Revenue

12 Months Ended

Dec. 31, 2023

Revenue [Abstract]

Revenue

Revenue

Nature of our services

We provide an extensive range of advertising, marketing and corporate communications services through various client-centric networks that are organized to meet specific client objectives. Our networks, practice areas and agencies provide a comprehensive range of services in the following fundamental disciplines: Advertising & Media, Precision Marketing, Commerce & Branding, Experiential, Execution & Support, Public Relations and Healthcare. Advertising & Media include creative services across digital and traditional media, strategic media planning and buying, performance media and data analytics services. Precision Marketing includes digital and direct marketing, digital transformation consulting and data and analytics. Commerce & Branding services include brand and product consulting, strategy and research, retail and e-commerce. Experiential marketing services include live and digital events and experience design and execution. Execution & Support includes field marketing, sales support, digital and physical merchandising, point-of-sale and product placement, as well as other specialized marketing and custom communications services. Public Relations services include corporate communications, crisis management, public affairs and media and media relations services. Healthcare includes corporate communications and advertising and media services to global healthcare and pharmaceutical companies. At the core of all our services is the ability to create or develop a client’s marketing or corporate communications message into content that can be delivered to a target audience across different communications mediums.

Economic factors affecting our revenue

Global economic conditions have a direct impact on our revenue. Adverse economic conditions pose a risk that our clients may reduce, postpone or cancel spending for our services, which would impact our revenue.

Revenue by discipline:

	Year Ended December 31,
	2023		2022		2021
Advertising & Media	$	7,891.2	$	7,433.9	$	7,966.2
Precision Marketing	1,473.5		1,426.6		1,205.2
Commerce & Branding	853.7		848.1		802.2
Experiential	651.4		635.6		536.0
Execution & Support	880.8		1,069.9		1,115.9
Public Relations	1,578.9		1,552.7		1,398.2
Healthcare	1,362.7		1,322.3		1,265.7
Revenue	$	14,692.2	$	14,289.1	$	14,289.4

Effective January 1, 2023, we realigned the classification of certain services, primarily within our Commerce & Branding, Execution & Support and Experiential disciplines and prior year amounts have been reclassified.

Revenue by geographic market:

	Year Ended December 31,
	2023		2022		2021
Americas:
North America	$	7,951.0	$	7,856.0	$	7,709.7
Latin America	386.8		329.0		296.1
EMEA:
Europe	4,266.9		4,010.5		4,219.6
Middle East and Africa	309.6		346.7		267.6
Asia-Pacific	1,777.9		1,746.9		1,796.4
Revenue	$	14,692.2	$	14,289.1	$	14,289.4

The Americas is comprised of North America, which includes the United States, Canada and Puerto Rico, and Latin America, which includes South America and Mexico. EMEA is comprised of Europe, the Middle East and Africa. Asia-Pacific includes Australia, Greater China, India, Japan, Korea, New Zealand, Singapore and other Asian countries. Revenue in the United States in 2023, 2022 and 2021 was $7,471.6 million, $7,367.3 million and $7,245.9 million, respectively.

Contract balances

Contract balances include work in process and customer advances, which primarily consist of advance billings to customers in accordance with the terms of the client contracts, primarily for the reimbursement of third-party costs.

	December 31,
	2023		2022
Work in process:
Media and production costs	$	664.4	$	725.1
Unbilled fees and costs and contract assets	678.1		529.5
Work in process	$	1,342.5	$	1,254.6
Customer advances	$	1,356.2	$	1,492.3

There were no impairment losses to work in process recorded in 2023 or 2022.