- May 17th, 2021
- Category: Blog
PRovoke Agency ranking 2021
The research reveals that the Top 250 PR firms reported fee income of around $13.2bn in 2020, effectively flat in USD terms compared to last year's Top 250 ranking. A weaker US dollar helps to explain USD parity, but our constant currency analysis reveals a Top 250 decline of just under 4%.
While that means the first annual global PR industry decline since the global financial crisis more than a decade ago, it is still likely to beat expectations given the grim industry outlook 12 months ago.
In particular, PRovoke Media's ongoing industry research has revealed that corporate communications, including such areas as crisis counsel, public affairs and employee engagement, have seen robust demand during the pandemic, coupled with sector-specific growth favouring healthcare and B2B technology, for example. Many of the firms specialising in these practice areas and sectors grew in 2020, while bigger networks benefited from specialist (if not geographic) breadth, ensuring they were not disproportionately impacted by the drop in consumer spend.
"After a decade of steady growth, the global pandemic not surprisingly resulted in a decline in PR revenues last year," said Paul Holmes, PRovoke Media founder. "But the decline was much smaller than many observers predicted at the start of the crisis, and significantly smaller than the decline in adjacent industries, such as advertising. Much of what PR agencies do is mission critical, corporate crisis and employee engagement work. And much of what they do is work that cannot easily be replicated by other agencies from other disciplines."