2011

ICCOWorldReport: AReturntoGrowth

InternationalCommunications ConsultancyOrganisation May2011

ICCOWorldReport2011

AReturntoGrowth
ICCOWorldReport2011

I.

Growingstronger
A. TheUSandUK B. Europe C. TheBRICs D. Australia

II. III. IV. V. VI. VII.

Themediaenvironment The(continued)riseofdigital ...andtheroleofsocialmedia PRvs.therest Thetalentpool Challengestosuccess

VIII. Summary

ICCOWorldReport2011

AReturntoGrowth
2010 marked the beginning of a recovery for the global economy, and public relations consultancy fared even better. After weathering the storm in 2009, PR pushed ahead to moderate or double digitgrowthinmostcountries,gainingshareofmarketingspendagainstotherdisciplinesalongthe way. With very few exceptions, this years World Report shows that 2010 was a year of mounting confidencebothforpublicrelationsconsultantsandtheirclients. 2011 is proving even more robust for PR, with strong firstquarter results across geographies and plentyofoptimismfortherestoftheyear.

I. Growingstronger
Followingsomepainfulmarketcontractionsandsubduedresultsin2008and2009,publicrelations consultants were able to focus on growing their businesses again in 2010. As client budgets stabilised,PRfounditselfbetterpositionedtocompete.Consultanciesintougheconomieshadbeen forced to adopt painful measures (cutting staff and tight fiscal management) so that those that survivedemergedmoreefficientand,inmanycases,moreprofitable.

A. TheUSandUK
The two largest markets for public relations the US and the UK both rebounded from a five percent decline in 2009 to record a doubledigit recovery in 2010. US consultancies posted an average11%increaseinoverallfeerevenue,whiletheUKsawa13%increase. For UK firms, this was underlined by a remarkable 30% estimated increase in profitability during 2010.Theimprovementcanbeattributedmainlytolowerstaffcosts(followingthepreviousyears redundancies,plushigherstaffutilisationlevels),reducedsuppliercostsandfewerexceptionalcosts forthemanyconsultanciesthatmaderedundancypaymentsin2009. Public sector work in the UK dramatically decreased in 2010 on the back of deep government spendingcuts,buttheprivatesector,havingalreadycurtailedspendinginthepreviousyear,began toinvestagainandgeneratenewrevenuesforconsultancies.Consumermarketingcommunications provedespeciallyattractive,accountingforapproximatelyonethirdofPRconsultancyfees. ConsumercommunicationsalsohelpedgrowtheconsultancyindustryintheUS,aidedbyincreasing attentiontosocialmediaandsomeregulatorychangesfromWashingtonforexample,therevised guidelinesononlineendorsementsandtestimonials,financialregulatoryreformandnewfoodand drug labelling directives 1 . Healthcare, corporate and crisis communications further contributed to thegrowthofthebusiness,whileoverallprofitabilityofUSconsultanciesimproved.

FromtheUSFederalTradeCommission,SecuritiesExchangeCommissionandFood&DrugAdministration respectively;clientsparticularlyfromheavilyregulatedindustriesoftenseekthehelpofPRprofessionalsin dealingwithfederalagenciesandimplementingregulatoryreform

ICCOWorldReport2011
2010Revenue Growthvs2009 +10% 2 +3.5% +10% +23% 14% +10% +5% +2% +3% +1% (N/A) 15% +3% +10% Stable 0.4% +17% +9% +12% +7% 1% +7% +13% 3 2011Revenue Prediction Up Up34% Up10% Up20% Up10% Up510% Up1015% Up8% Up Up Up20% Up5% +2% Up10% Up10% Stable Up20% Stable/Up Stable Up510% Up Up810% Up10%

B. Europe
Across Europe, the picture was similarly encouraging. Although Western European countries generally saw more modest growth or merely stable conditions (from 1% to +3.5%), the Nordics and Central and Eastern European countries fared better, with growth rangingfrom5to12%fortheyear. Exceptionstothiswere: Belgium, which outperformed its neighbourswith10%growth,drivenbyEU activity around public affairs and crisis and issuesmanagementinparticular; Ireland, which suffered an additional 15% decrease over the previous years contraction as a direct result of its still constrictedeconomy 4 ; Croatia,wherepublicandprivatespending cuts and price dumping from lowend competitors caused a 14% decrease in fee revenueforconsultancies.

