Television Advertising that Works: An Analysis of Commercials fro ...

Media giants Time Warner ($250.1 million) and Walt Disney ($168.3 million) came in third and fifth in cable spending, respec-tively.

Advertising Agencies

The advertising industry has also undergone change over the last decade. Consolidation has transformed the advertising agency business, and a few large holding com-panies now control a majority of the work the overall industry produces. Consolidation allows agencies to serve their clients better by becoming more integrated in promotional and marketing services. Consolidation also allows large agency groups to purchase media time in bulk, producing more revenue. By the mid-1990s, the global share of the top ten agency networks had doubled over 10 years from 22.9% to 48.3%. By 2004, the top four agency groups controlled 55% of all global advertising billings and 82% of all U.S. advertising billings (Mueller, 2004). According to the 2004 Advertising Age Agency Report by Adage, the top four global mar-keting organizations by revenue included Omnicom Group ($8,621.4 million), WPP Group ($6,756.1 million), Interpublic Group of Companies ($5,863.4 million), and Publicis Groupe ($4,408.9 million). Each of these marketing groups controls numerous agency brands. According to the 2004 Advertising Age Agency Report by Adage, the top ten U.S. agency brands by revenue include: