In some ways, the total of wins, losses and successful retention by the world’s largest media agency holding companies in 2025 ended largely as expected. Publicis came out comfortably on top. WPP, already in the middle of a complicated transition, came out distinctly at the bottom.
But beneath those predictable headlines, COMvergence’s provisional tally delivered one of the most decisive performance gaps the industry has seen in years — and a few structural surprises that could reshape competitive dynamics going into 2026.
According to COMvergence’s Global New Business Barometer for Q1–Q3 2025 released last month, Publicis Media led the market by a commanding distance, generating $7.7 billion in new client billings, accounting for nearly one-third of all global media spend that shifted between agencies during the period. 
Agencies in 2026 - Data Supremacy Battleground
Against that towering momentum sat a stark contrast: WPP Media was the only one among the Big Six to post a negative result, losing 32% of the total media spend that shifted hands globally, with the group ending the year materially in the red on a net basis.
“With WPP, the perception challenge is as significant as the business challenge — clients want reassurance that disruption internally will not spill into delivery,” said a media strategist.
Creative and digital mandate wins of 2025
What makes Publicis’ performance stand out is not merely the scale of wins, but the breadth, consistency, and the quality of accounts captured. The group secured marquee global and regional mandates including Coca-Cola in North America ($835M) and a run of 11 global and regional wins spanning Aldi, Barilla, Campari, Dropbox, Goodyear, LinkedIn, Mars, Paramount, PayPal and Santander, shaping an exceptionally diversified growth portfolio
At the agency network level, Initiative led globally with $2.1B in total new business, powered by wins including Bayer ($555M), Paramount Network ($450M), and Anthropic (U.S.). Zenith ranked second with Aldi ($300M) and PayPal ($450M), successfully defending PepsiCo in China ($225M), while sibling agency Spark Foundry recorded Abbott ($400M) and Paramount ($493M) wins.
AI-focused mandates for independent agencies in 2026
Net new business rankings mirrored total value, with Initiative leading, followed by Publicis Media’s three core brands—Starcom, Spark Foundry, and Zenith—each posting over $1B in net new billings.
WPP Media retained just 15% of its $6.4B client base. Independent agencies captured $3.6B (13%), with notable wins by Spectrum (Horizon Media, $800M), Peloton ($225M), and Accenture Song’s first major Australian media account, Optus ($45M).
A senior global media consulting leader said the data underlines a deeper shift in client sentiment. “Clients are rewarding networks that demonstrate operational clarity, centralized data advantage, and leadership stability. Publicis has managed to turn structure into competitive advantage, while others are still reorganizing,” said an executive.
e4m reached out to agencies for their comments. Their response was awaited till the time of writing these lines.
Retention Crashes to Eight-Year Low
If 2024 was about consolidation and continuity, 2025 has clearly been about volatility and willingness to walk away. COMvergence noted that the overall global retention rate plunged to just 20% — the lowest in eight years, despite nearly 2,890 account moves and retentions tracked across 49 countries involving 1,700 advertisers and totaling $26.2 billion in reviewed spend.
COMvergence analysed nearly 2,890 media account moves and retentions across 49 countries, involving 1,700 advertisers and $26.2B in spend (-10% vs. Q1-Q3 2024). The U.S. accounted for 36% of the total spend, China 10%, and local markets 57%. Overall retention hit an eight-year low of 20%, with Initiative leading agency networks and Mediabrands leading among the Big 6.
That volatility disproportionately hurt WPP, which managed to retain only 15% of $6.4 billion of client billings under review, placing the group under intense scrutiny as clients reassess service, pricing structures, leadership stability and capability confidence.
Conversely, Mediabrands recorded the strongest overall retention rate among Big Six groups, making retention itself a strategic differentiator rather than a housekeeping metric.
Independents Held Their Ground
Despite the scale and sophistication of holding company machinery, independent agencies captured $3.6 billion, representing 13% of all reviewed spend, including headline-grabbing wins such as Spectrum ($800M, Horizon) and Peloton ($225M).
Accenture Song also made a structural statement with its first sizeable media account win in Australia with Optus — underscoring the increasingly fluid boundaries between consultancies and traditional media networks.
US Dominance Continues, China Holds Strategic Relevance
The US remained the gravitational center of media pitch activity, representing 36% of total spend reviewed globally, while China accounted for 10%, reaffirming both markets as influence anchors in global strategy and billings structures.
With Publicis and Mediabrands delivering a particularly strong US performance and Dentsu driving significant pan-European wins, regional strength clearly translated into global perception gains.
What This Means for 2026
The 2025 pitch cycle has fundamentally altered the competitive hierarchy. Publicis enters 2026 with momentum, scale leverage, client confidence, and arguably, narrative advantage. Mediabrands exits the year with proven pitch sharpness and retention muscle. Dentsu and Omnicom remain competitive but strategically fragmented. WPP, meanwhile, faces a repair-and-restore mandate — reputationally, commercially, and operationally.
“As brands continue to demand sharper value, AI-enabled efficiency, integration across media and commerce, and accountability beyond pricing, 2026 will not merely continue this competition — it may accelerate it,” says an ad executive.