NEW COMVERGENCE REPORT PROJECTS OMNICOM MEDIA GROUP OUTPERFORMING ITS PEERS FOR RATE AND VOLUME OF GROWTH IN 2024
OMG agency OMD Ranked #1 for Billings Volume and Net Growth
Year-end projections drop weeks after Forrester Wave
named OMG a leader in a transforming media marketplace
NEW YORK, Dec. 18, 2024 /PRNewswire/ -- Omnicom Media Group (OMG), the media services division of Omnicom (NYSE:OMC) and parent company to the OMD, PHD and Hearts & Science global media agency networks is expected to finish 2024 with both the highest rate of growth and actual billings growth among all global media groups.
As reported in Global& Regional Billings & Market Shares Projected 2024- a provisional analysis of 2024 billings for media agency networks and their respective owner groups published yesterday by independent research company COMvergence – OMG outperformed its peers in both percentage of growth (10.5% against a 2023 billings base of $40.6b ) as well as actual billings added (+$4.2b) bringing its projected 2024 billings to $44.8b.
The report also projects that OMG will end the year with the highest share of digital billings among all media groups - an important indicator of the group's ability to help clients transform their media strategies for an increasingly digitally driven consumer marketplace.
The COMvergence projections mark the third industry assessment in the past 30+ days in which OMG has significantly outperformed its category.
In early November leading research and advisory firm Forrester named OMG a "Leader" in its Forrester Wave evaluating global media management groups - a report that saw OMG earn both the highest score among the 12 groups assessed in the report as well as endorsements from clients for its transparent business practices, trustworthy relationships, and the strength of its Omni operating system for media and business intelligence.
Earlier this month, the COMvergence Global Media Agency New Business Barometer Q1-Q3 2024 revealed OMG as the #1 global media group for new business in the first nine months of the year. Fueled by a series of wins and retentions that included Amazon, Volkswagen Group, Unilever, Priceline, HanesBrands, and HP, OMG won $7.37 billion in total new business (wins minus losses, including retentions) – representing 28% of all new business awarded the during the first nine months of the year - while also earning the highest retention rate (85%) in its category.
Commenting on the collective impact of these wins, OMG CEO Florian Adamski said, "There are four key characteristics for assessing true costumer obsession in a media agency group: the type of clients the business retains in a fast-paced marketplace, new clients deciding to put their trust into the business in a highly competitive environment, the way it conducts business on behalf of its clients and how it advances the business to contribute to broader industry progress. In 2024, OMG worked hard on each one of these proof points, leveraging our Agency as a Platform model to deliver customized solutions that drive business growth for our clients, our agencies, and our people in a complex marketplace."
OMD Tops the Agency Network Rankings
COMvergence projects that the biggest agency in OMG will again end the year as the biggest media agency in the world, with projected 2024 billings of $25.9B. This 7. 9% increase over 2023 represents both the best rate of growth among the top five agency networks as well as the largest net billings increase among all networks, with $1.9b added over the past 12 months. OMD also tops the billings rankings in North America and EMEA and delivered growth across every region.
The projected outcomes is the latest in a series of superlatives for OMD in 2024, including maintaining its position as the highest ranked media agency brand on the Effie Index, taking Media Network of the Year honors at Cannes, and sustaining a new business winning streak that included Gap Inc, Michelin, Turkish Airlines, AliExpress and MSC Cruises.
Commenting on the agency's performance, OMD Worldwide CEO George Manas said, "These results reflect OMD's ongoing transformation as we've redefined the role that we play in advancing our clients business ambitions. It's an evolution that has taken us from service provider to media partner to marketing collaborator, working with our clients to co-create next gen solutions that unlock growth today and secure lasting competitive advantage."
Joining OMD on the growth track, sister OMG agencies PHD and Hearts & Science posted growth across all four regions, and three out of four, respectively.
Fuel for Growth
With just two weeks left in the year Omnicom Media Group maintains the new business momentum that fueled its industry-leading billings growth in 2024. As of this writing and based on the most recent numbers reported in the COMvergence dashboards that provide a moment-in-time snapshot of the new business landscape, OMG continues to hold the best YTD total new business record among the Big Six global media groups, with a more than $1.5 billion lead in total new business wins compared to its nearest competitor. The COMvergence provisional reporting also shows OMG agencies PHD and OMD ranked first and third on the agency network dashboards.
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SOURCE Omnicom Media Group