Retail media has been one of the fastest-growing segments in advertising—but the way it grows is starting to shift.
In the latest episode of Media Monitor, Kelly Sweeney and Sean Wright break down how retail media networks evolved, what’s driving their continued expansion, and why 2026 may look very different from the past few years.
Retail Media Became a Major Growth Driver
Retail media networks have been around for years, but their real acceleration began around 2018—driven by platforms like Amazon, Walmart, and major grocery chains.
Today, they represent a meaningful share of market expansion.
In the U.S. alone, retail media accounted for roughly 15% of total ad market growth between 2024 and 2025.
The model works for two key reasons:
- Endemic environments where ads align naturally with purchase intent
- Closed-loop attribution that directly connects ad exposure to purchase behavior
For advertisers under pressure to prove performance, that combination is hard to ignore.
Amazon Still Dominates—but the Ecosystem Is Expanding
Amazon continues to define the category—accounting for roughly 40% of retail media ad revenue in the market.
Traditional retailers like Walmart, Kroger, and Albertsons make up another significant share, collectively driving a large portion of growth.
But the category is expanding beyond retail.
Platforms like:
- Instacart
- Uber and Lyft
- United Airlines
- American Express
are entering the space—leveraging owned audiences and transaction data to position themselves as advertising platforms.
These “non-retail” networks are still smaller, but they’re growing at nearly 2x the rate of traditional players, signaling where future expansion may come from.
The Rapid Expansion Phase May Be Slowing
One of the biggest drivers of retail media growth has been simple: more networks.
By the end of 2025, there were 51 scaled retail media networks in the U.S.—more than double the number just a few years earlier.
But that pace is beginning to change.
So far in 2026:
- No major new network launches have been announced
- Growth from new platform creation is slowing
- The market is approaching saturation
At the same time, user growth is reaching its limits. Nearly 80% of U.S. adults are already connected to at least one retail media ecosystem, leaving less room for expansion through new users.
Growth Is Shifting to New Levers
As the market matures, retail media networks are evolving how they grow.
Three key areas are emerging:
1. Offsite Inventory
Retailers are extending their data beyond owned platforms—partnering with external publishers and streaming platforms to activate audiences elsewhere.
While still a small share (~5%), this is growing quickly and represents a fundamental shift in strategy.
2. Audience Data & Clean Rooms
Retail media networks are increasingly positioning themselves as data providers—using clean rooms and partnerships to help brands match and activate high-value audiences.
This allows them to monetize their data without relying solely on owned media inventory.
3. Organic Growth from Existing Players
With fewer new entrants, growth will increasingly come from existing platforms expanding capabilities, products, and advertiser adoption.
What This Means for Advertisers
Retail media is not slowing down—but it is maturing.
The next phase will be defined less by:
- New platforms launching
- New users entering the ecosystem
And more by:
- Data monetization
- Cross-platform activation
- Expanded use of audience intelligence
For advertisers, this means retail media is becoming less about placement—and more about data.
The Takeaway
Retail media networks have already reshaped the advertising landscape.
Now, the shift is happening again.
Growth is no longer just about scale—it’s about how these platforms extend their data, deepen their value, and integrate into broader media strategies.
Understanding that shift will be critical for anyone planning, buying, or evaluating media in 2026.
The Media Monitor Mission
Media Monitor exists to bring clarity to the trends reshaping media, advertising, and consumer behavior.
New episodes drop every Wednesday on YouTube, Spotify, and Apple Podcasts, covering the market shifts that matter most to media, advertising, and strategy teams.
At Guideline, our mission is to bring transparency and control to the media lifecycle. Connect with our team to learn how these shifts are impacting your strategy.
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