GroupM tops list of billings and global market share for 2023: COMvergence report

New Delhi: GroupM ranked number 1 in billings and global market share for 2023, according to COMvergence’s annual Global and Regional Billings Rankings and Market Shares 2023 Report, released this week.

COMvergence – an independent, international research bureau that measures the performance of global advertising and media agencies – assessed GroupM to be responsible for $62.6B in total global billings in 2023, growing 3.4% over its 2022 total and representing 15% of the total market and 29% of the market share of the “Big 6” agency groups.

The company ranked first in 49% of the 47 markets evaluated by COMvergence in their research – including global markets such as China, India, Japan, Germany, and the UK – and first or second in 77% of those markets.

In Asia Pacific, COMvergence ranked GroupM first overall with $20B in total 2023 billings, representing 41% of Big 6 market share – more than twice the next two agency groups combined – and 3 of the top 3 media agency networks. 

In EMEA, COMvergence evaluated GroupM as having $23.3B in total 2023 billings, representing 31% of Big 6 market share and 3 of the top 4 media agency networks. 

The company maintained its number 2 ranking in COMvergence’s assessment of the North American marketplace and improved its ranking in LATAM, where it grew by 7.6% and moved up to the number 3 slot overall.

In COMvergence’s analysis, GroupM agencies made up 3 of the top 5 global agency networks. EssenceMediacom was ranked first with $24.5B in global client billings for 2023, Mindshare third with $20.9B in client billings, and Wavemaker fifth, with $15.3B in client billings. 

T&Pm (evaluated in the report as MSix), was recorded as having the highest growth rate of any large group agency, with 13.4% growth in assessed billings.