Obviously, a large chunk of these revenues go to the cloud computing players, so Google Cloud, AWS for Amazon, or Azure for Microsoft. Again, there are significant services revenues here for our data practice around data engineering, systems integration, cloud migration, analytics, visualization, etc. This is not an exhaustive analysis of all the components that make up our addressable market, but hopefully it illustrates that there is a multi-billion GBP opportunity, and all parts of it are in serious growth mode. The final chart in the bottom right there shows the revenues of the top 25 advertising groups according to Ad Age. This includes all the holding companies. It includes the digital parts of the consulting companies such as Accenture Interactive or Deloitte Digital, and many of the large independents. This all adds up to GBP 120 billion of revenue.
That's something we're determined to disrupt and win more than our fair share of. If we head down to the next chart, I'm going to cover clients. Go to the next chart. Q3 was a very strong quarter for new business. In particular, two wins that I would highlight. You've all probably heard of the BMW win, which was our latest Whopper, which Victor and the team at Media.Monks did a fantastic job on over almost a year of pitching. We've won a major assignment for digital creative and production across all the European markets, and we're very much at the center of what they're calling the engine, to deliver that. On the digital media side, T-Mobile was a large win for MightyHive. Pete and the team brought that in, and that's an in-housing opportunity for them.
Really an extension of the work that we've done for Sprint. That's a great additional win for them. Other clients, as you can see on here, we have St. Jude's Hospital, also some in-housing work. Shopify, doing a lot of work for them out of Canada. Klarna, which is a very interesting fintech platform. Mercado Libre and Whirlpool, which are both big wins for us in Latin America across all of our service offerings, so across data, creative, and digital media. Beyond Meat and Sunrun, who are disruptors in their respective fields, whether that's FMCG or the energy sector. On the expand side of things, we continue to win assignments for our major clients, so you can see many of them down here, and continue to expand our arena to all of those clients.
If you head to the next slide, you'll see our client portfolio. This is based on 100% of our revenue for the first three quarters, and it's very similar actually to what you've seen in the previous two quarters. Actually, technology has had a slight uptick, so it's now 55% of our revenue, and something we'd certainly like to maintain because those are the companies that have been growing very solidly through COVID and investing heavily in marketing. You'll see the other sectors, FMCG, another decent sector for us, something that's also done well during COVID. You'll see, I would imagine in the next quarter or two, an uptick in auto as the BMW revenue starts to kick in. If we head down to the next slide, I'm going to cover what we've been up to in the merger side. Head on to the next slide.
We've done three mergers in the third quarter. In July 2020, we did Orca Pacific, which is the full service Amazon agency based in Seattle. In early September, we did BrightBlue, which is the econometric measurement and modeling company based in London. In late September, we announced Dare.Win which is opening up the French market for us, so Wally and his colleagues on the creative side of the business. We continue to have a strong pipeline in M&A. We have several similar size deals, so some small and mid-size deals in due diligence right now, and we are seeing significant interest, partly I think due to concerns around tax laws changing in markets like the U.S. and the U.K. There's certainly some pretty frenetic activity out there, and a few interesting larger targets that are on the market right now that we're looking at.
Particular focus in data and digital media, expanding our capabilities there. A couple of geographical opportunities in markets like Germany, and then further expansion into e-commerce and digital transformation. With that, I will hand you over to Martin for the summary.
Okay. Thanks, Scott. Thanks, Peter. Let me just try and summarize on the last slide before the Q&A slide, where we are. I think firstly and most importantly, our people and their families are generally safe and mostly still working from home. The picture is a little bit different on where you are talking about. For example, in Asia Pacific, I think probably about 25%-50% of our people are in the office. In Western Europe, it's probably about 10% or 20%. In the Americas, both north and south, it's much more limited. Obviously, the news about the vaccine, the Pfizer vaccine a few minutes ago, will have an impact, and that's very much in our planning for next year, which I'll come on to in a second.
Broad diversity, equity, and inclusion programs have played a big part of our activities in the first nine months of this year. We have 40% people of color representation throughout the company, and a gender balance. There's clearly more to do in the Black community. We're about 5%-6% Black population in the U.S. In the various parts of the country in which we operate in, there are some lower and some higher. In California, the proportion is about at 3% or 4% or 5%, but in New York., for example, it's 25%. We've committed to represent the communities in which we operate, obviously we have to up our game, and we're doing that with our hiring and education programs, in particular, the minority programs, the Black minority programs that we've already instituted around high schools and Black universities.