Country Australia Austria Belgium Brazil Croatia CzechRepublic Denmark Finland France Germany India Ireland Italy Norway Poland Portugal Russia Slovakia Slovenia Sweden Switzerland Turkey UK

C. TheBRICs
The BRIC countries (less China, which falls outsidethescopeofthisreport)onceagainsaw fastpaced expansion, both in terms of PR services offered and marketing spend from clients.

In Brazil, the consultancy business grew by US +11% Stable/Up 23%,fuelledbyrisingdemandforsocialmedia services, internal communications and crisis managementprogrammesandassistedbyfurtherglobalisationoftheBrazilianeconomy. InRussia,feerevenuesgrewby17%.Workingovernmentrelationsandpublicaffairs,corporateand crisiscommunicationsandreputationmanagementallexpanded. In India, the highlyfragmented PR consultancy market is more difficult to measure but widely suspectedtohaveperformedwellin2010againstthebackdropofagrowingeconomywithstrong domesticdemand,heavygovernmentspendingandhighlevelsofforeigndirectinvestment.Recent
2 3

Derivedfrom2010versus2008totalrevenueestimates,showing+23%growthoverthetwoyears PRCAmembersaveraged13%growth;PRWeeksTop150calculationputsaveragerevenuegrowthat10%+ 4 Irelandeconomicindicatorsfor2010:1%GDPgrowth,1.5%inflation,13.6%unemployment,government grossdebtat96%ofGDP(source:EconomyWatch.com)

 ICCOWorldReport2011 privatisation and liberalisation policies have helped to improve the overall business environment, benefitting PR consultancies mainly in the areas of financial communications, consumer marketing andtechnology.

D. Australia
Among ICCOmember countries 5 , Australia is the fourthlargest market for public relations consultancy, behind the US, UK and Brazil. Results from the national trade associations annual benchmarkingstudyshowasignificantincreaseintotalconsultancyfeerevenueoverthepasttwo years.Unfortunately2009and2010resultsdonotallowforliketolikeanalysis,buta2008to2010 comparisonsuggeststhatgrowthcouldhavebeenasmuchas10%peryear. Much of the work in 2010 came from five specific industries health and wellness, food and beverage, IT, professional services and financial services and was supported by a trend of increasinginternationalisationofpublicrelationsactivities.

II. Themediaenvironment
Asdigitalcommunicationsbecomemoreandmoreintegratedintothelivesofconsumersaroundthe globe, the media landscape continues to shift from print to online. Business models are changing rapidly, and many media companies have struggled to adapt, creating an environment of uncertainty. Cutbacks from traditional media firms in recent years mean there are now fewer professional journalists.Uncertaintyhasalsocreatedhigherfluctuationinstaff.Bothofthesetrendsmeanthat PR consultants have the opportunity to play a larger role in the creation of content both on and offline.Butwiththeongoingriseofbloggers,internetprovidersandnotforprofitorganisationslike Wikileaks,thebattleforcontentwillcontinuetointensify. Therehasalsobeenwidespreadconsolidationamongthemediainmanycountries,thoughmarkets liketheUKcontinuetobehighlyfragmented. Thisisnottosaythattraditionalprintandbroadcastmediaareobsolete.Theycontinuetoplayan importantroleandtobehighlyvaluedbyclients.Indeedtheyarestillamainstayofpublicrelations activity in major markets like the US only that this activity is now supplemented with digital and socialcommunicationsprogrammes.

III:The(continued)riseofdigital...
OfthecountriescontributingtotheWorldReport,thirteen 6 estimatethatbetween80%and100%of local PR consultancies provide digital communication services to clients. A further six countries 7 estimatethenumbertobe5070%,whileonlytwo(CzechRepublicandDenmark)placethenumber from3040%.Theremainingthreecountriesareunabletoprovideanestimate. Comparedwithlastyearssurveyresults,itisclearthatconsultanciesinplaceslikeBrazil,Slovakia, SloveniaandTurkeyhavequicklysteppeduptheirdigitalofferinginordertomeetdemand.
5

CompletelistingofICCOmembercountries,currently28intotal,availableonwww.iccopr.com;24countries contributedtothe2011WorldReport 6 Belgium,Brazil,Finland,Italy,Norway,Poland,Russia,Sweden,Switzerland,Turkey,UKandUS 7 Croatia,France,Germany,Ireland,PortugalandSlovakia

 ICCOWorldReport2011 AsapercentageofoverallfeeincomeforPRconsultancies,digitalservicesremainrelativelysmall roughlyspeaking,anywherefrom520%,dependingonthecountry.Theseestimatesdoindicatean increase over 2009, however, and surveyed countries overwhelmingly expect demand for digital servicestoincreaseagainoverthecourseof2011.

