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EMARKETER

Commerce Media Ad Spending Forecast Report 2025

A New Generation of Frenemies Joins a Rapidly Evolving Ecosystem

Report by Max Willens  |  Jun 17, 2025
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Table of Contents
Executive Summary
Advertisers will spend over $67 billion on commerce media in 2025
Nonretail commerce media is primed for several years of blockbuster growth
Most RMNs now face a new (fr)enemy
Commerce intermediaries will claim the largest share of nonretail commerce media ad spending
Financial media networks see great potential and face great challenges
Travel media networks will grow healthily, but may struggle to achieve escape velocity
Commerce media continues to attract interest from a wide variety of nonretail industries
Recommendations for advertisers
EMARKETER Interviews
Sources
Media Gallery
About This Report
Led by retail media, commerce media is well on its way to becoming an essential component of many advertisers’ media budgets. But a rapidly diversifying field of competitors will change how advertisers approach the channel.
Topics
Digital Ad Spending
Retail Media
United States
Table of Contents
Executive Summary
Advertisers will spend over $67 billion on commerce media in 2025
Nonretail commerce media is primed for several years of blockbuster growth
Most RMNs now face a new (fr)enemy
Commerce intermediaries will claim the largest share of nonretail commerce media ad spending
Financial media networks see great potential and face great challenges
Travel media networks will grow healthily, but may struggle to achieve escape velocity
Commerce media continues to attract interest from a wide variety of nonretail industries
Recommendations for advertisers
EMARKETER Interviews
Sources
Media Gallery

Companies across multiple industries are launching media networks in search of a high-margin stream of incremental revenues. That will transform how retailers, financial services providers, and other businesses interact with consumers. By 2029, commerce media will represent close to a quarter of advertisers’ digital media budgets in the US.

Key Question: What will drive US commerce media ad spending to—and past—the $100 billion mark?

Commerce Media Ad Spending Will Have a 15.3% CAGR Between 2025 and 2029, (billions in US commerce media ad spending and % change, 2025-2029 (redacted))
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Key Stat: Commerce media ad spending in the US will rise to $118.44 billion in 2029, per our forecast.

This report can help you:

  • Develop media strategy and allocate budgets for campaigns (brands and agencies)
  • Develop commerce strategy (brands)
  • Develop go-to-market strategy (solutions providers and media platforms)

Here’s what’s in the full report

2files

Exportable files for easy reading, analysis and sharing.

7charts

Reliable data in simple displays for presentations and quick decision making.

6expert perspectives

Insights from industry and company leaders.

    Table of Contents

    1. Executive Summary
    2. Advertisers will spend over $67 billion on commerce media in 2025
    3. Nonretail commerce media is primed for several years of blockbuster growth
    4. Most RMNs now face a new (fr)enemy
    1. Commerce intermediaries will claim the largest share of nonretail commerce media ad spending
    2. Financial media networks see great potential and face great challenges
    3. Travel media networks will grow healthily, but may struggle to achieve escape velocity
    4. Commerce media continues to attract interest from a wide variety of nonretail industries
    1. Recommendations for advertisers
    2. EMARKETER Interviews
    3. Sources
    4. Media Gallery

    Charts in This Report

    Commerce Media Ad Spending Will Have a 15.3% CAGR Between 2025 and 2029, (billions in US commerce media ad spending and % change, 2025-2029 (redacted))Commerce Media Ad Spending Will Have a 15.3% CAGR Between 2025 and 2029, (billions in US commerce media ad spending and % change, 2025-2029)
    Nonretail Commerce Media Ad Spending Will Exceed $10 Billion in 2026Without Amazon and Walmart, Retail Media Claims a Modest Share of Commerce Media
    Commerce Intermediary Ad Spending Will Increase at a 24.5% CAGR Over the Next Two Years, (billions in US commerce intermediary media network ad spending and % change, 2024-2027)Financial Media Network Ad Spending Will Have a 66.8% Over the Next Two Years, (billions in US financial media network ad spending, % change, and % of commerce media ad spending, 2024-2027)
    The Long Tail of Commerce Media Network Types Will See the Fastest Ad Spending Growth

    Interviewed for This Report

    Damien Bianchi
    VML
    Group Media Director, Retail Media and Commerce
    Interviewed May 16, 2025
    Carli Feinstein
    Craft & Commerce
    Managing Director
    Interviewed May 19, 2025
    Will Margaritis
    Dentsu
    Executive Vice President, Commerce and Retail
    Interviewed May 15, 2025
    George Musi
    Night Market
    Chief Business Officer
    Interviewed May 12, 2025
    Amie Owen
    Kinesso
    Global Chief Commerce Officer
    Interviewed May 19, 2025
    Jasvinder Singh Bindra
    M+C Saatchi Performance
    Commerce Media Director
    Interviewed May 19, 2025

    authors

    Max Willens

    Contributors

    Oscar Bruce Jr.
    Director, Forecasting
    Rahul Chadha
    Director, Report Editing
    Sarah Marzano
    Principal Analyst, Retail Media
    Naomi Rebuelta
    Copy Editor
    Matt Torpey
    Senior Chart Editor
    Yoram Wurmser
    Principal Analyst
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