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Stagwell, a leading marketing services group, continues to strengthen its presence in the industry by acquiring the creative marketing agency, Movers+Shakers. This marks Stagwell’s fourth acquisition this year, further cementing its position in the market. Movers+Shakers will become a part of Stagwell’s Constellation network of agencies, offering it greater reach and access to global networks.
Movers+Shakers is well-regarded for its expertise in social media marketing, having delivered campaigns that have collectively garnered an impressive 250 billion views. The agency has enjoyed a successful year in terms of client acquisitions, adding 21 new clients to its portfolio. Notably, it secured the role of Tinder‘s social media and culture agency of record.
Referred to as the “TikTok whisperers,” Movers+Shakers has built a strong reputation in the industry. However, due to its size, the agency’s potential for growth could have been more robust. By joining Stagwell’s Constellation network, Movers+Shakers is known for its work with clients such as Netflix, E.l.f. Cosmetics, and Neutrogena, will benefit from broader networks and resources, extending its reach and capabilities.
Stagwell’s recent financial report reveals that the company achieved $618 million in revenue for the third quarter, with year-to-date earnings totaling $1,872 million for 2023. While Q3 revenue reflects a 7% decline compared to last year, the year-to-date revenue is down by 5% from 2022.
The acquisition of Movers+Shakers comes at a time when Stagwell is experiencing substantial financial success, securing over $81 million in net new business during the quarter. Major clients include Estee Lauder, Vera Bradley, Liquid I.V., and E-Trade. Despite the challenges faced by the industry this year, Stagwell anticipates a return to growth over the next two quarters as new business partnerships are established and challenges in the tech and auto sectors start to abate.
The financial terms of the deal remain undisclosed.
When it comes to diversifying their portfolio, PMG also made a strategic move recently by acquiring Camelot.
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