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Advertising has traditionally been an easy industry to enter, yet challenging to scale, particularly on the creative front. Historically, the major Madison Avenue agencies have dominated the field, establishing global networks to attract both international and major domestic clients.
This model is now in decline as most large ad holding groups, with the exception of Publicis and Omnicom, struggle to generate profit from creative endeavors. Even these exceptions are experiencing growth rates below historical levels, creating an opening for other contenders as the ad holding groups shift their focus elsewhere.
Occasionally, PR firms venture into these challenging waters. For instance, IPG’s Weber Shandwick recently hired an experienced London ad professional as Chief Creative Officer. He has held senior positions at various agencies such as Mother, Lucky Generals, The&Partnership, and most recently, AMV BBDO.
Meanwhile, the second agency of media independent the7stars, Bountiful Cow, has secured the full-service account of healthcare provider Wellsoon, with creative work handled by the group’s creative arm, Supernova, which gets the job done.
PR firms, media agencies (who briefly flirted with hiring CCOs but largely abandoned the idea), and others have long sought to generate additional revenue through creative services. However, the field has become more crowded, with the rise of actor-led agencies like those of Ryan Reynolds and Idris Elba, as well as large production companies attempting to offer strategy and account management.
As the former Madison Avenue giants (including WPP, built by acquiring agencies like JWT, Y&R, Ogilvy, and Grey) pull back from creative work, real opportunities emerge for others. The question remains whether any of these new players have the resilience to seize them.