If you are not gearing up for another so-called "mediapalooza" wave, you should be, according to media advisory firm ID Comms. 

The wave is already forming, with ID Comms estimating that $13 billion in media expenditures have already been reviewed this year, with another $11 billion in play. The firm estimates that total media agency review activity this year could reach $30 billion.  

By comparison, the typical year yields between $15 billion and $17 billion in media reviews, per the firm. 

And that's just the warmup, as 2027 could see over $40 billion in media agency pitches, according to the firm. 

The first mediapalooza event occurred a decade ago in 2016, the year that the Association of National Advertisers published its media transparency report, triggering $27 billion in media review activity that year. 

In addition to worries about hidden fees and undisclosed rebates, marketers then were looking for better pricing and to consolidate their accounts with fewer agencies, said Tom Denford, CEO of ID Comms. He and company Chief Client Officer David Indo analyzed the developing media review activity in the most recent edition of the podcast they host, "Media Snack."  

The current wave of reviews—and those expected next year—will not be about price but about locking in capabilities for the next five years, Denford said. 

Several factors are driving the mega media review activity this time around. Indo noted that more than a quarter of the top 100 advertisers have not reviewed their media agency accounts in the last seven years. The typical term between reviews averages three to five years, he added, so there's a backlog. 

And it's no secret that there has been a lot of change in the industry during that time, the primary driver of that change being advances in artificial intelligence. Consolidation has reshaped the business as well—notably Omnicom's acquisition of Interpublic, along with the acquisition of major data and technology assets by Omnicom, Publicis Groupe and WPP. 

While the full promise of AI has not been realized, developments are "starting to feel more tangible and real," said Denford, and less like "slide ware."   

Also, big agencies are more aggressively pushing clients to upgrade and take advantage of newer AI-driven capabilities. "So they know there is going to be a change in the scope of work," creating a prompt to assess the broader picture, said Denford. 

Keep in mind that agencies are on average 10% smaller in staff than they were a decade ago. The heightened review activity will put a strain on agency resources, and they will be more discerning about the pitches they opt into. "You have to make yourself attractive to your candidate list," said Indo.  

On the flip side, marketer procurement teams—in their infancy during the first mediapalooza—are far more strategic, not singularly focused on pricing. 

Denford and Indo urged potential reviewers to assess their own operating models before calling a pitch, to determine strengths and weaknesses in their current basket of media capabilities.  

Also, marketers should be clear about what they want from their agency and assess whether their current situation requires a full-blown competitive pitch versus a renegotiation with a current agency.  

And some marketers may want to wait. "In twelve months' time the agency landscape will be different," Denford said.