Omnicom's PR arm faced a rough first quarter of 2024, marking its third consecutive decline in revenue. The 1.1% dip comes after a 2.9% drop in Q4 2023 and a steeper 5.5% decline in Q3. This stands in stark contrast to the positive performance of Omnicom as a whole, which saw global revenue rise 4% organically in Q1.
PR's struggles were overshadowed by strong growth in other areas. Advertising & media, precision marketing, experiential marketing, and healthcare all saw revenue increases. Conversely, branding & retail commerce and execution & support also experienced losses.
Despite the PR group's struggles, Omnicom CEO John Wren remains optimistic. He highlights the company's ability to combine marketing and sales solutions with data-driven insights to deliver measurable results for clients. Wren also credits industry-leading tools and strong leadership for the company's new business success, which fuels his confidence in the future.
Looking back, Q1 2024 marks a significant shift from the previous eight quarters of consistent PR growth. Prior to this period, the PR group enjoyed impressive gains, exceeding 4% growth in most quarters. The first quarter of 2021 stands as the last time the group experienced a decline.
