GroupM’s EssenceMediacom is the top ranked agency for 2023 global billings—estimated at $24.5 billion (+0.2% versus the prior year)-- according to final numbers just released by agency research firm COMvergence.  

Omnicom Media Group’s OMD placed second with an estimated $24 billion, scoring the highest growth rate among the top 10 agency networks (8.7%). GroupM’s Mindshare placed third with $21 billion (+6%). 

At the group level, GroupM remains top-ranked with $62.6 billion (+3.4%) and a 14.8% industry market share. Publicis Media follows with $48.5 billion and the highest growth rate among the Big 6 groups (8.3%).  Omnicom Media Group rounds out the top three with $40.5B (+7.4%). The combined billings of these three groups account for 71% of the Big 6 groups’ total billings. (Havas, IPG and Dentsu round out the top 6). 

COMvergence estimates total net billings last year to be $423 billion (+4.7%) across the 47 markets it analyzed. 

About 60% was handled by media agency networks and the remaining 40% by smaller independent media and digital agencies, as well as Brazilian, Chinese, Japanese, and South Korean non-assessed local advertising agencies, and in-house advertiser units (particularly in the search/programmatic area). 

The global billings managed by the Big 6 holding companies plus major independent media agencies reached $242B in 2023, +3% versus the prior year. 

COMvergence estimates that digital media investments reached 51% share of global spend managed by the Big 6 and major independents assessed. This is up from 48% in 2022 and 43% in 2021.  

Among the Big 6 groups, digital media expenditures grew 7% year-on-year to reach $112.5 billion, while offline spending fell 2.5% to $110.7B. 

The COMvergence analysis included 124 local independent media agencies which accounted for $28 billion or about 11% of the total billings globally. New York-based Horizon Media is the largest independent media agency worldwide with 2023 billings of $8.1 billion.