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Global retail media ad market nears $200bn but its gold-rush era wanes as search gives way to display

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WARC

WARC releases The Future of Commerce Media 2025 examining trends, advertising investment and the impact of AI on retail media

4 November 2025 – The global retail media market retains significant momentum, with ad investment projected to surpass $200bn by 2027, per WARC Media. However, underlying this growth is an evolving industry. As brands consolidate their ad spend across fewer retail media networks and sponsored search growth slows, retailers must reinvent themselves as ‘full-funnel’ platforms offering granular display and off-site solutions, whilst preparing for the impacts of agentic commerce and AI.

Alex Brownsell, Head of Content, WARC Media, says: “Retail media has evolved from a US and China-driven trend into a global phenomenon, with European spend now growing at double the rate of the broader digital advertising market. As the sector expands beyond traditional sponsored search into visual display, audio, social, and television partnerships, it has never been more important for advertisers to have clarity on the scale and the suitability of the commerce media opportunity.”

The Future of Commerce Media 2025 examines key trends, ad investment and the impact of AI that will drive the future of retail media

Retail Media ad market nears $200bn

According to the latest WARC Media forecast, worldwide investment with retail media networks (RMNs) is set to reach $174.9bn this year, up 13.7% year-on-year, before rising a further 12.4% in 2026 to reach $196.7bn, representing 16% of all ad spend.

However, topline growth rates are steadily slowing towards single-digit levels – from 38.6% in 2021 to a forecast growth rate of 11.6% in 2027.

James McDonald, Director of Data, Intelligence & Forecasting, WARC, says: “Retail media is rapidly evolving from a lower-funnel, search-dominated channel into a full-funnel proposition. Display advertising currently represents less than 30% of total on-site retail media spend, however, this balance is poised to shift as retail media becomes more integrated with brand digital budgets. Much may depend on the adoption of agentic AI, which threatens the high human traffic volumes that have monetised the retail media networks to date.”

A closer look at the retail media ad spend shows that:

Retail media ad investment is forecast to overtake combined linear and connected TV spend in 2026.
Spending growth from endemic brands (i.e. advertised products which are sold directly by a retailer) is decelerating.
Retail media ad spend for technology and electronics brands, the largest category, is forecast to reach $32.2bn globally in 2026, up 15.4% year-on-year.
Future growth is likely to come from display and off-site. In the first half of 2025, UK advertiser investment with display retail media increased 41.6% year-on-year, compared to a 35.6% rise in search retail media ad spend.
Quick-commerce (q-commerce) is a key area of expansion, especially in Asian markets. Instacart, Uber, Delivery Hero and DoorDash each boast annual ad businesses worth more than $1bn.
Scale will be a major determinant of retail media networks (RMN) viability in a decelerating market, as brands become more discerning about where to place commerce media investments.
Tariff concerns boosted retail media spend in H1 2025, particularly in Europe, as brands pulled budgets forward in fear of disruptions.

Commerce media is emerging as a full-funnel proposition

Commerce media is emerging as a full-funnel solution, with more ad formats and channels to complement granular first-party data. A recent survey by ad-tech company Infillion found that two in five (40%) of agency-side executives who buy retail media see it as a full-funnel solution, and another 7% agreed it is an upper-funnel opportunity.

But new strategies and definitions of success will be needed to help this channel escape from a tight focus on narrow, lower-funnel conversion and from relying on siloed metrics like ROAS.

There are a growing number of retail media channels and ad formats that can support truly full-funnel strategies. CTV, off-site, digital out-of-home, and in-store advertising can enable brands to execute full-funnel strategies that bridge digital and physical shopping experiences.

Best practices from other channels, especially around the need to use more media options and run longer campaigns, also apply to retail media.

Amazon aspires to dominate open web advertising

Amazon, the world’s largest commerce media seller, continues to dominate the commerce media landscape, maintaining 15% year-on-year growth, per WARC Media, through its full-funnel expansion and strategic demand-side-platform (DSP) partnerships.

