Edelman global revenue falls 3.7% to $1.04 billion in 2023 | Data | Campaign Asia

Edelman mentioned declines in practices where clients made “substantial budget cuts,” including healthcare (12%), technology (8%) and financial services (14%). He said that food and beverage increased 15%.

Edelman had 6% growth amongst its top 100 clients, which include Microsoft, Starbucks, DP World and HP, during 2023. The agency picked up work from White Claw parent Mark Anthony Brewing and served as the primary communications agency for global climate conference COP28 in Dubai, Edelman said.

One of the agency’s standout campaigns in the US was its Dupe Swap initiative on behalf of Lululemon. Edelman is also helping Allegra launch Allegra Airways, a mapping tool that allows users to plot routes with the best air quality, in March.   

The firm lost a global account with Advanced Micro Devices last year, and also had some pullback from clients like Paypal, Adobe and Samsung. 

In July 2023, the firm laid off 4% of its total workforce, or about 240 employees. Edelman said he doesn’t expect to make any job cuts this year because the agency is “running a better business.”

“I think Edelman’s going to get back to growth in 2024,” he said. “Going into 2023, there was a lot of expectation of recession. Clients [spent] less and made efficiency plays by bringing work [in-house]. I don’t see that now. I see more animal spirits.” 

Edelman made several key hires last year, including Alex Thompson as global chair of corporate affairs and impact; Tyler Vaught as global head of influence; Brian Buchwald as global head of product, trust data and technology; Ryan Burke as head of global procurement strategy; and Paola Podestá as GM of Argentina. 

It also promoted Margot Edelman to GM of New York and elevated Taj Reid to U.S. chief creative officer. Kirsty Graham was promoted to U.S. CEO in January, three months after the region’s former chief executive Lisa Ross left the agency. 

Edelman veteran Dave Samson also exited the firm in 2023. The agency has lost several executives to Interpublic Group agency and rival Weber Shandwick over the past year, such as US COO Jim O’Leary, GMs Jordan Rittenberry and Will Crain and MD of US corporate brand and reputation Sheila Mulligan. 

This story was updated with additional information.