Companies in this industry design and implement public relations campaigns; some also offer lobbying and political consulting services. Major companies include divisions of global advertising and marketing giants such as Interpublic, Omnicom, and WPP, as well as independent firms such as Blue Focus (China), Brunswick Group (UK), and Edelman (US).
The global public relations industry generates more than $14 billion in annual revenue. Industry revenue, which grew 5% in 2015, is expected to reach $20 billion by 2020, according to the 2016 Global Communications Report from the Holmes Report and the University of Southern California's Center for Public Relations.
The US public relations industry includes about 8,300 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $11 billion.
Demand is driven primarily by the health of the US economy and corporate profits. The profitability of individual companies depends on the value of the creative services delivered and efficient use of personnel. Large companies have advantages in having multiple subsidiaries that offer different marketing services to large customers and some economies of scale in marketing. Small companies can compete successfully by specializing in a particular industry or geographic market. The US industry is fragmented: the top 50 companies account for about 40% of industry revenue.
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Most PR agencies provide a wide range of services, including media relations, crisis management services, lobbying services, event management, and fundraising. Other specialize in one or...