IV: ...andtheroleofsocialmedia
Oftheavailablesocialcommunicationsplatforms,Facebookdominateswithconsumers.In2010,the numberofFacebooksubscribersballooned 8 ,dwarfingsimilarsocialnetworkslikeOrkut(stillpopular inIndiaandBrazil),Qzone(China),Odnoklassniki(Russia)andMySpace. Marketers have noticed. Socialbakers, a website devoted solely to Facebook statistics, tracks some 160 thousand pages representing companies, organisations or institutions plus thousands more dedicated to specific brands and products. Moreover, a recent survey of small business owners acrosstheUS 9 showsthatmorethan70%currentlyuseFacebookasamarketingtool,andanother 9%plantointhenearfuture.AddtothistheneedtobeactiveonTwitter,exploitLinkedInandrun bloggerrelationsprogrammes,andthetaskofsocialmarketingloomslarge.Increasingly,marketers arelookingforhelp. Seen from a public relations perspective, the power of social media has captured the attention of clients,andtheabilitytoservicethisneedpresentsanimportantopportunityforfuturegrowth. The latest ICCO Trends Barometer survey, from May 2011, suggests that PR consultancy heads are taking this seriously. 94% of respondents claim to offer social media services: as an integrated capability across practice areas (49%), via a dedicated social media team within the consultancy (31%),relyinguponexternalpartners(11%)orusingsomecombinationofthepreviousmodels(9%). Theirclients,however,maynotbeassureofthelinkbetweenpublicrelationsandsocialmedia.In the same Trends Barometer survey, only one quarter of respondents said that clients view social mediaservicesinherentlyaspartofPRactivity,andnearlyafifthsaidthatamajorityofclientsdonot seetheseservicesasbelongingtopublicrelationsatall. Clearly,then,somedissonanceexistsbetweentheofferingandcapabilitiesofPRconsultanciesand theviewsoftheorganisationstheyhopetoserve.Asdemandfordigitalcommunications,andsocial media expertise in particular, continue to grow, it will be crucial for PR consultants to establish credibilityinthisareaversusothermarketingdisciplinesandspecialists.

V. PRvs.therest
Thegoodnewsisthattotalmarketingspendonpublicrelationsversusotherdisciplinesisreported tohaveincreasedorremainedstablefor2010inallsurveyedcountries.Predictionsfor2011offera similarly rosy picture, with a majority of countries expecting to capture a larger share of the marketingpiethisyear.Mostnotably,thisisthecaseinboththeUSandUK,twomarketswithhighly

AccordingtoOnlineMarketingTrends,usingGoogleTrendsforWebsitesdatafromtheendofFebruary2011, Facebookhad310milliondailyuniquevisitorscomparedtoclosestrivalOrkuts51million. 9 MerchantCirclesMerchantConfidenceIndexSurvey,March2011


LocationswithBest GrowthProspects

LocationswithLeast GrowthProspects Russia,Slovakia, Slovenia

ICCOWorldReport2011 complex marketing environments whereclientbehaviourcansetthe precedent for other geographies tofollow.

Analysis& Brazil,Denmark,Finland Research Consumer/ Norway,Switzerland,UK, BrandMarketing US CzechRepublic,Norway, Poland,Slovakia, Corporate Slovenia,Sweden, Switzerland,UK,US Austria,Brazil,Croatia, Crisis&Issues CzechRepublic,Ireland, Management Norway,Poland, Portugal,Turkey,US CSR Russia,Slovenia,Turkey Austria,Brazil,Czech Republic,Finland,France, Ireland,Italy,Poland, Portugal,Russia, Slovenia,Switzerland, Turkey

VI.Theoutlookfor services
The question then emerges as to whichpublicrelationsserviceswill contribute to this success. The accompanying table offers a detailed look at the prospects for the most common PR practice areasinvariouslocations. First and foremost come digital andsocialmediaservices,citedby thirteen countries as having strong growth prospects locally overthecourseof2011.Crisisand issuesmanagementareidentified by ten countries, followed by corporate communications and public affairs, with nine mentions each. On the opposite end of the spectrum, demand for event management services is expected to dwindle in a number of countries and to grow in none. These predictions are entirely consistent with those of World Reports from the previous two years, suggesting that event management is a practice area in longterm decline for public relations consultancies. Many of these responsibilities have either been absorbed inhouse by client teams or are now contracted to specialist event management firms.

