With ad revenue reaching $4.4B, buyers see Walmart’s retail media network as the ‘one to watch’

Walmart’s ad business grew 27% year over year in 2024, according to the company’s recent earnings report, netting the retail giant $4.4 billion in global ad revenue for the year. That growth has come as Walmart has continued to evolve its ad offerings. This week, for example, the company announced a new Application Programming Interface (API) for Walmart Connect that allows ad tech platforms to create and manage tools for display campaigns — a move that buyers see as Walmart setting the stage to transition from managed service to self-service.

As Walmart’s retail media network matures, buyers see it as the leader of the pack among the bevy of retail media networks — aside from Amazon of course. Walmart is checking a lot of the boxes when it comes to what buyers want from retail media networks now, including adding more capabilities and tools, more measurement tracking and off-site ad units. Whenever Walmart adds streaming and CTV capabilities — something buyers expect it will do given its acquisition of smart TV maker Vizio — that will only help the retailer continue its current growth trajectory, according to four ad buyers Digiday spoke with for this piece.

“Walmart has been the one to watch,” said Amie Owen, chief commerce officer at IPG Mediabrands.

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