New business reviews bounced back globally in 2021, increasing by 53.5% on the back of major creative and media reviews from including Coca-Cola, Unilever, and Mercedes-Benz.
The double-digit growth is reflected in Europe (60.7%), and Asia Pacific (44.1%) while less revenue was on the table in the US (21.2%), according to new business data from independent marketing consultancy, R3.
However, while the number of reviews increased, the total revenue from reviews increased only 9%, reflecting more snack sized opportunities.
“Increasingly, the AOR is dying and the smartest agencies are pivoting their services and their talent mix to reflect this,” said Greg Paull, co-founder and Principal at R3.
“For every consolidation to a holding company, there are another four or five other clients looking to build a more flexible roster and bring new agencies into the tent
Thanks to the estimated $600 million+ new business windfall that WPP secured with a stake in Coca-Cola’s global creative account, the holding company almost tripled its year-on-year revenue growth in 2021.
However, the leader in growth for 2021 was Havas, which increased its year-on-year revenue by 11.4% as a result of wins across brands like Unilever, De Beers, and Dolce & Gabbana.
Publicis Groupe (5.4%) and the newly formed Stagwell Group (5.3%) followed in third and fourth place in pace of growth.
“New business in 2021 was characterized by a few massive accounts, which can only be served by agencies big enough to flex and customize their offerings,” said Paull at R3.
“Clients are looking for more bespoke solutions, and the better an agency is able to adapt, the better chance they have of taking the business home.”
The creative agency league is HERE
And Media agencies HERE.
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