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Most PR pros are bullish on their business prospects for 2025, according to a new survey from law firm Davis + Gilbert.
According to the firm’s 12th annual Public Relations Industry Trends Report, 70 percent of the 188 firms surveyed said they were “cautiously optimistic” about their outlook for the coming year. That’s a big jump from the 53 percent who said the same in last year’s survey.
When it comes to this year’s revenues, more than half (57 percent) predict that results for 2024 will outpace those seen in 2023—up from 53 percent from the year before. Only 22 are anticipating a revenue drop (vs. 35 percent last year).
The overall picture for profits is just slightly less rosy, with 50 percent forecasting a profit jump for full-year 2024 (up from 47 percent in 2023), and 25 percent anticipating a profit drop (down from 40 percent).
Big firms (those with over 200 employees) are doing the best on the revenue front, with 71 predicting a rise from 2023, followed by firms with 50-99 staffers (68 percent) and those with 100-200 employees (64 percent).
Profitwise, mid-sized firms are the big gainers, with 60 percent of those with 30-49 employees anticipating a profit boost once 2024’s numbers are all in. Out of those with 50-99 employees, 55 percent expect to see profits rise, and the same holds for firms with 100-200 employees. Big firms lag slightly behind, at 48 percent.
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What client services are driving the most revenue? Among respondents’ top choices are media relations, content strategy & development, digital & social media, and reputation & crisis management.
The M&A market is on an upswing, respondents say. Through Oct. 15, 79 consummated M&A deals were reported—a jump of six from the same period in 2023.
In addition to gauging the economic outlook, Davis + Gilbert’s survey takes a look at two trends that are shaping the field: artificial intelligence and diversity, equity & inclusion.
Not surprisingly, AI is on a dramatic upswing in all areas. While 45 percent used AI for written content creation in 2023, that number spiked to 69 percent this year. Other big gainers include note taking (up from 28 percent to 62 percent), ideation (up from 37 percent to 57 percent) and social listening (37 percent in 2023 vs. 49 percent in 2024), Perhaps even more indicative of AI’s rise: 22 percent of firms said they were not using AI in 2023, a number that slid to just four percent in 2024.
The most popular AI platform? ChatGPT, which was listed by 73 percent of respondents, far outpacing the rest of the pack.
The field is falling behind in DEI, however. Less than a third of respondents (31 percent) said their firms have increased the number of employees from historically represented group in 2024. That’s a big drop from 42 percent in 2023 and 60 percent in 2022.
Although close to half (43 percent) said they had made no changes in their DEI initiatives this year, the most prevalent choices for those who did make changes were hiring from a wider set of schools, universities or schools (33 percent); setting up or continuing a DEI committee to shape policy (31 percent) and offering additional trainings (26 percent).
Finally, respondents from top performing firms had some advice on how firms can have a successful 2025. Initiatives they are planning include a greater use of AI, a bigger focus on employee retention and hiring practices, and a greater investment in tech platforms.
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