Overall new business was down 29.9% in January to March 2020 versus the same period last year, according to figures from R3 Worldwide.
The consultancy group’s latest statistics on wins and losses cements the ugly truth of COVID-19’s economic impact on advertising.
Global creative assignments have taken the biggest hit, with a revenue decline of 33.7%.
Greg Paull, principal at R3, said: "This decline won’t get any better through Q2 as more and more marketers delay, defer and de-prioritize activities, including agency reviews. The message to agencies is clear – hunker down for an annus horribilis."
Wunderman Thompson’s HSBC win saw them move up a spot in March’s new business league. WPP agencies now hold four of the top six positions amongst creative agencies with VMLY&R still ranking highest.
Among media agencies, PHD moved up to second spot with Zenith being the fastest mover. Carat also secured five of the ten largest global wins for the month.
March global creative league
March global media league
Top global creative wins
Top global media wins
(This article first appeared on CampaignLive.com)