H1 2024 PR Market Review with W Communications founder Warren Johnson

In our twice-yearly review of the UK PR market PRmoment founder Ben Smith catches up with Warren Johnson.Warren founded W Communications in 2009. It now has global revenues of £25m and a headcount of 200, with 120 in London at W, 40 at its travel PR specialist Lotus, 25 in Singapore, and 15 in New York.Do check out the agency and in-house programmes for our new education programme PRmoment Leaders.PRmoment Leaders is our new subscription-based learning programme and community, built by PRmoment specifically for the next generation of PR and comms leaders to learn, network and lead.Thanks so much to the PRmoment Podcast sponsors the PRCA.1. 30 mins Warren reveals why and how he has just sold his business, W Communications, to an Employee Ownership Trust (EOT.)“It’s a government-backed business structure designed to help business owners pass on their business, realise some value from it…and pass it into the hands of the next generation.”11 mins Warren discusses the performance of the PR market for H1 2024.“It’s a bit of a slog. The economy is still pretty weak. There is a lot of nervousness client side.”“Productivity is poor. The Brexit impact is ongoing.”“We (the UK) are managing our decline not very well.”“A lot of the top agencies are doing a great job of land grabbing from other industries.”20 mins Why Warren worries about UK PR’s productivity.“Hybrid working has run its course…10% of the UK PR industry lost their jobs last year. If those people were all productive I just don’t believe they would have lost their jobs.”“I don’t know a single agency which hasn't reduced their headcount in the last 12 months.”“Hybrid working reduces productivity…in specialist roles, I can see how it can boost productivity in generalist roles, I question its value.”“At pace is how I build my business…I just think not being around each other breeds legacy behaviour. All businesses need to re-invent themselves at a quicker pace and if you can’t work together to do that, you will become obsolete.”Support the show