The operating brand of Sir Martin Sorrell’s S4 Capital has refreshed its brand, ditching the ‘media’ part, and overhauling its operating structure to focus its nine capabilities into two practices: Marketing and Technology.
S4 Capital’s Media.Monks has restructured its operations and refreshed its brand following a challenging 2023 in which revenue slumped and the business trimmed its workforce.
The new structure sees the company split its operations into two core services: marketing and technology.
Both practices will be underpinned by Monks.Flow, an AI-powered marketing and workflow platform, as well as a consulting group that will offer end-to-end services ranging from strategy to implementation.
Media.Monks has also changed its brand to ‘.Monks’ – who traditionally are devout religious types known for leading simple, disciplined and contemplative lives in the service of a higher cause.
“Many of today’s agencies are wrestling with the pace of change in a world profoundly transformed by technology. It’s always been our ambition to disrupt the legacy model and today marks another important milestone in that journey,” S4 Capital founder and executive chairman Sir Martin Sorrell said.
“With this shift in the way we deliver our services to market, we are better able to help clients transform the economics of their businesses and are well-positioned to develop and define the future of our industry.”
Kate Richling, chief marketing officer, explained the rebrand: “By dropping ‘media’ from our name, the new operating brand more accurately represents our integrated global team, unified expertise and diverse communities.”
Dropping ‘media’ could also be a nod to a rapidly changing media environment under substantial strain.
Nonetheless, media will form part of the marketing services, which encompasses a suite of creative, content, media, social and data-driven marketing solutions, leveraging the Monks’ capabilities in storytelling, audience engagement and performance marketing to “deliver outcomes that resonate with consumers and drive measurable results”.
Technology services will concentrate on the company’s technology, user experience, product engineering, data, digital transformation and consulting services. It will focus on robust digital infrastructures, next-gen digital products and consumer experiences, and data and analytics solutions that “empower clients to navigate and thrive in the digital age”.
Common Monks traits: ‘Simplify, Empathy, Transparency’
Brady Brim-DeForest has been appointed CEO of Technology services while Wesley ter Haar and Bruno Lambertini head up the Marketing division, which accounts for about 75 per cent of the company’s revenue.
“Our aim is to simplify and accelerate the possibilities of technology and creativity for our clients and that starts with streamlining our offerings and identity,” Brady said.
Ter Haar, who founded the MediaMonks business in The Netherlands 20 years ago, and Bruno Lambertini added: “To be a Monk is to champion empathy, transparency, and diversity, driving us to create human-centric solutions for clients who are eager to authentically carve their place in culture.”
The streamlined approach to operations and name come after a bruising 2023 for the digitally led full-service consultancy.
After four years of high double-digit revenue growth of between 22-45 per cent, Media.Monks revenue dropped by 4.5 per cent to £873.2 million (A$1.68 billion) in 2023. The business blamed companies spending less on technology services as the major reason for the decline.
Last year, the business cut its workforce by at least 13 per cent, including redundancies in Australia and across the Asia-Pacific region, where it has struggled to get a foothold.
Today, Monks has a global workforce of about 7,600 people in 32 countries with the majority of its revenue – approximately 80 per cent – coming from the Americas. Fifteen per cent of revenue is from Europe, the Middle East and Africa, and 5 per cent comes from Asia-Pacific. The company’s long-term objective is for a geographic split of 60:20:20.
Although technology services only brings in 25 per cent revenue, Monks are targeting a 60:40 marketing to technology split, and will be praying that a simplified offering to market provides divine inspiration to turn around the company’s fortunes.
