Actor Ivo Arkov Received €255K EU Funds Despite Low Streaming Numbers

Bulgarian actor and singer Ivo Arakov, recently approved for hundreds of thousands of euros in state funding to “create and promote original songs,” has publicly stated he is nearing bankruptcy. In an interview with Nova Television, Arakov explained he has received almost none of the allocated funds and is currently financing a European tour independently.

Concerns about the allocation of funds were initially raised by the social media page Today’s Metal, which reported that Arakov’s music receives minimal streams on popular platforms. According to their data, Arakov has 74 monthly listeners on Spotify, with his most successful song garnering approximately 3,250 plays. On YouTube, where he has shared five songs over the years, Arakov has around 2,000 followers.

Arakov disputed the relevance of these figures, stating in the Nova Television interview that his music is deliberately not played on Bulgarian radio, but declined to elaborate on the reasons. He did not address the lack of traction on global platforms like Spotify and YouTube.

The most significant portion of the funding – 255,000 euros – was earmarked for a musical tour promoting Arakov’s debut album, “Glory,” across ten European cities. He also received 70,000 euros for the production of a single, and an additional 80,000 euros for a feature film titled “Isolation,” the trailer for which was released shortly before the controversy erupted.

Arakov applied for the funding through the “Scheme for Non-refundable Aid with two sessions ‘Bulgarian productions from the sector of cultural and creative industries in the platforms of open markets for arts in the EU’” under the National Recovery and Development Plan. The total amount of non-refundable aid for the entire scheme is just over 1.7 million euros, distributed among 16 companies and organizations, including the National Theatre, Derida Dance, and the Cultural Center Palace in Balchik.

The project for Arakov’s tour represents 15% of the entire budget for non-refundable financing under the scheme and received the largest single allocation. The application was submitted through “Fish Eye” EOOD, a company owned by his father, Maxim Arakov, with Ivo Arakov serving as manager.

The head of the National Culture Fund, Sofia Shtereva, was recently replaced, and the modern Minister of Culture, Nayden Todorov, has announced an investigation into the allocation of funds.

Prior to receiving this funding, Arakov applied for a smaller grant of 75,000 levs through another program at the National Culture Fund, but was rejected. His project description at the time described a “thrilling musical journey… born from Ivo Arakov’s passion for rock music and his desire to share his creativity with the world.”

Arakov told Nova Television that he was eighth on the reserve list for funding, and that the projects were submitted as early as 2024. He also stated that the approved sum was not just for one song, but for all planned activities. In a right of reply to “Ploshtad Slaveykov,” Arakov wrote that he has only received limited advance payments to date, and has been financing the activities himself through personal funds and loans, bearing the financial risk through “Fish Eye” EOOD.

He defended the budget as proportionate, arguing that artistic products are evaluated based on technical parameters and distribution, not subjective preferences. “The funding covers comprehensive cultural activities, including an international tour, logistics and transport, technical support, team fees, distribution and production. Presenting individual elements (e.g., a musical perform) out of the context of the entire project is misleading,” he wrote.

Arakov detailed the costs associated with the tour, citing expenses for transport, accommodation, technical equipment, and personnel. He also outlined the costs involved in creating a single, including composer, lyricist, arranger, studio time, mixing, mastering, and a music video, requiring a team of artists, stylists, and technicians.

He emphasized that he is defending the rights of artists to receive fair compensation.

Arakov also stated that the film “Isolation” was primarily funded with his own money, with an advance payment of 21,000 euros from the National Recovery and Development Plan and over 80,000 euros of personal funds. An interim report was submitted in November 2025, and the National Culture Fund has yet to respond regarding the payment of the interim report. The film, shot entirely in English and intended for an international audience, is scheduled for release “in the autumn of 2026 in all cinemas in the country and additional locations abroad.”