Surging Social Media demand continues to drive spending growth for PR professionals; Contact Management, Media Analysis, Media Monitoring and Press Release Distribution spending also growing

Spending on Media Intelligence information and software solutions for public relations professionals grew 7.12% in 2014 to USD2.62 billion, according to a new report by Burton-Taylor International Consulting LLC.

“The hottest areas of spending growth were Social Media solutions and tools for managing contacts with key influencers – whether traditional-media journalists or new-media commentators”, says Douglas B Taylor, Founder & Managing Partner of Burton-Taylor, a recognized leader in information industry market research, strategy and business consulting.  “However, the real story in 2014 was the restructuring activity within the industry.  Cision, Vocus, Gorkana, Kantar Media and Precise Media have all been in the headlines for acquisition-related events and many believe there is still more restructuring to come.” Boosted by a string of industry takeovers, Cision is now the largest Media Intelligence provider in the world, taking market leadership from UBM-owned press release distributor PR Newswire, which had held the top spot since 2009. The Burton-Taylor study shows that NASDAQ OMX, Meltwater, Kantar Media and iSentia enjoyed the highest five-year growth rates among the industry’s major suppliers.  It also shows a sustained rise in demand, with overall spend in the industry growing at a 7.35% compound annual rate (CAGR) over the past five years. “2014 was a very good year for the industry,” says report contributor Chris Porter, Director …