First Research US Industry Profile

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Public Relations Services
SIC Codes: 8743
NAICS Codes: 541820
Last Quarterly Update: 4/18/2022
Companies in this industry design and implement public relations campaigns; some also offer lobbying and political consulting services. The US-based Edelman is the world's largest PR firm. Major global advertising holding companies, collectively known as the "Big Four" (Omnicom, Interpublic, WPP, and Publicis), also own top PR agencies, including Weber Shandwick (Interpublic), Burson Cohn & Wolf (BCW, owned by WPP), and FleishmanHillard (Omnicom), all based in the US. Outside the US, top agencies include BlueFocus (based in China) and Brunswick (the UK), as well as MSL (owned by Publicis, based in France).
The global public relations industry generates about $95 billion in annual revenue in 2020, and expected to reach $117 billion by 2023. 1 Industry revenue will increase yearly by 7% from 2021 to 2023, according to The Business Research Company. Among the world's top 15 fastest-growing PR firms, four are based in the US, three in the UK, two in Germany, and one each in India, Croatia, Singapore, Russia, Canada, and Sweden.
The US public relations industry includes about 8,500 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $12.5 billion.
Competitive Landscape
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. Key sources of competition include companies that conduct their PR in-house, as well as diversified advertising and marketing firms that conduct public relations campaigns.
Products, Operations & Technology
Most PR agencies provide a wide range of services, including media relations, crisis management , lobbying, event management, and fundraising. Other specialize ... plus:
Sales & Marketing
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Finance & Regulation
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Regional & International Issues
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Human Resources
Also includes the following chapters:
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Industry Indicators
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Business Challenges
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Trends and Opportunities
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Financial Information
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Industry Forecast
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Industry Websites
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Glossary of Acronyms

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