While the ad industry still is not in a recession, according to the major agency forecasting units, the major agencies continue to see their year-over-year revenues declining, according to a monthly tracking study of revenue gains by consultant R3.

Through the first eight months of 2022, the top 20 U.S. media agencies have seen their new business billings decline 35.0% vs. the same period a year ago while their creative counterparts have seen it plummet 48.6%.

On a worldwide basis, the picture is reversed between the top media and creative agencies: media fell 35.5%, while creative declined 27.0%.

While the ad industry still is not in a recession, according to the major agency forecasting units, the major agencies continue to see their year-over-year revenues declining, according to a monthly tracking study of revenue gains by consultant R3.