Bulgaria has chosen to withdraw from Eurovision 2023.
BNT, the Bulgarian broadcaster, was approached by several Eurovision fans and Eurovision websites and reacted:

Bulgaria will not be taking part at Eurovision 2023 and most probably in future editions as well. After analysis it was decided that this program does not present an interest for the broadcaster any longer.
The main reason why the country withdraws is financial difficulties.
In the last 3 years, the participations were funded by external resources.

In 2020 and 2021, when Victoria represented the country, the fintech company iCard Wallat gave the sponsorship.
Meanwhile, in 2022, Bulgarian businessman Dr Milen Vrabevski funded the participation of The Intelligent Music Project
However, interest in the country has dramatically decreased this year and we will probably put the low score at Eurovision 2022 as another catalyst.
The Intelligent Music Project represented Bulgaria at Eurovision 2022.
They ended up in 16th place in semi-final 1:
ESCBEAT team is saddened to see another country withdraw from the contest.
We hope to see Bulgaria back in the contest in the near future