GroupM Ranks First in COMvergence’s 2023 Q1 New Business Rankings
- May 24, 2023
Wavemaker the leading agency network in new business value and total retentions
GroupM secured nearly a third of total reviewed media spend in the first quarter of 2023, according to the latest COMvergence New Business Barometer (NBB), underscoring the strength of GroupM’s business, its position in the marketplace and appeal to marketing decision makers reviewing their media partnerships.
At the group level, GroupM ranked first in total new business value of more than $1 billion and successfully defended an industry-high $728 million in business, according to COMvergence, an independent and international research bureau measuring the performance of major global ad and media agencies.
According to COMvergence, GroupM has led the industry in retentions for five of the last seven quarters, and in the first quarter of three of the last four years.
“These results underscore the strength of our business and the relationships we continue to have with our clients,” said Christian Juhl, GroupM’s Global CEO.
Wavemaker led the way among agency networks, with a total new business value of $801 million in Q1, according to the NBB. The agency also successfully defended $564 million in business value, the highest mark among its peers, at a retention rate of 88%, surpassing the average retention rate during the quarter of 25%, according to COMvergence.
As a whole, the GroupM network performed well in some of the world’s largest advertising markets. GroupM sat atop the NBB in 10 countries. Notable markets of strength are China, Australia and India, three of the top 10 advertising markets, according to GroupM’s This Year Next Year 2022 End-of-Year Forecast.
At the network level, Wavemaker ranked first in five of the top markets COMvergence tracks, including China, the U.S. and Spain. Mindshare ranked first in India and Turkey, and EssenceMediacom performed well in APAC, sitting atop the new business rankings in Indonesia and Vietnam.
“When we succeed, it’s in large part thanks to a combination of the strength of our talent, the benefits of our group strategy and unique ideas we are able to develop with our partners,” said Elizabeth McCune, GroupM’s Global Chief Growth Officer. “Our approach continues to resonate with the world’s largest advertisers, who understand the value of driving performance at scale to deliver results. We’re grateful for our clients’ trust in us as we help them achieve their growth goals while also bringing purpose to the forefront.”