Wavemaker has come out as the top global media agency network in new business results with a total new business value of +$1.2B, including $818M in retentions from Huawei China ($315M) and Adobe US ($140M) among others, according to the latest global media agency study 'New Business Barometer (NBB) for H1 2023' published by COMvergence.
Zenith ranked second by scoring a total new business value of +$581M including the multi-market win of Adobe ($150M) and the retention of L’Oréal in Iberia ($130M).
Initiative holds the third position (+$555M) thanks to the major win of Constellation Brands in the US ($534M). OMG’s media networks, Hearts & Science and OMD, follow very closely behind the top three.
Olivier Gauthier, COMvergence founder and CEO, said that in terms of net new business balance – excluding retentions – the top three agency networks are ranked differently.
"Initiative shows the highest incremental billings with +$538M, followed by Hearts & Science at +$510M and Wavemaker with $392M," he said.
At the group level, Publicis Media ranks first with a total new business value of +$3.3B due to the global win of Pfizer ($1.5B), LVMH in N.A. ($360M), and Signet Jewelers and Walgreens in the US ($475M).
Mediabrands takes the 2nd place with a net billings gain of +$1.7B. GroupM ranks 3rd with the largest total retained billings ($1.1B).
Between January and June 2023, COMvergence assessed 1,771 media account moves and retentions (1,200 advertisers in total) across 46 countries totaling $14.4B (+10% vs. H1 2022). The US accounts for 45% of the total spend reviewed globally.
Gauthier said that local pitches continue to represent a major part of the total reviewed spends.
"Amounting to $9.5B (66% of the total), whilst the average retention rate dropped to 21% (vs. 27% in H1 2022)," he said.
'The is the lowest rate since 2016."
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