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Global retail ad market to hit $200bn milestone this year as growth momentum slows

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WARC
WARC Media releases The Future of Commerce Media 2026 examining the intersection of commerce and advertising
19 August 2026 – The global retail media market continues to grow and evolve, with ad investment projected to surpass $200bn this year and reach $223bn by 2027, per WARC Media. However, growth is slowing towards single digits, and there are dangers of ‘enshittifying’ the shopper experience, which in turn may have a negative impact on campaign effectiveness, as retail media networks look to meet ambitious targets.

Alex Brownsell, Head of Content, WARC Media, says: “The retail media landscape is maturing and

consolidating, forcing marketers to rethink their approach. While retail media excels at converting existing demand, it underperforms on long-term brand building. Retailers face a delicate balancing act: growing ad revenue to boost margins without overwhelming shoppers with too many ad interruptions that compromise both shopper experience and campaign effectiveness. Success now depends on smart integration with other channels and finding the optimal path to sustainable results.”

The Future of Commerce Media 2026 examines key trends and analyses fresh research about the intersection of commerce and advertising.

Global retail media ad market to reach $200.4bn in 2026 and $223.4bn in 2027, but growth slows

On course to reach $200.4bn in 2026, worldwide retail media investment is forecast to grow by 11.5% year-on-year in 2027 to $223.4bn, according to WARC Media’s latest forecasts. By then, retail media will account for 15.2% of total worldwide ad investment.

However, growth is slowing towards single digits. When excluding industry leader Amazon, the global retail media market is set to dip to 9.8% in 2027 – the lowest year-on-year rate of growth since WARC Media began monitoring spend.

US retail media remains resilient as European growth slows

While European retail media spend growth decelerates to single digits, the US market shows stronger momentum. WARC Media forecasts US retail media network spending will grow 13.6% in 2028 to reach $74.9bn.

But concentration of ad spend remains a challenge. In 2025, Amazon captured 78.0% of all US retail media expenditure, with Walmart taking 7.5%, leaving just 14.5% for all other networks combined, according to Walrus Intelligence. In Europe, more than two-thirds of overall retail media spend went to Amazon in France, Germany, Italy, Spain, and the UK.

Retail media takes more than half of CPG ad budgets

Retail media dominates endemic CPG category budgets. In 2027, retail media will account for 55.8% of all media investment by alcoholic drinks brands globally, and 54.9% of the overall food category spend. However, in fast-growing categories like technology and electronics, retail media is set to only take 15.0% of total spend in 2027 – down from 16.2% in 2025.

Many retail media networks are over-reliant on a small number of core advertisers. Nearly three-quarters (73.9%) of UK brands spend with three or fewer RMNs. WARC Media’s analysis found that among eight of the UK’s largest domestic RMNs, none achieves a third of revenue from the long tail – i.e. the bottom 50% of brands by spend.

Amazon’s non-retail advertising business – spanning Prime Video and Twitch – is projected to generate $6.7bn in 2027, surpassing Walmart’s total 2025 ad spend. As a standalone entity, it would be the world’s second-largest commerce media operation outside China, highlighting Amazon’s expanding dominance beyond traditional retail media.

Retail media can help bring SMEs into the TV ad market

Video on-demand is poised to overtake retail media’s global advertising investment by 2028, according to WARC Media forecasts, with connected TV already representing 23% of retail media spend.

Walmart’s acquisition of Vibe.co points towards a clear growth opportunity for retail media networks, by encouraging smaller brands, which until now focused on performance, to begin exploring channels like CTV.

‘Enshittification’ a risk as retail media networks try to meet ambitious targets

As commerce media enters a phase of slower growth and consolidation, it risks what tech author Cory Doctorow has called “enshittification”, where the digital experience declines as platforms look to fuel monetisation at the expense of users and business customers.

With consumer spending under pressure, it may be tempting for RMNs to dial up ad loads. Amazon, The Home Depot, Macy’s and Walmart each serves 20+ ads per page on average, research has found.

To avoid commerce media ‘enshittification’, brands are advised to build a frictionless on-platform experience that prioritises serving users, maximises ad relevance and minimises irrelevant ad clutter. Standardised measurement and arming AI tools with robust datasets and deep consumer understanding can also help.

