Over the past three decades, the advertising industry has continuously transformed—from mass media like print and TV, which had few consumer insights, to retail media networks, which leveraged shoppers’ data to help brands reach customers. The latest shift comes from commerce media networks, which integrate ads directly into the customer experience across multiple online and offline channels beyond retail, note Senior Partner Marc Brodherson and coauthors. They project that by 2027, the US commerce media market will reach more than $100 billion.
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A line chart and 2 bar charts show the projected evolution of the US commerce media market from 2023–27. The line chart shows the total commerce media network (CMN) value projections in billions of dollars, starting at approximately $40 billion in 2023 and climbing to a projected $100 billion in 2027. The first bar chart shows the CMN share of total ad spend, starting at 12% in 2023 and growing to 17% in 2025 and a projected 22% in 2027. The second bar chart shows the CMN share of total gross merchandise value, starting at 0.6% in 2023, growing to 1.0% in 2025, and projected to be 1.3% in 2027.
Note: This image description was completed with the assistance of Writer, a gen AI tool.
Source: eMarketer; Magna; McKinsey analysis.
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To read the article, see “The evolution of commerce media: Navigating a new era in advertising,” May 29, 2025.