New York – At Advertising Week New York a panel of industry experts shed light on how retail media networks and connected TV are a promising pairing, as the two offer a symbiotic relationship and new opportunities for brands and advertisers.
And the marriage of retail media and CTV is poised for growth. According to a recent report from eMarketer, U.S. retail media ad spend on connected TV is expected to total $813 million this year. What’s more, it’s projected to grow by nearly seven times by the end of 2027 to $5.63 billion.
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When Covid came along, it changed the media consumption of those consumers retailers were trying to reach and behaviors in the marketplace, birthing many new retail media networks as a result, according to Amie Owen, US Head of Commerce at media agency UM Worldwide.
During the panel, she noted how data and tech come into play to understand the consumer shopping journey and ensuring there aren’t extra steps in their process.
Read more in StreamTV Insider.