Russia Belgium,Ireland, Poland

Digital/Social Media

Event Management Financial/ Investor Relations Healthcare Internal Communications LitigationComms Lobbying MediaRelations Media& Spokesperson Training Political Consulting PublicAffairs Publishing/ Production Reputation Management Strategic Consulting Technology

Brazil,Croatia,Czech Republic,Poland, Portugal, Switzerland Denmark,Italy, Switzerland Russia,Sweden, Switzerland,Turkey Austria Brazil,Germany, Russia

Norway,Poland,Russia, UK CzechRepublic,India, Poland,Russia,US Brazil,Denmark Belgium Sweden Croatia,Denmark, Finland,Poland,Sweden Brazil Croatia,Russia Brazil,Croatia,Czech Republic,India,Ireland, Norway,Poland,Russia, Switzerland Finland Germany,Poland,Turkey Croatia,Denmark, Finland,Switzerland

Austria,UK CzechRepublic, Denmark


Australia Austria Belgium Brazil Croatia Czech Republic Denmark Finland France

IndustrieswithBest IndustrieswithLeast GrowthProspects GrowthProspects (N/A) (N/A) CleanTechnology, Automotive,Public Healthcare Sector Energy,Finance, IT,Retail,Tourism Healthcare,PublicSector ExportIndustry,Finance, Retail Healthcare,PublicSector Energy,Entertainment, Finance,Pharmaceuticals, IT,Telecoms PublicSector,Retail Healthcare,Heavy Construction,Real Industry,Wellness Estate CleanTechnology,Energy, Construction,Luxury IT,ProfessionalServices Goods,RealEstate B2B,Energy,IT, ProfessionalServices, PublicSector Energy,Healthcare, Transport&Logistics, Industry,IT Travel ConsumerGoods,Energy &Environment, Healthcare,PublicSector, Technology Agriculture,Energy, Infrastructure, Textiles Manufacturing,Mining, Retail Energy,Finance,Food,IT, PublicSector,Real ProfessionalServices, Estate,Retail Telecoms Energy,Healthcare, Finance,PublicSector Utilities ConsumerGoods,Energy, Finance,PublicSector, Industry Transportation B2B,Energy,Finance, Entertainment, Healthcare,Infrastructure, ConsumerGoods, IT,Technology Retail ConsumerGoods, Energy,Healthcare Finance ConsumerGoods,Energy, Automotive,Real Finance,Healthcare,IT, Estate,Transportation, PublicSector,Telecoms Travel ConsumerGoods, IT,Manufacturing Retail Energy,Finance, Automotive,Food& Pharmaceuticals, Drink,Textiles Telecoms Energy,Food, Infrastructure, Automotive,Retail Pharmaceuticals

ICCOWorldReport2011 VII.Theoutlookfor

industries

No public relations forecast would becompletewithoutananalysisof the specific industries from which futurebusinesswillcome. Thetablehereoffersabreakdown of industries with the best and leastgrowthprospectsfor2011,by country. It shows that the energy industry represents an important source of growth for PR consultancy internationally, with seventeen surveyed countries labelling it as highgrowthpotential. Healthcare is another important growthindustry.Itismentionedby eleven countries, accompanied by one mention of wellness and four of the pharmaceutical industry, bothrelatedtohealthcare. The financial industry (banking included) is listed as a growing source of business in nine countries,includingtheUSandUK. Italy, Portugal and Turkey, however, view this as one of the industrieswiththeworstprospects fortheyear. Thepublicsectorlooksparticularly promising in eight countries but has low potential in another four, namely where recent spending cuts are still taking effect (Austria, Ireland,ItalyandtheUK). As for the least promising industries overall, retail tops the list. Seven countries have little faithinitsprospectsforthisyear, 8

Germany

India

Ireland Italy Norway

Poland Portugal Russia Slovakia Slovenia

Sweden


Switzerland Biotechnology,Energy, Pharmaceuticals,Public Sector ConsumerGoods,Energy, Telecoms,RealEstate, Retail B2B,ConsumerGoods, Finance ConsumerGoods,Finance, Healthcare,Technology

ICCOWorldReport2011 althoughthreemarketsCroatia, India and Turkey expect a boom. The automotive and real estate industries also appear to hold littlepotentialforpublicrelations consultancygloballyin2011,with nonotedprospectsforgrowth.

