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For the full year, Omnicom experienced growth of 2.6% in its largest market, the US, 7.2% in Europe, 6% in APAC, and 4.7% in the UK, a commendable performance given the UK’s struggling economy. Omnicom’s agencies include BBDO, DDB (which includes adam&eveDDB), TBWA (currently its standout performer), and various media agencies under Omnicom Media Group (OMG).
Looking ahead to 2024, the company is aiming for 3-5% growth. While this target appears modest, CEO John Wren attributed it to account losses, including Pfizer, which went to Publicis. WPP CEO Mark Read also recently mentioned losing business from the pharmaceutical giant during his Capital Markets Day. Despite this, Omnicom has secured several new accounts, particularly in media.
Omnicom’s growth figures trail behind Publicis, which recorded 6.3% growth in 2023, but they are still significantly better than WPP, which is expected to show less than 1% growth for 2023 and a similar outlook for this year, intensifying the pressure on CEO Read.
Wren continues to emphasize the value of creativity, even as budgets tighten: “Creative is our intellectual property, ultimately. Technology has likely had a greater impact on the traditional agency setup, allowing us to use great ideas through algorithms and automation to deliver them to the right venues and reach customers. However, what has always set us apart is the quality of our creative products, and the caliber of our agencies and the people we attract.”