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O’Dwyer’s ranked independent firms toughed out a rugged 2023, posting a measly 1.8 percent gain in fee income.
They struggled as financial markets froze, technology spending collapsed, healthcare outlays dipped, and consumers remained on the sidelines waiting for the recession that never happened.
Forty-six of the 147 ranked firms posted year-to-year declines in fee income. Thirteen more registered flat revenues.
Nine of the Top 100 firms that participated in the 2023 rankings apparently decided to throw in towel this year, or failed to submit financial statements.
They include Wachsman (No. 33 with $25.3M in fee income), M Booth Health (No. 35 at $21.8M), Clarity (No. 46 at $16.9M), Merritt Group (No. 47 at $15.4M), SourceCode Communications (No. 63 at $8.8M), LaVoieHealthScience (No. 78 at $5.7M), Crenshaw Communications (No. 81 at $5.5M), Forefront Communications (No. 89 at $4.5M) and Idea Grove (No. 96 at $3.8M).
Five firms beyond the Top 100 also walked. They are Victorious PR, Rally Point PR, Judge Public Relations, Stuntman PR, and Press Record Communications.
O’Dwyer’s more than compensated for the losses, adding ten new Top 100 Firms, and another six shops beyond the No. 100 position.
Avoq, which was formed by the merger of formerly ranked Kivvit and unranked Subject Matter, debuted in the No. 10 slot with fees of $89M.
Palladian Partners (No. 33 at $25M), Vault Communications (No. 46 at $12.8M), Bader Rutter (No. 53 at $11.4M), Ascend Agency (No. 56 at $10.7M), Hahn Agency (No. 57 at $10M), MMGY Wagstaff (No. 68 at $7.8M), Global Gateway Advisors (No. 70 at $7.7M), Scenario Communications (No. 89 at $5M), and Cura Strategies (No. 92 at $4.7M) joined the Top 100.
MediaSource, Global Situation Room, Bob Gold & Associates, 3E Public Relations, Shiftology, and Reya Communications are other newcomers to the 2024 rankings.
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