Machinery,Retail

Turkey UK US

Finance,Textiles PublicSector

VIII.Thetalentpool
Intermsofgeneralemploymentconditionsacrossindustries,nationalunemploymentratesarehigh but falling in most countries 10 . However the risk of rising unemployment is reported to be high in Italy,andtheUKexpectstoseemorepublicsectorlayoffsthisyear.Finlandisfacingpublicsector cuts in addition to streamlining from Nokia, the countrys largest private employer 11 . By contrast, BrazilandRussiaareexperiencingemployeedrivenmarketswithrisingwages. Thereremain,however,manyemploymentissuesspecifictothecommunicationsindustryandpublic relations. For example, the US and UK report a general shortage of candidates with both digital expertiseandclientserviceexperience.Switzerlandsuffersfromalackofhighlyexperienced,senior talent.BrazilandIndialackqualifiedworkersforentrylevelpositions.InIndia,thisisexacerbatedby thefactthatnewcandidatesaredrawntoadvertisingandexistingstaffleaveforcorporatepositions sincebothoftheseofferbetterpaythanPRconsultancies. Evenso,thelevelofavailabletalenthasreportedlyimprovedinBrazil,Croatia,theCzechRepublic, Denmark, France, Germany, Ireland, Poland, Slovenia, Switzerland, Turkey and the UK twelve countriesinall.Thiscanlargelybeattributedtoacombinationoftwofactors: 1)anincreaseinapplicationsfromalargerpoolofnewgraduates, 2)theaftermathofcorporateandpublicsectordownsizing. Allremainingcountriesinthesurveyhaveseenlittlechangeinthenumberofjobcandidatesin2011, exceptforRussia,wheretalentisdeemedtobescarcerthaninpreviousyears. Anecdotalevidenceindicatesthat,internationally,manymorePRconsultanciesarehiringthisyear thanin2010,thoughaconsiderablenumberwillcontinuetowaitandseehowtheirlocaleconomies andresultingnewbusinessleadsdevelopbeforecommittingtoalargerstaff.

IX. Challengestosuccess
Thetopfivechallengesaheadforpublicrelationsconsultancies,accordingtosurveyedcountries,are: 1) Staffing The issue of attracting talent (and then retaining it), proves to be of major concern to PR consultancies.Growingthebusinessdependsuponachievingtherightmixofskillsandexperience andhavingtheabilitytoformlastingrelationshipswithclients.
10 11

InternationallabourcomparisonsfromtheUSDepartmentofLabor,BureauofLaborStatistics LargestCompanies.comslistoflargestemployersintheNordiccountries

 2) Clientbudgets

ICCOWorldReport2011

Loworshrinkingclientbudgetspresentanotherobviouschallengetothesuccessofthebusiness, especiallywhentheclientsexpectationsremainhigh. 3) Profitability The tendency to overservice accounts in order to please clients, the struggle to keep rising operational costs in line with fee income, the need to invest in new business pitches,... all of theseissuesdirectlyaffecttheconsultancysbottomline. 4) Pricing Downward price pressure attacks profit margins even further. New and lowend competitors dumptheirprices,orclientsbecomemorepricesensitiveastheirbudgetsaresqueezed. 5) Competition Finally,competitionfromnewconsultancies(withlowbarrierstoentry)andfromothermarketing disciplines,makesitincreasinglydifficulttodifferentiatethebusinessandwinnewclients.