Retail media creative must work harder than other channels

Retail media creative must work significantly harder just to register with audiences. A study of simulated shopping experiences on Walmart and Amazon by Ipsos found that memory encoding drops by 47% for ads run on retailer platforms, as opposed to those appearing on generic offsite environments.

For undecided shoppers, high creative quality drives a 12% lift in short-term brand choice. For those not in the market, superior creative quality produces a 21% performance advantage over low-quality ads.

More than half (62%) of US grocery buyers claim to have purchased a product directly after seeing it on an in-store screen, yet in-store remains one of the most underdeveloped creative opportunities in retail media.

Additionally, WARC research suggests that retail media ads are good at converting existing demand, but bad at generating long-term outcomes. Brand-side organisational dysfunction and a poor understanding of the contextual requirements of commerce ad formats has led to creative shortcomings the industry must overcome to ensure the effectiveness of retail media campaigns.

Retail media’s most creative potential may exist in the space where channels meet – for instance, through partnerships with creators, and campaigns that span physical and digital touchpoints.

The Future of Commerce Media 2026 is based on data and insights from WARC and external research. WARC members can read the full report.

 

Energy

Kosmos Energy Chief Executive Officer (CEO) Andrew Inglis to Receive Mohammed S. Barkindo Lifetime Achievement Award at African Energy Week (AEW) 2026

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Inglis is recognized for more than four decades of industry leadership, spanning major African oil and gas developments, entrepreneurship, workforce development and community investment

JOHANNESBURG, South Africa, October 5, 2026/APO Group/ –Andrew Inglis, Chairman and CEO of international energy company Kosmos Energy, has been selected as the winner of the African Energy Week (AEW) 2026’s Mohammed S. Barkindo Lifetime Achievement Award for his dedication to advancing African energy projects and ongoing commitment to strengthening community development continent-wide. The award recognizes a career spanning more than four decades and an enduring contribution to the development of Africa’s energy industry.

 




  

Inglis joined Kosmos as Chairman and CEO in 2014 following 30 years at bp, where he rose to become CEO of Exploration and Production. Since then, he has overseen Kosmos’ growth across some of West Africa’s most important offshore basins, helping translate major discoveries into producing assets while supporting investment in local businesses, professionals and communities.

Andrew Inglis represents the kind of leadership Africa needs – leadership that finds resources

Central to this legacy is the Greater Tortue Ahmeyim (GTA) LNG development, situated on the maritime border of Mauritania and Senegal. Kosmos discovered the Tortue field in 2015, opening a major new gas province that ultimately underpinned GTA. First LNG production was achieved in 2025 and the project continues to move into ramp-up and optimization in 2026. Additional liquefaction capacity is expected to come onstream in phases, with a portion of gas allocated for the domestic markets in Mauritania and Senegal. In Q2, 2026, gross production averaged approximately 2.65 million tons per annum and nine LNG cargoes were lifted during the period.

In Ghana, Kosmos continues to invest in the Jubilee and TEN fields. A multi-well drilling campaign in 2026 has driven Jubilee production higher, with new wells supporting gross output above 85,000 barrels per day by the end of the second quarter and further development planned. Earlier this year, Ghana ratified extensions to the Jubilee and TEN licenses through 2040, providing the foundation for additional investment and drilling. Kosmos Energy has also played a central role in strengthening Equatorial Guinea’s production landscape. Inglis oversaw Kosmos’ expansion in the country, where the company invested in the Ceiba Field and Okume Complex from 2017 until completing the sale of its producing interests to Panoro Energy in June 2026.

Yet Inglis’ impact goes far beyond project development. Under his leadership, Kosmos has advanced its local content strategy, centered on capacity building, education and entrepreneurial support as well as social development. The Kosmos Innovation Center (KIC) has supported entrepreneurship in Ghana, Mauritania, Senegal and Ivory Coast. Since inception, KIC programs have trained more than 5,600 people, supported 185 businesses, helped launch more than 220 startups and contributed to more than 700 direct jobs. In Equatorial Guinea, Kosmos supported education, healthcare and community initiatives, including the PRODEGE education program, which trained two-thirds of the country’s primary-school teachers during its first five years.