A big effort in that area. In terms of Q3, as Peter laid out, very strong performance, both in comparison to the tech companies which we are more aligned with, and indeed the advertising holding companies. 23% performance against, down for all the ad holding companies of around 5%-10%. We're now back to our pre-COVID levels of performance in January and February in terms of revenue growth and indeed margins, and reaching our targeted performance. We said that we had a fighting chance of reaching our other two, three-year plans of doubling the size of the company over three years, and we now think that we're in a very strong position to do that. Q4, as Peter also said, is on track to deliver continued strong double-digit top line and bottom-line performance, and target margins for 2020.
We don't share the uncertainty that the ad holding companies exhibited in relation to Q4 and the impact of the increased lockdowns, particularly in Western Europe might have. We see a continuation of digital activity and digital disruption. We believe we have an even stronger fighting chance, as I referred to before, of delivering the 2020 three-year plan to double the size of the company organically. Our new plan for 2021 three-year plan also embodies exactly the same objective, doubling the top and bottom line over three years. That implies about a 24% growth in the top line going into the budgets, for example, for next year. Maintaining the 20% EBITDA margins after central costs. Strong margins still, which as we indicated, have improved in Q3. Are back to where we want for the full year 2020.
The budgets for 2021, as I said, are showing growth, like-for-like growth of 25%, and bottom-line growth of a similar level, and are consistent with all our three-year plans. You may recall that the subprime crisis and the great financial crisis of 2008 in September resulted in the TARP programs which took Paulson a fair amount of time to negotiate with Congress. They came in in March of 2009, then 2010 surprised on the upside, and we think the same for 2021. I was looking at the latest forecast for GDP, global GDP for next year, and they look to be around 5%. I think Goldman is going for 6% next year. Intriguingly for 2022, they're looking at 3%-4%, which is stronger than I thought they were going to be.
I certainly think that 2021 will have macroeconomic tailwinds. The vaccine developments are obviously crucial. In our planning, we've assumed that a vaccine is approved, available, distributed, and people are being vaccinated without an issue, by the second quarter of next year. That looks now pretty feasible. There are micro tailwinds helping us. Our Whopper, BMW, MINI in Europe, which we spent some time this morning with Victor on our European and Asian call talking about. The wind that Scott referred to in digital media around T-Mobile following the Sprint in-housing a year or so ago. Those tailwinds will help our growth next year, and we believe we're in sight of a further Whopper, as we call them, that is a client accounting for more than 20% of our revenue.
We have three major ones at the moment, Google, a second tech client, which we are NDA'd on, but you can imagine who that is. Our third being BMW, and we believe we're on the cusp of a fourth, and maybe even a fifth as we move into next year in terms of land and expand strategy around another tech client. We think by the end of this year, going into next year, we will have five or close to five Whoppers, three of whom will be tech clients, one in FMCG, and one in auto. This all represents concrete evidence of client conversion at scale, which was the objective for 2020. 2018, you remember, we were talking about brand awareness, 2019 brand trial, and 2020, the beginning of client conversion at scale and achieving and making more significant progress on our 20 squared clients objective.
That is to have 20 clients of GBP 20 million revenue or more. As Scott said, the merger pipeline is very strong and active, particularly given the concern around blue wave and a potential tax hikes, whether that comes to pass or not, I guess depends on what happens in Georgia on January the 5th. The historical precedent seemed to indicate that we will probably have a Republican Senate with a Democratic House of Representatives and, of course, a Democratic President. That may actually introduce some balance into economic policy. Not too hot, not too cold, maybe the Goldilocks type of economy that we were used to in the world a few years ago. It would be interesting to see, obviously, how President-elect Biden and Mitch McConnell work out a modus vivendi. We'll see.
That probably will, I think the markets are signaling this, will indicate some compromise, not the extremes, but some compromise between the two. Finally, we have a very strong management team, with a unitary P&L approach and a heavy integration focus. We will have a heightened unitary rebranding of the firm as a whole to come in early 2021, which celebrates the 20th anniversary of MediaMonks. That's the background. Fraser, I think we can now move to any questions, if there are any.
Thank you. Ladies and gentlemen, if you have a question, please can you press Star and then two on your phone keypad now to enter the queue, and then after I announce you, just ask that question. Once again, if you have a question, please press Star and then two on your phone keypad now. There'll be a brief pause while the questions are being registered. The first question is from the line of Michael Levine at Pivotal Research Group. Please go ahead. Your line is now open.
Congratulations on the terrific results, guys. I guess a question for all three of you. I'm curious, obviously pretty interesting announcement this morning with regards to the vaccine. As you guys are talking to clients about their planning for next year, I know this lines up nicely, Sir Martin, with your view in terms of macro. Are they doing basically decision tree analysis and saying, "If this happens, then marketing goes to X?" I'm just curious, what's your view is in terms of how fast, assuming we continue to get validation over this. I guess it's also happening at an interesting time of the year, since people are still probably locking down what they're thinking about for 2021.