X. Summary
The international public relations consultancy business grew bigger and stronger in 2010 and is poisedtogrowagainin2011.Afewmarketsarestillstrugglingtocopewithdifficultmacroeconomic conditionsandloweroverallinvestment,butthevastmajorityofcountrieshavereturnedtogrowth andaregaininginconfidenceforthemonthsahead. Asconsumersincreasinglyaccesscontentthroughmobiledevicesandshifttheirattentiononline,the media landscape is shifting along with it, creating a dynamic if unstable communications environment. Useofsocialmediahasincreasedbyleapsandboundsoverthepastyear,andclientorganisationsof all sizes are keen to be involved. More and more, marketers are demanding digital services that includesocialmediaexpertise,andPRconsultanciesarerisingtothechallenge,withalargemajority integratingtheseservicesintotheiroffering. In parallel, the core practice areas of corporate communications, crisis management and public affairsareexpanding.Theincreaseddemandwillcomefromtheenergyandhealthcareindustriesin particular. Asalways,challengestothesuccessofthebusinessremainespeciallyaroundstaffingandfinancial managementbutpublicrelationsconsultantshavesurvivedtheleaneryearsandemergedbetter equippedthanevertotacklethesechallenges.

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ICCOWorldReport2011

Appendix1MapofparticipatingcountriesandrankingofPRconsultancymarketsize
24 national trade associations contributed data for this report, representing a broad geographic spread and including the largest markets for public relations. The countries they represent are highlightedincolouronthemapandlistedbelow. ThenumbersonthemapcorrespondtoarankingofoverallmarketsizeforPRconsultancyamong participatingcountries,inorderfromlargesttosmallest.Onlythosemarketsconsideredtobeworth anexcessof100millioninannualfeerevenueareranked.

Australia(4) Austria(13) Belgium Brazil(3) Croatia CzechRepublic Denmark Finland

France(7) Germany(6) India(11) Ireland Italy(5) Norway Poland(11) Portugal

Russia(10) Slovakia Slovenia(9) Sweden(8) Switzerland Turkey UnitedKingdom(2) UnitedStates(1)

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ICCOWorldReport2011

Appendix2TableofICCOtradeassociationssurveyedandlocalmarketsize
Country Australia Austria Belgium Brazil Croatia CzechRepublic Denmark Finland France Germany India Ireland Italy Norway Poland Portugal Russia Slovakia Slovenia Sweden Switzerland Turkey United Kingdom UnitedStates TradeAssociation RegisteredConsultanciesGroup(RCG)ofthe PublicRelationsInstituteofAustralia PRQualityAustria BelgianPublicRelationsConsultants Association(BPRCA) BrazilianAssociationofCommunications Agencies(ABRACOM) CroatianPublicRelationsAgencyAssociation (CPRAA) AssociationofPublicRelationsAgencies(APRA) PublicRelationsBranchen FinnishAssociationofMarketing CommunicationsAgencies(MTL) SYNTECConseilenRelationsPubliques AssociationofPublicRelationsAgencies(GPRA) PublicRelationsConsultantsAssociationof India(PRCAI) PublicRelationsConsultantsAssociation(PRCA Ireland) Assorel NorwegianPublicRelationsConsultants Association(NIR) PolishPublicRelationsConsultancies Association(PPRCA) PortugueseAssociationofCommunicationsand PublicRelationsConsultancies(APECOM) RussianPublicRelationsConsultancies Association(AKOS) AssociationofPRAgenciesintheSlovak Republic(APRSR) ChamberofPublicRelations(ZOJ) PRECISAssociationofPublicRelations ConsultanciesinSweden(PRECIS) AssociationofPRAgenciesinSwitzerland (BPRA) CommunicationsConsultancyCompanies Association(IDA) PublicRelationsConsultantsAssociation(PRCA) CouncilofPublicRelationsFirms(CPRF) Numberof member firms 175 15 25 341 15 18 31 31 38 35 18 31 44 25 33 31 32 12 14 35 22 19 240+60 15 98 2010fee incomeof members 12 304m 34.5m 30m 283m 9.5m 27m 40m 45m 172m 180m 110m 14 40m 136m 64m 61m 52m 74.5m 5.5m 73m 140m 53m 16m 872m 2,500m 16 Estimated %oftotal market 13 (N/A) 33% 60% 35% 70% 65% 70% N/A 65% 50% 80% 85% 30% 80% 54% 70% 60% 80% 50% 80% 90% 50% 50% 65%

12 13

EstimatedfiguresataverageDec2010Apr2011exchangeratestotheeuro,inmillions Intermsoftotalrevenue 14 PRCAIbasisindustryestimate($155m)forentirePRconsultancyindustry,includingfreelancers 15 240PRconsultanciesplus60inhouseteams 16 EntireUSmarketestimatedat$3.4bnfor2010inprivateequityfirmVeronisSuhlerStevensons CommunicationsIndustryForecast

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