust02242052 · PodgoricaRevenue share1.2%
- Revenue
- 5,478,998€
- Revenue change 2024→2025
- -1.1%
- Profit
- -387,406€
- Margin
- -7.1%
- Employees
- 65
- Payroll cost/emp./mo*
- 1,917€
- 14Nova Knjiga02290006 · PodgoricaRevenue share1.0%
- Revenue
- 4,460,394€
- Revenue change 2024→2025
- +11.3%
- Profit
- 562,050€
- Margin
- 12.6%
- Employees
- 75
- Payroll cost/emp./mo*
- 994€
- 15Televizija Vijesti02678918 · PodgoricaRevenue share0.8%
- Revenue
- 3,507,277€
- Revenue change 2024→2025
- +5.9%
- Profit
- 869,859€
- Margin
- 24.8%
- Employees
- 74
- Payroll cost/emp./mo*
- 1,725€
- 16Daily Press02255383 · PodgoricaRevenue share0.7%
- Revenue
- 3,120,237€
- Revenue change 2024→2025
- -6.1%
- Profit
- 550,648€
- Margin
- 17.6%
- Employees
- 93
- Payroll cost/emp./mo*
- 1,392€
- 17Jumedia Mont02266148 · PodgoricaRevenue share0.7%
- Revenue
- 3,012,035€
- Revenue change 2024→2025
- -0.8%
- Profit
- 275,989€
- Margin
- 9.2%
- Employees
- 87
- Payroll cost/emp./mo*
- 1,260€
- 18Fun-Fun02657171 · PodgoricaRevenue share0.6%
- Revenue
- 2,851,139€
- Revenue change 2024→2025
- +3.9%
- Profit
- -144,180€
- Margin
- -5.1%
- Employees
- 120
- Payroll cost/emp./mo*
- 1,135€
- 19Džek Pot02219603 · PodgoricaRevenue share0.6%
- Revenue
- 2,828,277€
- Revenue change 2024→2025
- -76.7%
- Profit
- 93,148€
- Margin
- 3.3%
- Employees
- 21
- Payroll cost/emp./mo*
- 1,148€
- 20Radio Televizija Podgorica03328139 · PodgoricaRevenue share0.6%
- Revenue
- 2,802,973€
- Revenue change 2024→2025
- +38.3%
- Profit
- 134,492€
- Margin
- 4.8%
- Employees
- 114
- Payroll cost/emp./mo*
- 1,321€
- 21Knjaz02263637 · PodgoricaRevenue share0.6%
- Revenue
- 2,606,155€
- Revenue change 2024→2025
- -0.9%
- Profit
- 562,678€
- Margin
- 21.6%
- Employees
- 44
- Payroll cost/emp./mo*
- 1,043€
- 22Studio Prosport Video02733471 · PodgoricaRevenue share0.5%
- Revenue
- 2,508,871€
- Revenue change 2024→2025
- +179.5%
- Profit
- 679,705€
- Margin
- 27.1%
- Employees
- 21
- Payroll cost/emp./mo*
- 5,254€
- 23Sportski Objekti02789507 · PodgoricaRevenue share0.5%
- Revenue
- 2,430,947€
- Revenue change 2024→2025
- +20.8%
- Profit
- -86,920€
- Margin
- -3.6%
- Employees
- 121
- Payroll cost/emp./mo*
- 1,093€
- 24Nova Pobjeda03022480 · PodgoricaRevenue share0.5%
- Revenue
- 2,399,336€
- Revenue change 2024→2025
- -0.7%
- Profit
- -126,954€
- Margin
- -5.3%
- Employees
- 103
- Payroll cost/emp./mo*
- 1,281€
- 25Ast02650860 · PodgoricaRevenue share0.5%
- Revenue
- 2,371,092€
- Revenue change 2024→2025
- +2.0%
- Profit
- 182,828€
- Margin
- 7.7%
- Employees
- 65
- Payroll cost/emp./mo*
- 1,462€
- 26Kulturni Centar02002892 · BarRevenue share0.5%
- Revenue
- 2,346,362€
- Revenue change 2024→2025
- -1.4%
- Profit
- 44,009€
- Margin
- 1.9%
