China’s brand advertising market posted a healthy 9% rebound in 2024, climbing to RMB 539.18 billion (US$75 billion), according to data from COMvergence and Ebiquity. But the headline growth masks a more telling shift in the agency landscape: international holding groups are pulling ahead, while local players are losing momentum and money.
The Big Six grew their billings by 4.7% to RMB 128.1 billion (US$17.9 billion), a 23.8% market share. In contrast, the top six local agencies saw billings fall 9.3% to RMB 63.3 billion (US$8.9 billion), with their market share dropping to 11.7%. Only one, GIMC, managed to grow in 2024.
GIMC leads locals, others post losses, Hylink has the steepest fall
Ebiquity’s analysis of 2024 financial reports shows China’s local media agencies collectively shrinking, with billings down 9.3% YoY to RMB 63.29 billion (US$8.86 billion).
GIMC retained its lead among local agencies for the fourth consecutive year, with billings rising 24% to RMB 20.64 billion (US$2.89 billion). The agency benefited from its strength in the automotive sector.
Leo Group held number two spot with 16.43 billion (US$2.30 billion) in billings, slipping just 0.5% YoY. Its AI suite, called LEO One and Titan Engine, helped boost ad creation, placement and short-video script output, resulting in a 22.3% jump in digital marketing services. But the gap between Leo and GIMC widened to RMB 4.21 billion (US$590 million), suggesting GIMC is pulling ahead.
Billings for BlueFocus dropped by 18.3% to RMB 12.46 billion (US$1.74 billion), largely due to a 27.9% fall in domestic campaign revenue.
The rest of the field fared worse. HyLink continued its four-year downward trend, witnessing a 62.8% plunge equivalent to RMB 2.03 billion (US$280 million). Zhewen and Three’s Media also posted double-digit declines, ending the year at RMB 7.70 billion (US$1.08 billion) and RMB 4.01 billion (US$560 million), respectively.
International groups outperform: WPP retains lead, Publicis gains ground
WPP lost RMB 4.2 billion (US$590 million) in net accounts, including Mars in H1. New wins, such as ExxonMobil, LG Home Care, and Robam Appliances, could not offset the losses. Still, among the international big six, WPP is the largest by market share in China, with RMB 53.17 billion (US$7.44 billion) in billings, which accounts for 9.9% of the market share. However, this represents a 1.2% dip from the year before.
Publicis Media posted the biggest gain, growing 20% to RMB 39.47 billion (US$5.53 billion), and rising to second place. The agency gained RMB 5.34 billion (US$0.75 billion) in net new business in H1, including Mars, SAIC-GM and L’Occitane.
As of July 2025, WPP’s once-comfortable lead had shrunk to just RMB 4.16 billion (US$580 million).
Omnicom followed in third place with RMB 20.37 billion (3.8% market share), also posting close to 20% annual growth. If its proposed merger with IPG goes through, the agency is set to gain further scale in 2025, possibly creating a combined RMB 22.5 billion business in China—enough to overtake GIMC and become the third-largest player in the market.
Other international networks had mixed fortunes: Havas grew modestly by 3%, while Dentsu and Mediabrands declined sharply by 22.1% and 19.1%, respectively. In early 2025, new business wins have accelerated the shake-up.
Agency-managed spend shrinks in a changing market
While COMvergence measured RMB 539.18 billion (US$75.49 billion) in brand advertising spend in 2024, up 9% from the previous year, this now represents just 34.8% of China’s total ad market, down from 37.7% in 2023.
China’s overall advertising market, which includes spend across all platforms, reached RMB 1.546 trillion (US$216.5 billion) in 2024, up 17.9% year on year, according to the State Administration for Market Regulation (SAMR).
The shrinking share of agency-handled spend suggests a shift in how advertisers are allocating budgets towards in-house teams, platforms, and non-traditional vendors.
“The 2024 data reveals a market in fundamental transition,” said Stewart Li, managing director of Ebiquity China. “For advertisers, intensifying competition among international agencies creates opportunities for better terms and innovation, while local agency consolidation demands more selective partnership strategies. With agency-managed spending declining to 34.8% of total market spend, brands must prepare for an increasingly fragmented media landscape that extends beyond traditional agency relationships.”
