According to R3’s report, new business revenue is flourishing, driven by huge wins across agencies such as PHD.
PHD came in strongly at No. 3 in the list of top media agencies for the first half of 2018 with a total estimated revenue of US$50.1 million, just marginally behind Initiative and OMD’s tied US$51.5 million.
According to the report, new business revenue overall increased from US$691 million in the first half of 2017 to US$1.09 billion in the first half of 2018. The 36% rise stems from 3,401 new business wins by more than 700 agencies globally.
Media new business revenue specifically is up 11% year-on-year, with the U.S. leading the way with a 70% increase.
“For media, it’s really about transparency,” R3 principal and co-founder Greg Paull said in a statement to Adweek. “It’s not just about rebates anymore. Marketers have to worry about everything from programmatic transparency to influencer fraud, and they are looking for partners that can help them in this.”
Paull added that he expects new business trends to continue “through 2018 and beyond as marketers are examining their entire agency models in the wake of digital transformation.”