- Employees
- 73
- Payroll cost/emp./mo*
- 1,415€
- 27Luca's Bet03096874 · PodgoricaRevenue share0.5%
- Revenue
- 2,069,132€
- Revenue change 2024→2025
- +25.9%
- Profit
- 283,810€
- Margin
- 13.7%
- Employees
- 40
- Payroll cost/emp./mo*
- 1,150€
- 28Radio i Televizija Nikšić02896303 · NikšićRevenue share0.4%
- Revenue
- 2,051,904€
- Revenue change 2024→2025
- +25.1%
- Profit
- 127,168€
- Margin
- 6.2%
- Employees
- 65
- Payroll cost/emp./mo*
- 1,342€
- 29Marina02333155 · BarRevenue share0.4%
- Revenue
- 2,031,515€
- Revenue change 2024→2025
- +12.6%
- Profit
- 12,395€
- Margin
- 0.6%
- Employees
- 43
- Payroll cost/emp./mo*
- 1,664€
- 30Dolcinium Kite Beach03239292 · UlcinjRevenue share0.4%
- Revenue
- 1,950,210€
- Revenue change 2024→2025
- +27.6%
- Profit
- 406,639€
- Margin
- 20.9%
- Employees
- 17
- Payroll cost/emp./mo*
- 1,455€
- 31Lipa Media03406474 · DanilovgradRevenue share0.4%
- Revenue
- 1,826,615€
- Revenue change 2024→2025
- +15.6%
- Profit
- -1,644,811€
- Margin
- -90.0%
- Employees
- 100
- Payroll cost/emp./mo*
- 1,834€
- 32Cineplexx Mne02849828 · PodgoricaRevenue share0.4%
- Revenue
- 1,768,350€
- Revenue change 2024→2025
- -9.9%
- Profit
- 312,578€
- Margin
- 17.7%
- Employees
- 16
- Payroll cost/emp./mo*
- 1,223€
- 33Gida02706393 · PodgoricaRevenue share0.4%
- Revenue
- 1,653,503€
- Revenue change 2024→2025
- -22.4%
- Profit
- 70,271€
- Margin
- 4.2%
- Employees
- 58
- Payroll cost/emp./mo*
- 885€
- 34Soccerbet03447839 · PodgoricaRevenue share0.4%
- Revenue
- 1,640,874€
- Revenue change 2024→2025
- -22.5%
- Profit
- -1,192,568€
- Margin
- -72.7%
- Employees
- 52
- Payroll cost/emp./mo*
- 1,025€
- 35Javna Ustanova Centar za Kulturu - Tivat02015218 · TivatRevenue share0.3%
- Revenue
- 1,506,517€
- Revenue change 2024→2025
- +1.5%
- Profit
- 85,028€
- Margin
- 5.6%
- Employees
- 0
- Payroll cost/emp./mo*
- —
- 36Grad-Teatar02105152 · BudvaRevenue share0.3%
- Revenue
- 1,503,240€
- Revenue change 2024→2025
- +14.1%
- Profit
- 107,594€
- Margin
- 7.2%
- Employees
- 31
- Payroll cost/emp./mo*
- 1,368€
- 37Seaars02752387 · TivatRevenue share0.3%
- Revenue
- 1,500,200€
- Revenue change 2024→2025
- +0.9%
- Profit
- 6,766€
- Margin
- 0.5%
- Employees
- 28
- Payroll cost/emp./mo*
- 1,135€
- 38Atmosfera Plus02761858 · NikšićRevenue share0.3%
- Revenue
- 1,453,506€
- Revenue change 2024→2025
- -21.6%
- Profit
- 7,211€
- Margin
- 0.5%
- Employees
- 6
- Payroll cost/emp./mo*
- 697€
- 39Mnesport03451534 · PodgoricaRevenue share0.3%
- Revenue
- 1,424,666€
- Revenue change 2024→2025
- +24.6%
- Profit
- 257,635€
- Margin
- 18.1%
- Employees
- 9
- Payroll cost/emp./mo*
- 2,263€
- 40Nova M02369249 · PodgoricaRevenue share0.3%
- Revenue
- 1,415,657€
- Revenue change 2024→2025
- +3.8%
- Profit
