Creative, media, and digital agencies reaped 10% less new business revenue in 2017 than in 2016, according to independent consulting firm, R3. The company tracked 7,400 new business wins from more than 700 agencies globally.
The total number of wins for creative agencies increased slightly (from 4,688 to 4,840), but year-over-year revenue fell 16.9%. Media agencies saw the inverse: the number of wins decreased by 24%, but revenue grew 5.4% over the previous year.
"As we tracked through the year, creative assignments are becoming increasingly piecemeal in size and the search continues to be on for longer-term AOR assignments," Greg Paull, principal of R3, said.
A version of this article was first published by Campaign Asia-Pacific