Industry Analysis & Industry Trends
Industry revenue has declined marginally over the past five years, mostly due to a significant drop during the recession. As the global economy continues to pick back up, revenue will grow; social media campaigns and specialist firms will be an increasingly central part of the industry in the next five years... read more
Starting a New Business
Given the industry's low concentration, light regulation and minimal start-up costs, its barriers to entry are considered to be low. Start-up costs are low due to low capital intensity and industry concentration; minimal investment in equipment is required, and scale is not essential as evidenced by the many small partnerships and sole consultants operating in the industry. For example, Burson-Marsteller, now one of the world's largest PR agencies and owned by WPP, started as a one employee business in the 1940s. Nevertheless, many of the largest public relations firms have been aggressively acquiring and integrating smaller operators to provide a wide-range of services and extend their global reach... read more