Why CMOs Are Betting on Commerce Media Networks

Episode notes

Episode 47 of The CMO Podcast dives into the fastest-growing channel in digital advertising: commerce media networks. Lucas breaks down how retailers like Amazon, Walmart, and Instacart have built ad businesses worth tens of billions, and why consumer brands are now reallocating up to 20 percent of their media budgets into these closed-loop ecosystems. Luna challenges whether this is truly incremental revenue or just a rebrand of trade spending. They examine the retail media flywheel, the tension between first-party data and brand equity, and what the rise of commerce media means for the open web. Specific data point: Amazon's advertising revenue hit $56 billion in 2025, growing at 25 percent year-over-year - faster than its core e-commerce business. For CMOs, the question isn't whether to invest in commerce media, but how to measure true incrementality without ceding control of customer relationships. A must-listen for marketing leaders navigating the post-cookie landscape.

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