Global Public Relations Agencies - Market Size, Industry Analysis, and Trends
The revenue of public relations agencies heavily relies on the income of businesses and consumers. Clients seek these agencies for various purposes, such as managing company images or promoting products to specific demographics. Recently, agencies have shifted a larger portion of their budgets from traditional advertising to public relations, leveraging the power of digital media effectively. Emerging consumer markets in developing regions have also fueled growth. However, the COVID-19 pandemic significantly impacted advertising revenue, as economic uncertainty led companies to tighten their budgets. Revenue is not expected to return to pre-pandemic levels until 2023. Over the five years leading to 2023, revenue is projected to contract at a CAGR of 0.3%, totaling $56.2 billion, including a 3.5% growth in 2023 as the economy recovers.