J. G. Navarro
Research expert covering advertising and marketing with a focus on South America
Public relations worldwide – statistics & facts
The global public relations industry could use a stronger PR strategy. In 2023, the estimated size of the PR market worldwide slightly decreased after peaking at 20 billion U.S. dollars the year prior. The decline – the first since the pandemic – entails many factors. The sector relied a bit more on mergers and acquisitions, some business decision-makers expected rougher times for the economy and reduced marketing budgets or faced part of the consumers' resistance to diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) agendas. A 2023 survey showed that nearly seven out of 10 global CEOs saw ESG values fully embedded into their business, while a similar share deemed their ESG efforts not ready for further scrutiny. Despite the challenging times, the world's two leading PR firms remained the same: Edelman, still the only agency with a fee income exceeding one billion dollars, and Weber Shandwick, which belongs to the Interpublic Group of Companies, Inc. (IPG).
Meanwhile, WPP's PR revenues rose, albeit at the slowest pace since the pandemic. The 2023 growth rate amounted to less than one-tenth of the previous year when the British holding saw an expansion in its Hill+Knowlton operations and rebranded FGS Global, which resulted from a merger. The deceleration did not affect PR's share in WPP's total revenue: It remained at 8.5 percent, over one percentage point above the figures recorded prior to 2022.
Leading holdings on the global PR stage
According to the latest available data, the leading holdings in the PR sector in 2022 were Omnicom Group Inc. and WPP plc, based in New York and London, respectively. Both endured the challenges that came in the following year. Omnicom's PR revenue decreased by almost one percent in 2023, the first decline since the coronavirus outbreak. Still, PR operations' share in Omnicom's total results remained close to 11 percent – at the end of the previous decade, it stood below 9.5 percent.Meanwhile, WPP's PR revenues rose, albeit at the slowest pace since the pandemic. The 2023 growth rate amounted to less than one-tenth of the previous year when the British holding saw an expansion in its Hill+Knowlton operations and rebranded FGS Global, which resulted from a merger. The deceleration did not affect PR's share in WPP's total revenue: It remained at 8.5 percent, over one percentage point above the figures recorded prior to 2022.
