Which Public Relations Firms Are Largest?

The largest public relations firms globally are Edelman, Weber Shandwick, BCW (formerly Burson Cohn & Wolfe), FleishmanHillard, and Real Chemistry, measured by annual fee income. Edelman maintains its position as the world’s largest PR agency with revenue exceeding $1 billion, followed by Weber Shandwick at $776 million and BCW at $735 million as of 2023.

Global Market Leaders

The concentration of power in the PR industry is striking. PRovoke Media’s 2024 Global Rankings reveal that the top 10 firms collectively generated $6.3 billion in fee income during 2023. Seven of these firms are headquartered in the United States, with all five top-ranking agencies being U.S.-based operations.

Edelman stands apart as the only PR firm to surpass the billion-dollar revenue threshold, achieving this milestone in 2022. The independently-owned agency operates more than 65 offices across major cities including Abu Dhabi, New Delhi, Buenos Aires, and Washington D.C., employing over 6,000 communications professionals worldwide.

Weber Shandwick, formed through a 2001 merger of the Weber Group, Shandwick International, and BSMG, ranks second globally. As part of the Interpublic Group holding company, Weber Shandwick reported $950 million in global revenue for 2024, representing 3% growth year-over-year. The agency maintains a particularly strong presence in North America, where it generated $570 million in U.S. revenue alone.

BCW emerged from the 2018 consolidation of Burson-Marsteller and Cohn & Wolfe. The WPP-owned agency recorded $735 million in 2023 fee income, establishing itself as the third-largest global player. BCW maintains operations across six continents with offices spanning from San Francisco to Singapore, serving clients in sectors ranging from nutrition to financial services.

FleishmanHillard, founded in 1946 in St. Louis, Missouri, secures the fourth position among global leaders. The Omnicom-owned agency operates more than 80 offices across 30 countries, delivering integrated services in public relations, public affairs, and marketing communications. The agency’s “power of true” philosophy emphasizes ethical behavior and transparent business practices.

Real Chemistry represents a notable shift in industry dynamics. The healthcare-focused communications firm grew 12% in 2024 to reach approximately $665 million in revenue, overtaking Edelman to claim the top position in U.S. market rankings for the first time. The privately-held agency expanded from 1,727 to 2,110 employees in 2024, driven partly by its acquisition of Indiana-based Avant Healthcare.

Revenue Measurement Standards

PR firm rankings use net fee income as the primary metric, defined as charges for counseling services and time spent preparing and placing media stories. This measurement excludes advertising media buys, production costs, and non-PR revenue streams to provide accurate industry comparisons.

O’Dwyer’s, which has tracked PR firm rankings for over 55 years, requires participating firms to submit financial proofs for verification. The publication’s 2024 rankings showed that the top firms collectively posted a 1.5% decline in combined fee income to $4.7 billion, reflecting cautious client spending amid economic uncertainty.

Different ranking organizations use varying methodologies. PRovoke Media estimates revenue for some publicly-held firms whose parent companies decline to provide individual agency figures due to Sarbanes-Oxley financial regulations. This estimation approach can lead to revenue adjustments as more accurate data becomes available.

U.S. Market Dynamics

The American PR market valued at $16.32 billion in 2024 according to Statista, hosts the headquarters of most global leaders. O’Dwyer’s 2025 rankings for U.S.-based operations identified these top performers by 2024 net fee income:

Edelman maintains dominance despite experiencing a 7.9% revenue decline in the U.S. market. The firm faced challenges in healthcare, technology, and food and beverage sectors, though CEO Richard Edelman reported signs of recovery in early 2025.

Weber Shandwick posted revenue growth in its U.S. operations, benefiting from double-digit expansion in strategic communications and digital capabilities.

Inizio Evoke reported $333.4 million in U.S. revenue, ranking third. The healthcare-focused agency specializes in medical communications and pharmaceutical sector work.

APCO Worldwide generated $236.4 million, securing fourth place. The Washington D.C.-headquartered firm emphasizes advocacy communications and strategic advisory services across public and private sectors.

Finn Partners reached $199.7 million in revenue for fifth position. The integrated communications and marketing firm has grown significantly through acquisitions and organic expansion since its 2011 founding.

Additional major players include Ruder Finn ($189.5 million), ICR ($156.6 million), Zeno Group ($140.5 million), Prosek Partners ($119.5 million), and Spectrum ($83 million). These firms collectively demonstrate the market’s depth beyond the top three global giants.

