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Click here to view our full forecast for retail media network off-site ad spending in China. Retail media鈥檚 share of ad spending will continue to climb. Advertisers in China will continue to allocate a growing portion of their advertising budget to retail media throughout our forecast.

This year, as the digital ad spend outpaces the time consumers are spending on the medium, media companies are leaning into revenue drivers like commerce media while also investing in content that builds community.

The ad spending winter of 2022 and early 2023 was mild and short-lived, as we predicted. And after a solid H2 2023, things are looking up across the board for 2024.

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CTV display ad spending will reach $33.35 billion in 2025, with 98.4% of those dollars going to video ads. Total CTV ad spending will see solid double-digit annual growth rates through our forecast period to reach $46.89 billion in 2028.

While 2025鈥檚 projected ad spend shows the industry is healthy, there may be some challenges for major agencies, which have seen a decreasing share of US ad spend over the past several years, per Advertiser Perceptions.

Spend from current retail media network (RMN) advertisers is showing signs of cooling, forcing RMNs to look to non-endemic advertisers outside their existing ad networks for new ad dollars.