The short version

Tom Henriksson predicted on December 24, 2023: “Expect Walmart to be an aggressive industry consolidator, making strategic acquisitions in 2024 to obtain the ad tech capabilities it requires to continue growing its retail media business.” Verdict: Called it. Walmart's retail media network (Walmart Connect) grew via partnerships (e.g., measurement deals with Nielsen, The Trade Desk), but no major strategic buys…

Prediction by

Tom Henriksson

On December 24, 2023

“Expect Walmart to be an aggressive industry consolidator, making strategic acquisitions in 2024 to obtain the ad tech capabilities it requires to continue growing its retail media business.”

Follow-up

Walmart's retail media network (Walmart Connect) grew via partnerships (e.g., measurement deals with Nielsen, The Trade Desk), but no major strategic buys were reported. Growth continued (ad revenue ~$3.4B in FY2024), but prediction of "aggressive" 2024 consolidation did not materialize.

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