In 2009, the struggling economy set an industry standard of decreased revenues and budget cutting. According to a survey by StevensGouldPincus (SGP), 64% of PR agencies suffered revenue declines, with the most affected group being firms earning less than $25 million.
Rick Gould, managing partner at SGP, says boutique agencies earning less than $5 million a year faced more challenges during the downturn, as they have less management to rely on and are more dependent on keeping their existing clients.
“Larger ...