Retail media is settling into a clearer hierarchy as Amazon remains dominant and a scaled second tier begins to take shape beneath it. Meanwhile, the crowded long tail is falling further behind. Channels that could help emerging RMNs break through, particularly in-store, remain underdeveloped, reinforcing the advantages of already scaled players.

Key Question: How should advertisers and retail media networks (RMNs) adapt as growth becomes increasingly concentrated among a small group of scaled players?

Key Stat: By 2028, Amazon’s retail media revenues will exceed $75 billion, more than $65 billion ahead of the next-largest RMN.