Ownership Structure Impact

A notable trend reshaping the industry involves the performance gap between independent and holding company-owned firms. Four of the global top 10 agencies operate as independently-owned entities, often supported by private equity funding. These independent firms have demonstrated substantially faster growth than their publicly-held counterparts.

Analysis by PRovoke Media reveals that from 2014 to 2023, the three major PR holding companies (WPP, Omnicom, and IPG) saw their combined PR revenues grow from $4.191 billion to only $4.334 billion—representing anemic 3.4% growth over nearly a decade. During the same period, the top 250 firms collectively expanded from $10.4 billion to $17.3 billion, achieving growth exceeding 66%.

Independent PR firms grow between 10 and 20 times faster than holding company subsidiaries, creating what industry observers call the “independence premium.” This performance disparity reflects independent firms’ greater agility, entrepreneurial culture, and ability to adapt quickly to market changes.

Omnicom’s PR operations generated $1.68 billion in 2024, growing 3.7% year-over-year across brands including FleishmanHillard, Ketchum, and Porter Novelli. However, growth came primarily from specialist firms rather than the two flagship agencies.

WPP’s PR division experienced a 1.7% revenue decline in 2024 on a like-for-like basis, though FGS Global’s strong performance partially offset losses at BCW and Hill+Knowlton. The pending merger of these two agencies into a new entity called Burson represents WPP’s effort to rationalize its PR portfolio.

Interpublic Group’s Specialized Communications and Experiential Solutions segment, encompassing Weber Shandwick, Golin, and related brands, posted 1.5% organic revenue growth in Q1 2024 to $340.2 million. The segment faces integration challenges as IPG moves toward its acquisition by Omnicom, announced in December 2024.

Industry Consolidation Trends

The PR industry entered a significant consolidation phase in late 2024. Omnicom Group’s planned acquisition of Interpublic Group will create the world’s largest marketing services holding company, with profound implications for the PR sector.

This merger combines Omnicom’s FleishmanHillard with IPG’s Weber Shandwick, potentially creating a new global leader that would surpass both BCW and Edelman in scale. The combined entity would dominate multiple service categories and geographic markets.

WPP announced the July 2024 merger of BCW and Hill+Knowlton Strategies to form Burson, consolidating two legacy brands with significant global footprints. This combination addresses years of underperformance and aims to create operational efficiencies while reducing brand confusion in the marketplace.

FGS Global, the corporate and financial communications specialist owned by WPP, attracted a majority stake acquisition offer from private equity firm KKR in 2024. The $665 million valuation signals private equity’s continued interest in high-performing PR assets, particularly those serving specialized sectors.

Independent midsize agencies view these mega-mergers as opportunities. Agency leaders at firms ranging from $23 million to $177 million in annual revenue expressed optimism about their competitive positioning, citing advantages in agility, personalized service, and entrepreneurial culture that large holding company operations struggle to maintain.

Geographic Distribution

While the United States dominates PR firm headquarters, global operations span all continents. The industry’s geographic center of gravity is shifting as emerging markets develop sophisticated communications capabilities.

Asian markets show particular dynamism. Japan’s Vector Inc., despite revenue reassessment that excluded non-PR business lines, remains a top-20 global player. Korea’s Prain Global exceeded $70 million in 2023 revenue with 30.5% growth, while KPR Associates broke through the $30 million threshold with 27.8% expansion.

European agencies demonstrate regional specialization. Germany’s Media Consulta International Holdings grew nearly 20% to $420 million in 2023, claiming a top-10 global position. The firm’s integrated communications approach resonates with European corporate clients seeking comprehensive reputation management.

Latin America features growth leaders including Brazil’s FSB Holding ($113 million in 2023 revenue with 41% growth) and Sherlock Communications ($5.5 million with 49% expansion). These agencies capitalize on economic development and increasing corporate communications sophistication across the region.

Middle East markets attract global firms seeking exposure to government contracts and corporate expansion. Major agencies maintain offices in Dubai, Abu Dhabi, Riyadh, and Doha, serving both regional clients and international corporations operating in the Gulf states.

Sector Specialization

The largest PR firms increasingly organize around industry verticals rather than general practice models. This specialization allows agencies to develop deep expertise in sector-specific regulations, media relationships, and stakeholder dynamics.

