OMD has emerged as the top global media agency network in the first three quarters of 2023, according to the New Business Barometer (NBB) study published by COMvergence.

The study, which assessed 2,250 media account moves and retentions across 47 countries, saw OMD secure a total new business value of over $1.4 billion. This impressive figure includes new client wins from Beiersdorf, Bimbo, Uber, and Under Armour.

Hot on OMD's heels was Wavemaker, which ranked second with a total new business value of over $1.3 billion. Wavemaker managed to retain approximately $1 billion in billings from marketers such as Huawei, Xiaomi, and Adobe. Following closely were PHD and Hearts & Science, with total new business values of $964 million and $913 million, respectively.

COMvergence founder and CEO, Olivier Gauthier, noted that 'in terms of net new business balance – excluding retentions – OMD, PHD and Hearts & Science, had the highest incremental billings growth among global media agency networks during the first three quarters of 2023.'

At the group level, OMG and Publicis Media both led the pack, with new business values of over $3.3 billion and $2.5 billion in net billings gain, respectively. Mediabrands secured the third spot, buoyed by strong results in the US, including wins from Geico, Constellation Brands, and Bristol Myers Squibb.

The study, which totalled $23.1 billion in account moves and retentions, revealed the US accounted for 39% of the total spend reviewed globally. However, the average retention rate was a mere 21%, the lowest since 2016. Despite this, Hearts & Science and Wavemaker emerged as the most successful agency networks in retaining their client relationships over this period, while OMG boasted the best retention rate among the 'Big 6' groups at 44%.

Global and multi-country reviews concluded in Q1-Q3 2023 resulted in a total of $9.5 billion, further underscoring the dynamic nature of the global media agency landscape.

“In terms of net new business balance – excluding retentions – OMD, PHD and Hearts & Science, had the highest incremental billings growth among global media agency networks during the first three quarters of 2023; marking the first time that any media group had all of its agency brands topping the agency network ranking since the Media Agency New Business Barometer was first published in 2017," Olivier Gauthier, COMvergence founder and CEO said.