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Most of the major advertising holding companies — like WPP, Omnicom, Publicis Groupe, IPG, Dentsu Aegis Network and Havas — posted little to no growth in 2017, AdExchanger reports.

Expand chart
Data: Yahoo Finance; Chart: Lazaro Gamio / Axios

Our thought bubble: Ad agencies, which bill a significant amount of their time to digital services, are facing the same pain on the media buying side as publishers are on the selling side. Tech has gobbled up the once-lucrative margins from traditional advertising, like print and TV, on all sides.

The pain points:

  1. The decline in ad spending in the consumer package goods category, one of the more traditionally steady ad spend verticals.
  2. The rise of digital practices in consulting firms, like Accenture and PwC, which attributed to strains on the traditional agency model.
  3. The fall of the traditional "agency of record" model, as a result of bringing programmatic and digital teams in-house.

The bright side:

  • Ad spending cuts can be cyclical, and clients reenergize their ad budgets to boost spending again once the market strengthens.
  • Training and consulting opportunities exist for agencies to help clients set up in-house digital shops.
  • An emphasis on brand safety this year will force clients to think more strategically about high-impact, custom executions that tend to be the specialty of traditional agencies. (See item #7.)

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  2. Vaccine: Moderna to file for FDA emergency use authorizationVaccinating rural America won't be easy — Being last in the vaccine queue is young people's next big COVID test.
  3. Politics: Bipartisan group of senators seeks stimulus dealChuck Grassley returns to Senate after recovering from COVID-19.
  4. States: Cuomo orders emergency hospital protocols as COVID capacity dwindles.
  5. Economy: Wall Street wonders how bad economy has to get for Congress to act.
  6. 🎧 Podcast: The state of play of the top vaccines.
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Why it matters: The existing PET brain scan test costs some people about $5,000 and often isn't covered by insurance, AP reports.

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Wisconsin, Arizona certify Biden's victories

Photo: Demetrius Freeman/The Washington Post via Getty Images

Arizona and Wisconsin officials confirmed the presidential election results in their states, formalizing President-elect Joe Biden's victories in the key battlegrounds.

Why it matters: The moves deal yet another blow to President Trump's efforts to block or delay certification in key swing states that he lost.