Industry Analysis & Industry Trends
Operators in the Public Relations (PR) Firms industry are benefiting from increased demand for outreach efforts aligned with digital and social media trends, which has led to steady revenue growth in recent years. During the past five years, industry operators have experienced rising competition from advertising agencies, management consultants and marketing agencies that have increasingly expanded their selection of services to include PR. In addition, many multinational and highly diversified media companies have acquired smaller operators to expand their service offerings over the past five years. Moving forward, PR agencies will increasingly use social media platforms, blogs and other forms of digital communication to craft client images... purchase to read more
Industry Report - Starting a New Business Chapter
Overall, the industry has a low level of barriers to entry. Although there are no formal regulatory barriers to entry and little capital requirements, firms wishing to enter the industry must compete with large global incumbent firms. It is unlikely that a new operator would be able to effectively compete against these global integrated and well-established public relations firms, due to the substantial resources that the global firms have.
Additionally, another barrier to entry for a potential entrant can be experience. In order to provide certain services, firms need to have some legal background and a relatively high level of education... purchase to read more