Stagwell released its 2023 Annual Report, highlighting investments in artificial intelligence, immersive experiences for brands, strategic acquisitions, and an expanding global footprint that drove company visibility and market share. Download the full report here.
“Despite a challenging year for marketing services and digital transformation – accentuated by our client mix – Stagwell grew share with some of our largest customers in 2023, took efficient steps in managing our costs and invested in digital innovation to position itself for the future of marketing,” noted Chairman and CEO Mark Penn. “We are well-poised to deliver another year of path-breaking work for clients; and we believe a mix of 2024 tailwinds and new centralized initiatives will return us to industry-leading organic growth and margins, while keeping us at the forefront of change.”
2023 Highlights:
Penn’s annual shareholder letter discusses Stagwell’s 2023 performance driven by:
- Investment in digital innovation: Underscored by growth in its Stagwell Marketing Cloud Group, a proprietary suite of data-driven SaaS products, which experienced 31% net revenue growth in 2023; partnerships with Google Cloud and Oracle to develop marketing-focused AI solutions; continuing product development in AI and other emerging technologies across agencies; and acquisitions of digital leaders.
- Record new business pipeline driven by integrated efforts: Stagwell experienced record net new business in excess of $270 million with several multi-agency accounts; grew its Risk & Reputation Unit, a coalition of bi-partisan, financial communications and research agencies advising corporations on polarization; and successfully launched SPORT BEACH, supported by more than 20 Stagwell agencies.
- Global growth: International net revenue increased by 13% year-over-year in FY23, led by EMEA, as Stagwell continued to expand its regional footprint with new hubs in São Paulo and London, and a growing network of affiliate partnerships in the Philippines, Vietnam, and Brazil.
- Strategic acquisitions: Stagwell acquired four companies in 2023 to broaden its digital capabilities and extend its global footprint: In the Company of Huskies (now Forsman & Bodenfors Dublin), Tinsel Experiential Design, Left Field Labs, and Movers+Shakers.
Frontiers: Stagwell Spotlights AI & Immersive Capabilities Across Agencies
In tandem with its Annual Report, Stagwell released a showcase of impactful technology work from its agencies and products Code and Theory, Left Field Labs, GALE, Colle McVoy, and ARound in AI and immersive experiences for brands, including award-winning client projects for Google, Tipico, La-Z-Boy, Bomb Pop and Cleveland Cavaliers.
“We believe we are evolving into the marketing frontiers company – the partner of choice for global businesses seeking to transform digital consumer experiences to fuel better business outcomes,” said Penn.
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