The pandemic set back Edelman’s goal to hit $1 billion in revenue this year. Here’s how the PR giant plans to rebound.
- Edelman was poised to become the world’s first $1 billion PR agency this year, but the coronavirus pandemic has set back those plans.
- Edelman promised employees there would be no layoffs related to the pandemic, but since then, the agency lost a chunk of its Samsung account.
- Edelman is rethinking what an office should look like post-pandemic and investing in creative, digital, research, and experiential.
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After a stagnant 2018, Edelman reported growth in every region last year, hitting $892 million in revenue. As an industry bellwether, it was a positive sign for public relations broadly and the agency itself as it seemed poised to become what would be the world’s first $1 billion PR agency.
But the coronavirus outbreak has brought the global economy to a standstill, halting the PR industry’s hopes for strong growth this year.
“It’s a serious wind in our face. And yeah, it may have us go back a bit, but we’ll get there,” CEO Richard Edelman told Business Insider of the $1 billion milestone.
Following the 2009 recession, independent Edelman outpaced its ad holding company competitors such as WPP-owned Hill + Knowlton Strategies and Omnicom-owned Ketchum, …continued .
[Source: Business Insider]