Yeah, I think it's very difficult to generalize, Michael. I think what we're seeing is the more V-shaped sectors are what you would anticipate, namely tech and healthcare. Packaged goods and autos tend to be more U-shaped. I think these developments around the Pfizer vaccine, and of course, there are other vaccines that may play a role too. I think some of the analysts were expecting one or two vaccines to be approved by the end of this year. This does, I think, change the game, and you see that in the market's reaction to planning. Our own planning, for what it's worth, has been based on the second quarter of next year as being the vaccine introduction quarter. I think most of the organizations that we talk to have been planning along those lines.
The tech companies haven't really opened up their offices or said they wouldn't open up their offices until the end of Q2 of next year. Companies like Google and Facebook and indeed Amazon, end of Q1, end of Q2. I think this is all good news, and it indicates why President Trump was so keen on trying to get news out about the vaccine before the election. It's interesting that it's come just one week after the election. I think this 90% confidence level that dealing with COVID is really interesting, and I think will be an extremely strong positive force. To your point, will probably encourage clients to be more optimistic. I think the general feeling I have is that each company will want to move ahead quicker. It's rather like a coiled spring, I think, over the last six months.
They've been probably damping down and resisting expansion or expansionist thoughts. I think this will open up the spigots probably faster than we anticipate. Scott, do you want to comment on any client activity that you see or hear?
I think you have to go back to our sort of client exposure chart and understand that given our exposure to technology clients, that that's a sector that's done very well in the past year, and I think big plans for next year as well. I think that puts us in a very good place. Obviously, you then have the BMW win, which is a significant one, so that's going to up our auto category. We've been winning a lot of business of sort of disruptors in the sector, I guess, who tend to invest heavily ahead of revenues to drive that disruption.
I think we're in a very strong place for next year, and I think when it comes to COVID, obviously there was the dip in March and April, and I think a lot of that was driven by panic and clients having to adjust to working from home and not really understanding anything about how the virus was going to affect everyone. The irony is that the COVID numbers are worse than ever. I think everyone's sort of settled into the new reality. With markets going into new lockdowns in Europe, I don't think it's going to have the same drastic effects on advertisers' plans and spends. I think there's a lot more stability in the market now.
I think we feel very comfortable with how things are going to go for the rest of the year for us, and pretty comfortable about the planning processes that are in place for next year.
This news came out, what, an hour or so ago. What's interesting is you think about the travel and hospitality industries, which have been crippled by COVID. If there is an effective vaccine, and if it is going to come in in fairly short order, let's say in Q1, Q2 of next year, obviously this announcement probably drags it further forward from Q2 of next year. That will have an impact on the tech industry, a positive impact, because some of the largest advertisers, as you well know, Michael, on the tech platforms have been in the travel and hospitality category. That will open up. It's not been dormant, it's not been completely off the radar screen, but it's been pretty low level for the last three to six months.
I think actually this is going to be quite a significant development psychologically in terms of client thinking. If they hadn't been doing what you were talking about before, that sort of scenario analysis about what if, and I think many of them have. If they haven't been doing it before, they certainly will do it now, because I think this will encourage them to take a more expansive position. Peter, anything you want to add from your perspective?
No, I think that covers it. What Scott you said, sir. Yeah.
Okay.
Great. Congratulations.
Are there any other questions?
If anyone has any further questions at this stage, please press star and then two on your phone keypad now. Once again, any further questions, please press star and then two on your phone keypad now. At this stage-
Are we done, Fraser?
I think one is just jumping in.
Okay.
We go to the line of Becky Lane at Jefferies. Becky, please go ahead. Your line is now open.
Hi. Well done also on some very strong results. I've just got two questions, if that's okay. Firstly, the growth in headcount is impressive, especially in context of the wider market. What are you seeing in terms of trends in that labor pool? Especially given, obviously, some of the struggles that the holding companies are up against. Secondly, relating to that, you previously talked about supply and capacity constraints rather than any constraints on incoming and demand from clients. What do you think going into next year with the vaccine news, et cetera, what are your capacity constraints, especially relating to properly integrating mergers which have happened and also adding to that headcount? Thank you.
Okay. Thanks, Becky. As you know, the headcount in the first nine months was up about 26%, we're particularly proud of that, and we now have 3,000 people in the firm, in 31 countries. We added Germany, probably we're responsible for about 10,000 people one way or another, given the average family sizes. We're proud of the fact that more and more people are becoming dependent on S4 in the future. With that as background, on the labor pool, interestingly, you may have seen one of the analyst reports that looked at the nature of our workforce. It was highlighted again today. I saw in another press article, the nature of our workforce in comparison to the holding companies. In this particular case, the analyst compared it to WPP and Publicis.