- -379,239€
- Margin
- -26.8%
- Employees
- 54
- Payroll cost/emp./mo*
- 1,326€
- 41Javno Preduzeće Sportski Centar Nikšić02078520 · NikšićRevenue share0.3%
- Revenue
- 1,374,874€
- Revenue change 2024→2025
- +11.5%
- Profit
- 7,212€
- Margin
- 0.5%
- Employees
- 89
- Payroll cost/emp./mo*
- 861€
- 42Radio Televizija Budva02005492 · BudvaRevenue share0.3%
- Revenue
- 1,318,488€
- Revenue change 2024→2025
- +15.8%
- Profit
- -22,633€
- Margin
- -1.7%
- Employees
- 66
- Payroll cost/emp./mo*
- 1,368€
- 43A.C.E. Adventure02712792 · TivatRevenue share0.3%
- Revenue
- 1,240,020€
- Revenue change 2024→2025
- -2.1%
- Profit
- -61,667€
- Margin
- -5.0%
- Employees
- 6
- Payroll cost/emp./mo*
- 2,035€
- 44MTV03070310 · PodgoricaRevenue share0.2%
- Revenue
- 1,062,028€
- Revenue change 2024→2025
- +64.4%
- Profit
- 710,974€
- Margin
- 66.9%
- Employees
- 6
- Payroll cost/emp./mo*
- 724€
- 45Goraton Film02941287 · PodgoricaRevenue share0.2%
- Revenue
- 1,046,326€
- Revenue change 2024→2025
- +23.4%
- Profit
- 17,038€
- Margin
- 1.6%
- Employees
- 1
- Payroll cost/emp./mo*
- 28,161€
- 46Javna Ustanova Službeni List Crne Gore02013886 · PodgoricaRevenue share0.2%
- Revenue
- 1,035,130€
- Revenue change 2024→2025
- +48.5%
- Profit
- 239,359€
- Margin
- 23.1%
- Employees
- 17
- Payroll cost/emp./mo*
- 2,333€
- 47Cut - Up02914832 · PodgoricaRevenue share0.2%
- Revenue
- 1,026,501€
- Revenue change 2024→2025
- +116.2%
- Profit
- 83,514€
- Margin
- 8.1%
- Employees
- 3
- Payroll cost/emp./mo*
- 8,078€
- 48Arena B03275019 · PodgoricaRevenue share0.2%
- Revenue
- 956,563€
- Revenue change 2024→2025
- -12.4%
- Profit
- -159,184€
- Margin
- -16.6%
- Employees
- 32
- Payroll cost/emp./mo*
- 1,415€
- 49Lokalni Javni Emiter Radio Televizija Pljevlja02908522 · PljevljaRevenue share0.2%
- Revenue
- 935,576€
- Revenue change 2024→2025
- +61.0%
- Profit
- 251,729€
- Margin
- 26.9%
- Employees
- 32
- Payroll cost/emp./mo*
- 1,276€
- 50Fedora03351050 · BudvaRevenue share0.2%
- Revenue
- 928,776€
- Revenue change 2024→2025
- -7.8%
- Profit
- 84,068€
- Margin
- 9.1%
- Employees
- 26
- Payroll cost/emp./mo*
- 718€
* Avg payroll cost per employee per month = wages, wage compensation and other personnel expenses from the income statement (AOP 211: net wages, taxes and contributions on wages including the employer's, and other personnel expenses) / employees / 12. It is not an employee's gross or net salary; reporting errors can move it significantly, and values below 300€ a month are not shown. How we calculate →
Totals include 17 sole proprietors: natural persons whose statements are shown only in aggregate, never by name. The company count excludes them. How we calculate →
Source: Tax Administration / CRPSCurrency: EUR