v3.22.4
Revenue
 12 Months Ended
Dec. 31, 2022
Revenue [Abstract]  
Revenue Revenue
Nature of our services
We provide an extensive range of advertising, marketing and corporate communications services through various client-centric networks that are organized to meet specific client objectives. Our networks, practice areas and agencies provide a comprehensive range of services in the following fundamental disciplines: Advertising & Media, Precision Marketing, Commerce & Brand Consulting, Experiential, Execution & Support, Public Relations and Healthcare. Advertising & Media include creative services across digital and traditional media, strategic media planning and buying, performance media and data analytics services. Precision Marketing includes digital and direct marketing, digital transformation consulting and data and analytics. Commerce & Brand Consulting services include brand and product consulting, strategy and research, retail and ecommerce. Experiential marketing services include live and digital events and experience design and execution. Execution & Support includes field marketing, sales support, digital and physical merchandising, point-of-sale and product placement, as well as other specialized marketing and custom communications services. Public Relations services include corporate communications, crisis management, public affairs and media and media relations services. Healthcare includes corporate communications and advertising and media services to global healthcare and pharmaceutical companies. At the core of all our services is the ability to create or develop a client’s marketing or corporate communications message into content that can be delivered to a target audience across different communications mediums.
Revenue by discipline was (in millions):
Year Ended December 31,
202220212020
Advertising & Media$7,424.7 $7,959.3 $7,511.4 
Precision Marketing1,417.9 1,194.8 944.6 
Commerce & Brand Consulting958.4 910.7 821.8 
Experiential645.5 545.9 426.8 
Execution & Support980.0 1,026.6 961.3 
Public Relations1,545.8 1,391.7 1,310.9 
Healthcare1,316.8 1,260.4 1,194.3 
 $14,289.1 $14,289.4 $13,171.1 
Economic factors affecting our revenue
Global economic conditions have a direct impact on our revenue. Adverse economic conditions pose a risk that our clients may reduce, postpone or cancel spending for our services, which would impact our revenue.
Revenue in our geographic markets was (in millions):
Year Ended December 31,
202220212020
Americas:
North America$7,856.0 $7,709.7 $7,577.1 
Latin America329.0 296.1 275.4 
EMEA:
Europe4,010.5 4,219.6 3,607.7 
Middle East and Africa346.7 267.6 207.2 
Asia-Pacific1,746.9 1,796.4 1,503.7 
$14,289.1 $14,289.4 $13,171.1 
The Americas is comprised of North America, which includes the United States, Canada and Puerto Rico, and Latin America, which includes South America and Mexico. EMEA is comprised of Europe, the Middle East and Africa. Asia-Pacific includes Australia, Greater China, India, Japan, Korea, New Zealand, Singapore and other Asian countries. Revenue in the United States in 2022 and 2021 was $7,367.3 million and $7,245.9 million, respectively.
Contract assets and liabilities
Work in process includes contract assets, unbilled fees and costs, and media and production costs. Contract liabilities primarily consist of customer advances. Work in process and contract liabilities were (in millions):
December 31,
20222021
Work in process:
   Media and production costs$725.1 $731.1 
   Contract assets and unbilled fees and costs529.5 469.9 
$1,254.6 $1,201.0 
Contract liabilities:
   Customer advances$1,492.3 $1,644.5 
Work in process represents accrued costs incurred on behalf of customers, including media and production costs, and fees and other third-party costs that have not yet been billed. Media and production costs are billed during the production process in accordance with the terms of the client contract. Contract assets primarily include incentive fees, which are not material and will be billed to clients in accordance with the terms of the client contract. Substantially all unbilled fees and costs will be billed within the next 30 days. Contract liabilities primarily represent advance billings to customers in accordance with the terms of the client contracts, primarily for the reimbursement of third-party costs that are generally incurred in the near term. There were no impairment losses to the contract assets recorded in 2022 or 2021.