We have very many more tech people and people from other industries as opposed to the agency industry. We're dominated more by the tech platforms and the hardware and the software companies and the platform companies that populate the tech industry. It's a very different type of workforce. For BMW, as we were talking about this morning, our content practice is really hiring about 300 people, not all in Germany and not all in Europe, but about 300 people for BMW MINI in Europe. We are highly confident of a further addition to our 20 squared roster, our Whopper roster shortly. We're already actually in the process of hiring for that, and that will be another 300 people. Another roughly 10% of our headcount, mainly in America initially, but spreading into Asia Pacific, and perhaps into Europe after that.
We're starting to hire and we're getting a lot of inbound interest anyway because it's known in the market that we are expanding, which is a rare-ish phenomenon in the advertising and marketing services industry at the moment. The ad holding companies were forecast to be shedding about 50,000 people worldwide in the industry in America, independents and holding companies, 50,000 this year. I think Forrester made that forecast. There is a considerable pool of talent available. The nature of our talent is slightly different. We do recruit from the holding companies, and we are recruiting, and I think without wanting to sound too arrogant about it, I can't remember a time where it has been easier to pick off people, really good people, from our competition, and that includes the consultancies as well. I think with that as background, I think we feel pretty good.
Obviously, we have to recruit aggressively given the scale and the impact that some of these wins are having on us. On the supply constraint, Peter and Scott, you may have a view. We did experience a supply constraint, I would say around May, June, maybe June going into July. I think it's eased a little bit as we've taken the foot off the brake on the hiring. We did, as a result of COVID, put a brake on hiring. We've now resumed that, and we have to, because as we prepare for next year for the auto win in Europe and indeed for other things. I don't sense at the moment that there is a constraint. As you were asking the question, Becky, I thought that we have, because the significance of these things, I think we have to bed them down.
We must make sure that BMW MINI is successful. Anything else that comes our way, they're so high profile and they're so important to us and to our clients, that we must make sure that they work really effectively, and they'll be a very good example to others. For example, in Germany, we've already seen two or three clients express interest in approaching creative and production in a very similar way to the way that BMW MINI in Europe is looking at it. I think big opportunities there. I don't see a constraint as yet, but we'll have to work our way through 2021. Scott, do you see anything on the supply constraint side?
I think you've covered it. You were asking about M&A as well, Becky. We talked at length, I think, at the Capital Markets Day and on some of our other calls about the importance of integration. We certainly recognize that, we also try to do that as quickly and smoothly as possible. So far, it's gone very well. Most of the deals that we've announced this year have already been integrated into either MediaMonks or MightyHive, and that's all continuing.
Peter, do you want to say anything about integration and how you see it going in a back office and everything else?
Yeah. Sure. Integration, as far as I'm concerned, is going quite well. Like we indicated earlier, immediately, basically, after we sign the deal, or in some cases even signed an LOI, then we start integrating, and that's more driven on top-line opportunities on client, on sharing, on client wish, or across the globe, or how can we cater for that from our different surface positions. That's one thing. That's more the top line, and that's basically why we all do all these merges for. More from a back office point of view, what we're currently doing is implementing HR systems to be ready for, let's say, early 2021. New payroll systems we're setting up, and that starts by going to them this week. Workshops for our ERP systems, or new ERP system at the end of next year or maybe even shortly after that.
There's a lot of activities going on. We have appointed certain groups, they may be in the Firewood or they may be in MightyHive, which take care of specific tooling or specific projects in relation to integration. Finally, what I think, Becky, we've been speaking about that for a long time now, also, of course, office integration, where we have multiple offices because of the result of new mergers. Where we have the opportunity, we immediately take care of that these offices are combined. Specifically, COVID speeded that whole process up where we had the opportunity on short-term leases to immediately cancel that, then onboard in the others whilst in most territories, we're working from home. At least, that whole thing is now going on.
Finally, there's a big project going on also on compensation and benefits, that if people talk to each other about having a cup of coffee, that we are aligned and not that one has this and the other has something else or different parameters for their bonus schemes, if any, or these kind of things. We're more and more unifying that, and I think Sir Martin also said that in early 2021, we will have a, let's say, further investigation or maybe also finalization of a unified brand.
That's really clear. Thank you very much.
Thanks, Becky.
There are currently no further questions in the queue.
Fraser?
Can I please pass it back to you for any closing comments at this stage?
Thanks, Fraser. Thank you, everybody. Apologies again for a slight delay at the beginning. Glad you could make it. Any further questions to Peter or myself or Scott at S4 Capital. We look forward to seeing you in the new year with our annual results. Stay well and stay safe. Thank you.
This now concludes our call. Thank you all very much for attending. You may now disconnect your lines.