NEW
YORK, April 29, 2024 /PRNewswire/ -- Stagwell
(NASDAQ: STGW) released its 2023 Annual Report, highlighting
investments in artificial intelligence, immersive experiences for
brands, strategic acquisitions, and an expanding global footprint
that drove company visibility and market share. Download the full
report here.
Stagwell spotlights its focus on AI and
immersive experiences in 2023 Annual Report.
"Despite a challenging year for marketing services and digital
transformation – accentuated by our client mix – Stagwell grew
share with some of our largest customers in 2023, took efficient
steps in managing our costs and invested in digital innovation to
position itself for the future of marketing," noted Chairman and
CEO Mark Penn. "We are well-poised
to deliver another year of path-breaking work for clients; and we
believe a mix of 2024 tailwinds and new centralized initiatives
will return us to industry-leading organic growth and margins,
while keeping us at the forefront of change."
2023 Highlights:
Penn's annual shareholder letter
discusses Stagwell's 2023 performance driven by:
- Investment in digital innovation: Underscored by growth
in its Stagwell Marketing Cloud Group, a proprietary suite of
data-driven SaaS products, which experienced 31% net revenue growth
in 2023; partnerships with Google Cloud and Oracle to develop
marketing-focused AI solutions; continuing product development in
AI and other emerging technologies across agencies; and
acquisitions of digital leaders.
- Record new business pipeline driven by integrated
efforts: Stagwell experienced record net new business in
excess of $270 million with several
multi-agency accounts; grew its Risk & Reputation Unit, a
coalition of bi-partisan, financial communications and research
agencies advising corporations on polarization; and successfully
launched SPORT BEACH, supported by more than 20 Stagwell
agencies.
- Global growth: International net revenue increased
by 13% year-over-year in FY23, led by EMEA, as Stagwell continued
to expand its regional footprint with new hubs in São Paulo and
London, and a growing network of
affiliate partnerships in the
Philippines, Vietnam, and
Brazil.
- Strategic acquisitions: Stagwell acquired four companies
in 2023 to broaden its digital capabilities and extend its global
footprint: In the Company of Huskies (now Forsman & Bodenfors
Dublin), Tinsel Experiential Design, Left Field Labs, and
Movers+Shakers.
Frontiers: Stagwell Spotlights AI & Immersive
Capabilities Across Agencies
In tandem with its Annual
Report, Stagwell released a showcase of impactful technology work
from its agencies and products Code and Theory, Left Field Labs,
GALE, Colle McVoy, and ARound in AI
and immersive experiences for brands, including award-winning
client projects for Google, Tipico, La-Z-Boy, Bomb
Pop and Cleveland Cavaliers.
"We believe we are evolving into the marketing frontiers company
– the partner of choice for global businesses seeking to transform
digital consumer experiences to fuel better business outcomes,"
said Penn.
The case studies – along with a look at internal applications of
AI across Stagwell's firms – can be viewed here.
About Stagwell
Stagwell
(NASDAQ: STGW) is the challenger network built to
transform marketing. We deliver scaled creative performance for the
world's most ambitious brands, connecting culture-moving creativity
with leading-edge technology to harmonize the art and science of
marketing. Led by entrepreneurs, our 13,000+ specialists in 34+
countries are unified under a single purpose: to drive
effectiveness and improve business results for their clients. Join
us at www.stagwellglobal.com.
Forward-Looking Statements
This press release contains
estimates, projections, objectives, expected results and other
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements in this
document that are not historical facts, including statements about
the Company's beliefs and expectations, future financial
performance and future prospects (including the Company's
anticipated return to growth), business and industry trends,
anticipated benefits of the Company's strategies, including with
respect to artificial intelligence, potential and completed
acquisitions and the anticipated benefits thereof, constitute
forward-looking statements. Forward-looking statements are based on
current assumptions that are subject to risks and uncertainties
that may cause actual results to differ materially from the
forward-looking statements, including but not limited to the risks
and uncertainties discussed in Item 1A–Risk Factors and the section
entitled "Forward-looking Statements" of the Company's Annual
Report on Form 10-K for the year ended December 31, 2023. Therefore, you should not
place undue reliance on such statements. Forward-looking statements
speak only as of the date they are made, and the Company undertakes
no obligation to update any of them in light of new information or
future events, if any.
IR Contact
Ben Allanson
ir@stagwellglobal.com
Media Contact:
Sarah Arvizo
pr@stagwellglobal.com
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SOURCE Stagwell Inc.