Inventory partners now include Roku, enabling advertisers to reach an estimated 80m US connected TV households, and big hitters like Disney, Netflix, Spotify and Microsoft. Amazon claims its ad-supported monthly reach in the US has tipped over 300 million, while eight in 10 UK households can be reached with Amazon DSP.

Research by Skai found that more than 20% of all ad investment with Amazon is now allocated to its demand-side-platform (DSP) – double the share recorded two years ago – as advertisers look for greater efficiency.

Agentic AI commerce arrives

Agentic AI commerce – shopping powered by AI agents – is generating significant hype as the future of online shopping. The total addressable market for agentic commerce has an estimated value of $136bn in 2025 and has been forecast to grow to hit a potential $1.7trn by 2030, according to Edgar, Dunn & Company.

Test-and-learn strategies could be useful, but it will be essential to meet real consumer needs, not just develop new tech tools with no strategic purpose. The lessons of adapting to past innovations can be put to good use in thinking about how, when and where to potentially deploy agentic commerce

When using agentic tools, it is important to view results in a holistic way. Narrow metrics are not reliable success indicators. Whilst it could be tempting to over-credit AI tools for sales, many inputs, from brand equity to emotion-led creative and seasonality, also have a role.

The Future of Commerce Media 2025 is based on data and insights from WARC and external research. WARC members can read the full report. A deep-dive podcast into the report will follow.

 

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High-Level Minister Roundup to Headline African Energy Week 2026

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African Energy Chamber

African Energy Week 2026 will convene ministers from Algeria, Ghana, Senegal, Zambia and Niger to spotlight oil, gas expansion, reforms and investment opportunities continentwide

CAPE TOWN, South Africa, March 13, 2026/APO Group/ –A high-level ministerial roundup will take center stage at this year’s African Energy Week (AEW) 2026 – taking place in Cape Town from 12–16 October –, convening some of the continent’s most influential energy leaders at a defining moment for Africa’s oil, gas and power sectors. As hydrocarbon expansion converges with accelerating energy transition strategies, the gathering is set to spotlight real-time project execution, regulatory reform and cross-border infrastructure that are actively reshaping Africa’s energy future.

 

Confirmed ministers to date include Algeria’s Minister of Energy and Renewable Energies Mourad Adjal, Ghana’s Minister for Energy and Green Transition Dr. John Abdulai Jinapor, Senegal’s Minister of Energy, Petroleum and Mines Birame Soulèye Diop, Zambia’s Minister of Energy Makozo Chikote and Niger’s Minster of Petroleum Hamadou Tinni.

 

Fresh from a March OPEC+ decision to lift output to 977,000 barrels of oil per day (bpd), Algeria enters AEW 2026 amid a $60 billion sector transformation. The country is also advancing a 500-well exploration drive and accelerating its 1.48 GW “Project of the Century” solar rollout. Gas exports to Europe remains central to the country, supported by hydrogen corridor planning and refinery expansion aimed at boosting capacity to 50 million tons by 2029.

 

Following license extension for Jubilee and TEN to 2040 and the late-2025 restart of the Tema Oil Refinery, Ghana is pushing a $3.5 billion upstream reinvestment plan while settling $500 million in gas arrears. A 1,200 MW state thermal plant and expanded gas processing at Atuabo anchor its gas-to-power shift, alongside a renewed upstream push in the Voltaian Basin.

The participation of these distinguished ministers underscores the scale of opportunity unfolding across Africa’s energy landscape and the urgency of aligning policy with capital

 

Senegal’s delegation comes on the back of strong production momentum, with the Sangomar oil field delivering 36.1 million barrels in 2025, outperforming forecasts, while the Greater Tortue Ahmeyim LNG development ramped up to 2.9 million tons per annum following first gas. Dakar is now prioritizing domestic gas through refinery upgrades at the SAR refinery and preparations for Sangomar Phase 2 to push output beyond 100,000 bpd.

