The July report ‘Assorel Analysis 2007’ confirms that Italian public relations firms are following positive global trends, having reported revenue growth of more than 30% over the last three years despite a difficult local economy.
The association cites structural changes in the market that are allowing public relations to become an ever more present force in the strategic management of companies. The oft-noted impact of digital media underlies this trend and, coupled with the emergence of new agency competitors, attests to the good health of the industry. The study further notes that ‘tactical’ use of public relations is decreasing in Italy, as shown by an increase in the number of annual contracts from clients compared to project-based work.
Estimated market turnover for 2007 is 129 million euro, a 10% increase on the prior year. In the same period, employment grew steadily so that there are now close to 1000 professionals working in Italian public relations firms. These figures reflect strong income from the Food and Finance/Insurance industries in particular as well as fast-increasing levels of activity from service companies. Media Relations was the practice area most often dedicated to these clients (accounting for nearly 30% of revenues), followed by Brand/Product and Corporate Communications.
Forecasts for 2008 are relatively conservative given uncertainty in the global economy, though 56% of surveyed firms in Italy are still predicting growth with an additional 44% expecting no change in fee income levels from 2007.
Download a pdf copy of the report in English here or from the ICCO website, www.iccopr.com.