Healthcare communications represents the fastest-growing specialization. Real Chemistry’s rise to the top of U.S. rankings reflects healthcare’s complexity and the premium clients pay for specialized capabilities. The agency employs 500 communications professionals alongside 450 medical communications experts, creating an integrated offering that addresses scientific, regulatory, and commercial needs simultaneously.

O’Dwyer’s reported that the top 75 healthcare PR firms posted 3.8% growth in 2024 to combined revenue of $1.7 billion, outperforming the overall industry’s 1.5% decline. This resilience stems from pharmaceutical companies’ continued investment in product launches, disease awareness campaigns, and reputation management.

Financial services specialization drives significant revenue for firms like ICR, Prosek Partners, and APCO Worldwide. These agencies navigate complex regulatory environments while managing relationships with investors, analysts, and financial media. The sector’s technical requirements create barriers to entry that support premium pricing.

Technology sector work, while cyclical, generates substantial revenue when market conditions favor innovation and growth investment. Agencies like Hotwire (operating in 11 countries with 400+ professionals) focus exclusively on technology brands, serving clients including Adobe, Meta, and Palo Alto Networks.

Corporate reputation and crisis management services command premium fees across all sectors. Edelman’s Connected Crisis solutions exemplify this trend, helping organizations prevent, prepare for, respond to, and recover from crises in digital-first environments. The COVID-19 pandemic elevated crisis communications from a specialized service to a core competency that all major firms must maintain.

Growth Drivers and Challenges

PR firms face a “more for less” reality in 2025. O’Dwyer’s research shows that U.S. staffing numbers stayed flat in 2024 while average revenue per employee rose 5%, indicating efficiency pressure throughout the industry.

Global staff numbers increased just 1% with average revenue per employee up 4%, suggesting that agencies must generate productivity gains without proportional headcount growth. This compression affects everything from service delivery models to compensation structures.

Artificial intelligence adoption accelerates across the industry. Real Chemistry established RC Labs, an innovation incubator pairing employees with AI experts to develop practical solutions. The agency conducts “AI clinical trials” to validate that innovative solutions deliver measurable impact comparable to or better than human benchmarks.

Weber Shandwick created Weber I/O, a 450-person data, technology, and AI capability, hiring Edelman’s Joe Kingsbury as global president of AI transformation services. These investments signal recognition that AI will fundamentally reshape PR work, automating research, content creation, and media monitoring while creating opportunities for higher-value strategic services.

Client budget pressure persists across sectors. Technology spending declined in 2023, healthcare outlays tumbled, and recession concerns made consumer brands cautious. These headwinds particularly affected the largest firms whose client rosters skew toward major corporations operating under intense margin pressure.

The 2024 U.S. presidential election cycle provided temporary relief for agencies with political practices. Omnicom PR benefited from GMMB, its political media buying operation, which performs well during election years. However, this cyclical revenue disappears in non-election years, creating volatility in annual planning.

Industry Performance Metrics

PRWeek’s Agency Business Report 2025 reveals mixed performance across the industry landscape. The top 20 agencies typically account for 80% of total revenues, making their results a reliable indicator of overall market health.

Global PR revenue grew 5% year-over-year in 2024, marking improvement from 2023’s 3% expansion. However, growth remains well below the 18.2% and 29.7% increases recorded in 2022 and 2021 as the industry emerged from the COVID-19 pandemic.

Several major agencies experienced revenue declines. Edelman shrank 4.5% globally on a like-for-like basis, with U.S. operations down 7.9%. The firm faced particular challenges in health, technology, and food and beverage sectors, though leadership reported signs of recovery entering 2025.

Burson (the merged BCW and Hill+Knowlton entity) declined “mid-single digits” in 2024. The merger aims to reverse this trajectory through operational integration and strategic repositioning, though the process involves significant layoffs and restructuring costs.

Winners in 2024 included agencies with strong sector positioning or geographic advantages. FGS Global continued its growth streak, Weber Shandwick posted gains, and specialized firms in healthcare and public affairs outperformed generalist competitors.

The fastest-growing agencies globally demonstrate that size is not destiny. UK consultancy Tilton more than doubled revenue to $1.6 million in its third full year, topping PRovoke Media’s 2024 fast movers list despite being among the smallest firms ranked. Growth leaders leverage specialized expertise, geographic niches, or acquisition strategies to outpace established competitors.