“Andrew Inglis represents the kind of leadership Africa needs – leadership that finds resources, invests for the long term and understands that the ultimate measure of success is the opportunity created around those investments. From GTA and Ghana to the entrepreneurs, workers and communities Kosmos has supported, his impact extends far beyond barrels and molecules. He has helped build businesses, develop people and demonstrate the enormous value that responsible investment can create across Africa,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

Inglis will received the Mohammed S. Barkindo Lifetime Achievement Award at the AEW Gala Dinner & Awards Ceremony, taking place during the conference next month. Convening international investors, African governments and leading operators from October 12-16, the event is positioned as Africa’s energy marketplace.

Distributed by APO Group on behalf of African Energy Chamber.

 

 




 

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Africa’s Biggest Energy Movement Returns to Cape Town Next Week

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Taking place October 12-16, African Energy Week is one of the continent’s major gathering, convening more than 10,000 international delegates for five days of dealmaking

CAPE TOWN, South Africa, October 5, 2026/APO Group/ –In one week, more than 10,000 delegates will converge in Cape Town to access Africa’s next generation of energy investment opportunities as African Energy Week (AEW) 2026 brings projects, capital and decision-makers together from October 12-16.

As Africa’s biggest energy movement, AEW 2026 is built for business. Through dedicated investment forums, country spotlights, the Deal Room, investor briefings, roundtables and high-level networking, the event will provide direct access to the projects and decision-makers driving Africa’s next phase of energy development.

 




  

Multiple Tracks, One Strategic Focus

AEW 2026 will deliver a multi-track agenda designed to move investment discussions across the energy value chain. The AEW Townhall will tackle the major strategic issues shaping Africa’s energy future, while the Upstream E&P Forum will put exploration, licensing, drilling and production growth at the center of discussions.

The Energy Finance Forum will connect projects and developers with capital, while the Energy Additions Forum will examine the mix of resources and infrastructure required to expand energy access and support industrialization. The Downstream & Petrochemicals Forum rounds up the main conference stages and will turn attention to refining, fuels, petrochemicals and opportunities for African markets to capture greater value from their resources.

More Platforms, More Investment Pathways

Beyond its core forums, AEW 2026 will feature dedicated platforms targeting some of Africa’s fastest-growing investment opportunities. A pre-conference will set the tone for the week’s discussions, featuring sessions including the 8th Meeting of the APPO NOCs CEOs Forum; Global Energy Leaders Forum; the Deal Room; and African Farmout Forum.

Next week, Cape Town will bring the industry together with one objective: getting African energy projects moving

Renegade Intel will bring artificial intelligence, data centers and digital infrastructure into the energy conversation, while Power Africa Today will focus on the investment, infrastructure and technologies required to expand electricity supply across the continent. Dedicated technical stages will provide space for specialized industry discussions, while roundtables and investor briefings will bring smaller groups of decision-makers together around specific projects, markets and investment requirements.

Africa’s Investment Markets Take the Stage

AEW 2026 will put some of the continent’s most dynamic energy markets directly in front of international investors through dedicated country spotlights. South Africa, Nigeria, Gabon, Ghana, Namibia, Mozambique, the Republic of Congo, Algeria, Senegal, Equatorial Guinea and more will take the stage, providing governments and industry leaders with an opportunity to present investment strategies, policy developments, available acreage and priority projects.

Petroleum ministers from across the continent are participating, bringing their respective investment priorities and opportunities directly to an international audience. The President of Senegal has designated a high-level representative to speak at AEW 2026, while ministers from the Democratic Republic of Congo, Gabon, South Africa, Equatorial Guinea, Niger, Kenya, and more are also participating. International government is also confirmed, including senior representatives from Brazil, Japan, Venezuela, the United States, Grenada, among others.

Beyond the Conference Floor

Dealmaking at AEW 2026 will extend well beyond formal conference sessions. On Monday, October 12, the Just Energy Transition Concert will open the week by bringing African music and energy together, featuring Keasungs, Mafikizolo, Roga Roga & Extra Musica and DJ Dollar before Nigerian star Adekunle Gold closes the evening as the headline act.

A program of networking functions throughout the week will create additional opportunities for investors, government representatives and executives to build relationships and advance discussions outside the conference rooms. The African Energy Awards & Gala Dinner will bring the industry together to recognize the companies, projects and individuals driving Africa’s energy development, providing a high-level conclusion to AEW’s wider networking and engagement program.

“AEW is not just another meeting to discuss Africa’s energy potential; it is a movement where projects meet capital, governments meet investors and companies turn Africa’s resources into catalysts for long-term development. Next week, Cape Town will bring the industry together with one objective: getting African energy projects moving,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

AEW 2026 is fast-approaching but there is still time to secure your place.

