Holding company revenues and new business data reflect long-term weakness in APAC ad markets.
The faltering economic recovery from Covid means the industry’s biggest agency groups aren’t seeing the growth they used to in Asia Pacific.
WPP, the parent company behind VML, Ogilvy and GroupM, measured just 0.5% net revenue growth in Asia Pacific in 2023. Interpublic Group (IPG, which owns McCann and Jack Morton) measured -2.7% growth, while Japanese-headquartered Dentsu recorded -8.2% organic growth in the region over the same time period,…