Global new business in May slowed down significantly from the previous month, with total billings estimated at $3.3bn, compared with April’s $7.1bn.
On a year-on-year basis, May is up from $2.6bn in the same period in 2020 but still well below $4.9bn in May 2019.
That's according to the latest data from Campaign’s Advertising Intelligence tool in partnership with R3.
There were 466 accounts that changed agencies in May, up from 371 and 459 in the equivalent month in 2020 and 2019 respectively.
For creative reviews, the two biggest moves by billings were global wins for Omnicom agencies. Philips picked TBWA to handle its $300m account, while Peloton chose DDB for its $80m business.
But independents had a strong showing: StrawberryFrog won Prudential’s $55m US brief, while Fig, previously known as Figliulo & Partners, picked up Major League Baseball’s $50m US business. Meanwhile, there was a $60m finance & insurance win by Code and Theory, part of micro-network The Stagwell Group, that remains confidential.
There were two other $50m account moves in May: Saatchi & Saatchi won Oreo in Europe and Huge picked up domestic appliances brand Sub-Zero in the US.
On the media front, four holding companies were represented in the top five account moves by billings. As well as creative, Philips appointed fellow Omnicom agency OMD to work on global media for the $300m account. Another big global shift was for insurance group Cigna, which awarded its $150m business to Interpublic’s Initiative.
The US saw two major account moves: American Family Insurance handed its $100m task to Publicis Media and Office Depot chose Wavemaker for its $80m business.
Wavemaker also won the biggest media account in Asia-Pacific in May: L’Oréal’s $95m brief for India.
Campaign AI contains the latest account moves and billings, updated on a monthly basis. Please click here to request further information on the tool.