Edelman CEO Richard Edelman emphasized the need to structure the firm for speed and integration, stating, “I've got to structure Edelman to be fast and to be, in a way, completely integrated. The two things we were trying to build in the last years are the advisory business to compete with Teneo, etc., and the marketing side of the business, to compete with ad agencies and digital firms.” This reflects the evolving landscape where corporate communications and brand marketing are increasingly intertwined.
The current state of the agency sector reflects economic pressures, with many firms feeling the need to cut costs and streamline offerings. Edelman noted, 'It's been a slower year for agencies than they'd like,' pointing to an 8% decline in revenue in the U.S. and decreased cash flow from key sectors like tech and health. These challenges signify broader trends affecting the industry.
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