Workforce Evolution

Employment patterns in PR reflect broader industry restructuring. Many senior, expensive professionals who spent decades at major firms have departed through layoffs or voluntary exits, reducing salary expenses but also eroding institutional knowledge and client relationships.

Junior-level positions face automation pressure as AI handles tasks previously requiring human labor. Media monitoring, basic content creation, and research activities increasingly run through machine learning algorithms, reducing entry-level headcount needs.

The shift to hybrid work completed its initial phase, with agencies rightsizing office space to reflect new realities. The cost savings from reduced property expenses, travel, and office services peaked during the pandemic and have now been absorbed into operations, offering no further margin relief.

Diversity, equity, and inclusion initiatives gained prominence across the industry. A PR Council survey found that 83% of firms had taken action to increase DEI within their organizations, though implementation varies widely in sophistication and commitment.

Median annual wages for PR specialists in the United States reached $85,000 according to Glassdoor, with PR agency professionals averaging $80,000 and those working in-house for brands earning closer to $100,000. This compensation gap drives some talent toward corporate communications roles, particularly among experienced professionals.

Client Relationship Dynamics

The balance of power in client-agency relationships continues shifting toward clients. Procurement departments increasingly drive agency selection, emphasizing cost reduction over relationship history or creative reputation. This procurement focus compresses margins and forces agencies to demonstrate measurable value beyond traditional qualitative assessments.

Brands demand integrated services that span earned, owned, shared, and paid media channels. The traditional PR firm focused solely on earned media struggles to compete against integrated agencies offering comprehensive solutions. This pressure drives PR firms to acquire capabilities in content production, influencer marketing, paid social, and digital advertising.

Client tenure has shortened as marketers seek fresh perspectives and agencies struggle to maintain initial momentum. The days of decades-long client relationships have given way to project-based work and frequent reviews that keep agencies in constant retention mode.

Brands with significant government contracts face particular uncertainty under changing political administrations. The Trump administration’s approach to federal spending in 2025 creates anxiety among agencies dependent on government work, with entire departments facing budget cuts or elimination.

Non-U.S.-based brands express concern about trade tariffs and geopolitical tensions that could disrupt their American operations. These macro pressures filter down to communications budgets as companies preserve cash for potential economic disruption.

There’s also a notable shift in how PR effectiveness is measured. While 55% of journalists measure success through readership and viewership and 60% gauge it by engagement, PR agencies often rely on the number of stories placed. Meanwhile, brands increasingly rank revenue as their top metric for PR effectiveness, creating measurement misalignment that agencies must address.

Market Outlook

The PR industry’s immediate future appears turbulent but not uniformly negative. Midsize independent firms are thriving while some holding company giants struggle, suggesting a rebalancing rather than systemic decline.

Private equity interest in PR assets remains strong, with firms viewing high-performing agencies as attractive investments offering steady cash flow and growth potential. The KKR bid for FGS Global signals that specialized, well-managed PR firms command premium valuations from financial buyers.

Consolidation will likely continue beyond the Omnicom-IPG and BCW-Hill+Knowlton mergers. The industry’s fragmentation with over 57,000 firms in the United States alone suggests room for rationalization, particularly in crowded markets where differentiation proves elusive.

Boutique agencies focusing on emerging specializations find opportunities in market gaps. Climate communications, ESG advisory, crisis preparedness, and stakeholder capitalism represent growth areas where nimble firms can establish thought leadership before larger competitors mobilize resources.

Agencies investing in AI and data analytics position themselves for competitive advantage. The technology enables everything from media intelligence to content personalization, creating efficiency gains that can fund strategic capabilities or improve margins. Real Chemistry’s $66 million investment in influencer marketing and management of 600 paid social engagements in 2024 exemplifies how technology enables scale in emerging service areas.

Geographic expansion continues as agencies follow clients into emerging markets or establish beachheads for new business development. The Middle East, Southeast Asia, and Africa represent growth frontiers where sophisticated communications capabilities remain underdeveloped relative to market potential.

The public relations industry stands at an inflection point. Traditional models face pressure from AI, procurement, and changing client needs. Yet demand for strategic communications expertise has never been higher as organizations navigate stakeholder complexity, reputation risks, and digital transformation. The largest firms will likely remain large, but their ownership structures, service models, and competitive dynamics are fundamentally reshaping. Independent operators grow faster, specialized firms command premiums, and holding companies restructure portfolios to address underperformance. This creative destruction process will likely define the industry for years to come.