Following a recent survey by the British consultancy agency WARC, Amazon will remain the leader in Retail Media, with revenues reaching $52.7 billion by 2024.

Alongside Amazon, the Chinese titan Alibaba Group will be the second major global company in Retail Media; combined, both companies are forecasted to yield advertising revenues of US$80 billion in 2022, which is equivalent to more than two-thirds (68.3%) of global Retail Media investment.

As for Amazon, the U.S. company occupies more than four-fifths (87.8%) of the market outside China. In fact, it is forecast to earn $45.4 billion in advertising revenue this 2023, representing an approximate 20.4% year-on-year increase that would see Amazon unseat Alibaba as the world's largest Retail Media owner this fiscal year. 

By 2024, the Andy Jassy-led firm will accelerate further, with its ad revenue forecast to reach $52.7 billion (+16%), compared to $42.1 billion (+1.4%) for Alibaba.

Global Investment in Retail Media 

Globally, global advertising investment could exceed $1 trillion for the first time in 2024, following an estimated growth of 8.2% compared to 2023, according to Warc's 'Global spend outlook 2023/24: Withstanding turbulences' report, which estimates that this year investment will grow by 4.4% to $963.5 billion. 

By region, election advertising will be one of the factors that will boost investment in the United States in 2024, which, according to the study, will lead to investment growth of 7.6% in North America as a whole. This year, the estimated growth is 2%.

Meanwhile, in Europe, advertising investment is expected to grow by 0.6% in 2023 and by 3.6% in 2024, driven by the expected economic improvement and the celebration of the European Championship. Warc points out that the United Kingdom, the region's largest advertising market, will experience a 1% decline this year. In contrast, the advertising markets of Spain (+5.6% in 2023), Italy (+3.2%), and Germany (+2.7%) are expected to record positive growth.

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