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Media agency account retention hits low of 21%
Omnicom’s OMG is emerging as the leader in the 2023 holding company media battle, according to new data from COMvergence, reported by MediaPost.
OMG and Publicis Media are tied with $3.3 billion in net new business gains (including retentions) for the first three quarters of 2023, but OMG stands out with a 44% retention rate, significantly higher than the industry average of just 21%.
IPG Mediabrands and WPP’s GroupM each added net gains of nearly $2 billion, while Havas Media Network posted gains of only $180 million, and Dentsu saw a drop of $717 million.
Among holding company brands, OMG’s OMD led the way, with its PHD and Hearts & Science units ranking third and fourth, respectively.
Notably absent from the top ranks is WPP’s EssenceMediacom, which, despite combining the tech-driven Essence with the traditional volume leader Mediacom, has yet to see significant benefits. Dentsu is also struggling, seemingly hampered by ongoing reorganizations that have resulted in the departure of numerous senior staff.
Clients appear to prefer stability and familiarity with their agencies, a factor that may be contributing to the low overall account retention rate of 21%.