Visit www.AECWeek.com for more information about registration.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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African Energy Week (AEW 2026) Turns Cape Town into Africa’s Energy Marketplace

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Ministerial delegations, national oil companies, operators and financiers will converge in Cape Town to negotiate deals, forge commercial partnerships and advance African energy projects

CAPE TOWN, South Africa, October 5, 2026/APO Group/ –African Energy Week (AEW) 2026 (https://apo-opa.co/4dR325o) is more than a conference. It is Africa’s energy marketplace – a meeting point for the governments that control resources, the companies that develop them, the financiers that provide capital and the service providers that turn investment decisions into operating projects. From October 12–16, Cape Town will become a platform for these players to negotiate deals, establish commercial relationships and move African energy opportunities closer to execution.

 




  

This commercial mandate has helped turn AEW into a broader movement around African energy development. By bringing decision-makers across the value chain into one marketplace, the event creates an opportunity not only to discuss the trajectory of Africa’s energy systems, but to actively reshape it.

AEW 2026 will convene ministers, national oil companies (NOCs), international operators, independents, financiers and service companies, with a program structured around commercial engagement. In addition to its strategic conference stages, the event incorporates live deal signings, structured business matchmaking and closed-door meetings. More than 9,000 delegates from over 100 countries are preparing to make their way to Cape Town, bringing with them new opportunities for investment, collaboration and project advancement.

AEW has already cemented itself as Africa’s energy marketplace, where every party needed to advance a project or initiative is present and actively pursuing deals. The marketplace model has also translated engagement at the event into tangible commercial outcomes, with agreements concluded across financing, project development and cross-border partnerships.

When people ask me what AEW is, I tell them it’s the African energy marketplace

Agreements signed at recent editions span project finance, trade finance, hydrogen development and NOC partnerships. Signatories at AEW 2022 included Afreximbank, Sasol, Technip Energies and Namcor. The 2023 edition recorded a loan agreement between Afreximbank and Alphaden Energy & Oilfield, as well as a hydrogen agreement between Gambia’s Ministry of Petroleum and Energy and H2 Gambia Limited. Five agreements were signed at AEW 2024, including a partnership between the NOCs of the Republic of Congo and Azerbaijan and a trade finance agreement between Afreximbank and Dorman Long Engineering.

Equatorial Guinea’s 2026 licensing round illustrates how engagement at AEW progresses into commercial activity. The country announced the round at AEW 2025 and provided prospective bidders with details on available acreage, the bid timeline and amendments to fiscal terms and production sharing contracts. This momentum will continue into 2026. Algeria will bring its ongoing bid round – featuring seven onshore exploration opportunities – to the forefront of the event while Liberia’s Petroleum Regulatory Authority, in partnership with Energy Capital & Power, will showcase the country’s 2026 Direct Negotiation Petroleum Licensing Round.

AEW 2026 takes this engagement further. The Deal Room provides project sponsors and developers with a platform to present active oil, gas, power and infrastructure transactions, while the African Farmout Forum, held in partnership with Moyes & Co, Farmout Angel and Envoi, presents available blocks and acreage from across the continent. An African Upstream M&A panel will assess prevailing deal structures, and a dedicated finance session will examine risk allocation as a determinant of financial close.

Country sessions give operators direct access to government decision-makers. The program features spotlights on South Africa, Senegal, Nigeria, Namibia, Ghana, the Republic of Congo and more, while the 8th Meeting of the African Petroleum Producers’ Organization NOC CEOs’ Forum will facilitate collaboration between major players.

Power Africa Today, Renegade Intel and the Upstream E&P Forum will run alongside the main program, extending AEW’s coverage to power, digital infrastructure and exploration. Together, these platforms reinforce AEW’s role not simply as a forum for discussing Africa’s energy future, but as a place where the commercial relationships, investment decisions and agreements shaping that future are made.

“When people ask me what AEW is, I tell them it’s the African energy marketplace. You walk into that building and ministers are there, NOCs are there, banks are there, the company with the rig is there, and they’re all looking for each other. Some of the most important conversations of the year happen in a corridor between sessions, and more often than not they end with a signed agreement,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

Registration for AEW 2026 is available at https://apo-opa.co/4dR325o.

Distributed by APO Group on behalf of African Energy Chamber.

 

 




 

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