 

Zambia is redefining its power mix after drought-induced hydro shortfalls. New solar capacity – including the 200 MW Chisamba expansion and 136 MW Itimpi Phase 2 – is part of a broader 2,500 MW diversification drive. Cabinet has approved major regional fuel pipelines, while the Energy Single Licensing System fast-tracks approvals. Lusaka targets 10 GW generation by 2030, with solar and wind rising to one-third of supply.

Niger’s presence reflects its emergence as a serious oil exporter, with the fully operational 1,950-km Niger-Benin pipeline now moving up to 90,000 bpd to international markets. Alongside uranium expansion and renewed cooperation with Algeria on upstream assets, Niamey is advancing digital oversight reforms and reinforcing energy sovereignty amid evolving geopolitical dynamics.

 

“The participation of these distinguished ministers underscores the scale of opportunity unfolding across Africa’s energy landscape and the urgency of aligning policy with capital,” says NJ Ayuk, Executive Chairman, African Energy Chamber. “Their leadership reflects a continent moving decisively from strategy to execution, creating a platform where investors can engage directly with the policymakers shaping Africa’s next wave of oil, gas and energy growth.”

 

At AEW 2026, this ministerial cohort will be well-positioned to offer investors direct insight into Africa’s most dynamic energy markets – where new barrels, new pipelines and new megawatts are reshaping regional growth trajectories in real time.

Distributed by APO Group on behalf of African Energy Chamber.

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Enlit Africa 2026 Programme: 280+ speakers, African nuclear 2.0, Bruce Whitfield Business Breakfast

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Enlit Africa

The event, taking place 19-21 May 2026 at the Cape Town International Convention Centre, expects 7,200+ attendees and 250+ exhibitors, making it Africa’s largest gathering of energy and water professionals

CAPE TOWN, South Africa, March 12, 2026/APO Group/ –Enlit Africa (https://apo-opa.co/4cEX08g) has released its full 2026 conference programme, featuring 280+ speakers across 8 specialised tracks including a new African Nuclear 2.0 session covering Koeberg’s 20-year life extension and Ghana’s nuclear vendor selection process.

 

The event, taking place 19-21 May 2026 at the Cape Town International Convention Centre, expects 7,200+ attendees and 250+ exhibitors, making it Africa’s largest gathering of energy and water professionals.

Award-winning business journalist and best-selling author Bruce Whitfield will deliver the opening address at the Project & Investment Network Business Breakfast on 19 May, kicking off three days of strategic sessions, deal-making platforms, and technical masterclasses.

New programme content includes:

African Nuclear 2.0 – A dedicated session examining the transition from planning to execution, featuring:

Koeberg Nuclear Power Station’s successful 20-year life extension (Units 1 and 2 now licensed until 2044/2045)

Ghana’s progression to Phase 3 of its nuclear programme, evaluating US, Chinese, and Russian technology bids

West African Power Pool‘s 10 GW regional nuclear capacity target

Small Modular Reactor (SMR) deployment readiness across African grids

Independent Transmission Projects (ITP) – A new session exploring how private investment is unlocking Africa’s transmission bottleneck, featuring global case studies from India’s PowerGrid and lessons for scaling grid capacity across the continent.

Generation Masterclasses – Five interactive roundtables on gas-to-power, nuclear, hydro power, clean coal, and hydrogen.

AI in Africa’s Power Grid – Examining practical deployment realities, real-time analytics, and predictive maintenance applications already in operation across African utilities.

Conference sessions and technical hub sessions on the expo floor are CPD-accredited by the South African Institute of Electrical Engineers (SAIEE) and the South African Institution of Civil Engineering (SAICE).

Co-located platforms:

Water Security Africa features country playbooks from Namibia (55-year potable reuse programme), Uganda (NRW reduction from 42% to 32%), Cape Town (Day Zero recovery strategies), and sector-specific stewardship sessions with Harmony Gold, Heineken, Mediclinic, and Growthpoint Properties.

