Stagwell successfully acquires Movers+Shakers, a leading social-first creative agency
Stagwell bolsters its portfolio with the purchase of social-first creative agency Movers+Shakers, marking its fourth acquisition this year This move comes amidst a challenging Q3, with a 7% decline in year-over-year revenue
Article Brief:
According to a press release, Movers+Shakers, a creative marketing agency, has been acquired by Stagwell. This acquisition marks Stagwell's fourth deal of the year and leads to Movers+Shakers becoming part of the Constellation network of agencies.
Movers+Shakers is renowned for their expertise in social media, having successfully executed campaigns that have amassed an impressive 250 billion views. Additionally, the agency has acquired 21 new clients this year and has been appointed as Tinder's designated social media and culture agency.
According to recent earnings, Stagwell's revenue for Q3 amounted to $618 million, with a total of $1,872 million for the first nine months of 2023. Q3's revenue reflects a 7% decrease compared to the same period last year, while the year-to-date revenue has witnessed a 5% decline compared to 2022.
Article Insight:
Movers+Shakers, a creative agency known as the "TikTok whisperers," has become renowned in the industry. However, due to its size, the agency's growth has been hampered. By becoming part of Stagwell's Constellation network of agencies, Movers+Shakers, which has collaborated with esteemed clients like Netflix, E.l.f. Cosmetics, and Neutrogena, will now have access to global networks. The terms of the agreement have not been disclosed.
"By joining Stagwell, we are able to drive brand transformation on a larger scale," stated Evan Horowitz, CEO and co-founder of Movers+Shakers. He added, "Clients are seeking our assistance globally, as well as in areas such as media, experiential, data, and commerce. We chose Stagwell because we are thrilled to collaborate with its innovative and like-minded agencies."
In the meantime, Stagwell gains another noteworthy agency to add to its expanding portfolio, which already includes 72andSunny, Gale, Colle McVoy, and The Harris Polls. This acquisition marks Stagwell's fourth of the year, following In the Company of Huskies in April, Tinsel in July, and Left Field Labs in October.
Established in 2016, Movers+Shakers has achieved success for clients across various industries, including CPG, beauty, retail, entertainment, fashion, toys, and technology.
The acquisition of Movers+Shakers coincided with Stagwell's release of its third-quarter earnings statement. Stagwell reported over $81 million in net new business during this period, securing clients like Estee Lauder, Vera Bradley, Liquid I.V., and E-Trade. Despite the challenges faced in the industry, particularly in the technology and automotive sectors, Mark Penn, the chairman and CEO of Stagwell, expressed optimism in the company's future growth, anticipating new business signings and a decline in these challenges over the next two quarters.
