LONDON (Reuters) – The value of global advertising revenue from retailer-owned e-commerce sites is growing so fast that the medium, known as retail media, is forecast to exceed television revenue by 2028.
GroupM, the world’s biggest media buyer, said it expects advertising revenue from retail media channels will grow 9.9 per cent to reach $125.7 billion in 2023 and will surpass television revenue in 2028, when it will represent 15.4pc of total ad revenue.
WPP owned GroupM’s 2023 Global Mid-Year Forecast report said retail media is the third fastest growing advertising channel this year behind digital out of home (OOH) screens and connected TV (CTV). However, those two channels are a fraction of the size of retail media.
The report, published on Monday, echoes an earlier forecast from market research firm eMarketer.
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