One of the fastest growing new revenue streams for retailers is showing no signs of slowing down. Global retail media spending will reach $101 billion this year, an increase of 15% over 2021, according to findings from WPP’s GroupM. The agency predicts that the category, in which retailers perform media duties for advertisers, will exceed $160 billion annually within five years.
“We do think there is continued opportunity especially in the U.S. and other markets,” said Kate Scott-Dawkins, global director of business intelligence at GroupM, at a briefing about the agency's new report. Retail media ad revenue represented 18% of global digital advertising revenue last year, and 11% of total global ad revenue, GroupM found.