Project & Investment Network (P&IN), part of the new Level 2 Executive Experience, connects project developers, investors, African utility CEOs, and DFIs through structured matchmaking, ministerial dialogues, and project briefings. Over the past two years, P&IN has facilitated $3 billion in project pitches.

Utility CEO Forum brings together 35+ confirmed utility CEOs under Chatham House Rule for candid, off-the-record strategic discussions on unbundling, prosumer management, and financial sustainability.

Municipal Forum addresses South African municipalities’ distribution, metering, and revenue challenges, including sessions on NRW management, tariff reform, Cost of Supply studies, and electrifying informal settlements.

Technical Hub sessions on the exhibition floor offer free, CPD-accredited training across Power, Renewable Energy & Storage, and Water tracks, with confirmed speakers from Eskom, ENGIE SA, ACTOM, National Transmission Company South Africa (NTCSA), RenEnergy, and Matla Energy.

Site visits on 22 May include Koeberg Nuclear Power Station and the V&A Waterfront desalination plant.

Pass options:
Free expo pass registration: https://apo-opa.co/4bl2bYu

Free expo passes provide access to 250+ exhibitors and CPD-accredited Technical Hub sessions.

Delegate Pass:
Early bird registration closes 3 April 2026. Delegate passes start at R15,100 (Silver), with P&IN Executive passes at R32,000 including access to the Bruce Whitfield breakfast, Level 2 executive lounge, and investor matchmaking.

Download the full programme: https://apo-opa.co/3NwCble

Register: https://apo-opa.co/4cEX08g

Distributed by APO Group on behalf of VUKA Group.

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Binance Secures Second Major Legal Victory in U.S. Court Under Anti-Terrorism Act in Two Weeks

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Binance

US Federal Court in Alabama Dismisses All Claims Against Binance in Latest Lawsuit Victory

JOHANNESBURG, South Africa, March 12, 2026/APO Group/ –Binance (www.Binance.com), the world’s largest cryptocurrency exchange, announced today that a U.S. federal court in Alabama has dismissed all claims against the company in a lawsuit alleging violations of the Anti-Terrorism Act (ATA). This marks Binance’s second major legal victory in an  ATA matter within one week, following their victory in the Southern District of New York.

A Full and Complete Legal Victory

In a detailed 19-page ruling, the Court found the plaintiffs’ complaint to be legally and factually deficient. The court’s decision to dismiss every claim across the board represents a decisive legal victory for Binance.

Sanctions compliance and terrorism financing are serious matters of law – they require evidence, legal rigour, and due process

The judge described the filing as a “shotgun pleading.” The complaint failed to clearly specify the claims and improperly grouped all defendants together without distinguishing individual conduct or liability. The ruling also emphasized that the plaintiffs did not meet the basic pleading standard to provide a “short and plain statement” of their claims.

Following the ruling, the court granted the plaintiffs until April 10, 2026, to file an amended complaint addressing the deficiencies identified. However, the judge warned that failure to adequately address these issues would result in dismissal of the entire case.

Building on Momentum and Upholding Legal Integrity

“This decision reinforces our unwavering commitment to protecting Binance and our community from unsubstantiated and bad-faith lawsuits,” shared Eleanor Hughes, General Counsel at Binance. “Sanctions compliance and terrorism financing are serious matters of law – they require evidence, legal rigour, and due process. Courts have now examined these claims on two separate occasions and found them to be without merit. These outcomes speak for themselves. We will not tolerate attempts to misuse the legal system to target our industry, and we remain as committed as ever to transparency, security, and lawful conduct in everything we do”.

This latest decision follows closely on the heels of Binance’s comprehensive victory in New York (https://apo-opa.co/46Xg0ev), where the Court similarly rejected allegations that the company assisted, participated in, or conspired with terrorists. Together, these rulings reflect Binance’s strong resolve to protect its platform and community.

Binance has consistently invested in industry-leading compliance infrastructure, regulatory engagement, and legal governance. The company will continue to vigorously defend itself against any attempts to bring unfounded claims or misrepresent its operations.

Distributed by APO Group on behalf of Binance.

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