PR poised to rise above challenges

April 27, 2009

The dramatic decline of the economy in the second half of 2008 derailed agencies across the industry, many of which originally felt they were on pace for a record year. The reverberations from the faltering of the housing and securities sectors significantly impacted the PR industry's growth.

Growth seemed most attainable by the larger agencies, as the top 10 grew 7.6%; the top 20, 8.1%. Last year was harder on the small firms. Among the biggest movers of firms under $5 million, Dukas PR grew 50% and JB Cumberland PR grew 48%. (DPR’s 2008 revenues were approximately $3.5 million).

Forty-eight firms that submitted rankings last year did not do so this year.

Edelman retained its top spot in our rankings, though its growth slowed from 22% in 2007 (highlighted in the 2008 Agency Business Report) to 9% in 2008 (highlighted in this year's report). Waggener Edstrom, which stayed in the second spot, grew at the same rate in 2008 as it did in 2007 (12%). Rounding out this year's top five were Ruder Finn, APCO, and Qorvis Communications, respectively. (MWW Group and Chandler Chicco Agency, two holding-company firms that ranked fifth and sixth last year, declined to submit exact figures this year).