Dive Brief:
- Stagwell has acquired creative marketing agency Movers+Shakers, according to a press release. The deal, Stagwell’s fourth this year, sees Movers+Shakers join the Constellation network of agencies.
- Movers+Shakers is best known for its social media chops, having produced campaigns that have racked up 250 billion views to date. The agency has also added 21 new clients to its roster this year and was named Tinder’s social media and culture agency of record.
- Stagwell’s revenue totaled $618 million in Q3 and $1,872 million for the first nine months of 2023, according to its recent earnings. Q3’s revenue represented a 7% decline from the same period last year, while the year-to-date revenue is down 5% compared to 2022.
Dive Insight:
Creative agency Movers+Shakers has gained a reputation in the industry as the so-called “TikTok whisperers,” per release details, however, like many, the shop’s growth has been limited by its size. By joining Stagwell’s Constellation network of agencies, Movers+Shakers, which has worked with clients including Netflix, E.l.f. Cosmetics and Neutrogena, will have access to networks across the globe. Terms of the deal were not disclosed.
“Joining Stagwell allows us to drive brand transformation on an even bigger scale,” said Evan Horowitz, CEO and co-founder of Movers+Shakers, in a release. “Clients are inviting us to help them in a global capacity, as well as with connected capabilities like media, experiential, data, and commerce. We chose Stagwell because we are excited to partner with its like-minded, disruptive agencies.”
Meanwhile, Stagwell gets to add another notable agency to its growing roster, which also includes 72andSunny, Gale, Colle McVoy and The Harris Polls. The Movers+Shakers acquisition is Stagwell’s fourth this year, following In the Company of Huskies in April, Tinsel in July, and Left Field Labs in October. Movers+Shakers, founded in 2016, has driven client success across industries including CPG, beauty, retail, entertainment, fashion, toys and technology.
The Movers+Shakers acquisition comes just as Stagwell released its third quarter earnings statement. During the period, Stagwell claimed more than $81 million in net new business from clients including Estee Lauder, Vera Bradley, Liquid I.V. and E-Trade. Still, this year has come with its challenges as sector-wide headwinds persist. In the earnings statement, Mark Penn, chairman and CEO of Stagwell, noted that the company is expected to return to growth over the next two quarters as new business is signed and challenges in the tech and auto sectors begin to recede.
