In the fiscal year 2023, Walmart's global advertising business generated 3.4 billion U.S. dollars in revenue. A year earlier, the figure stood at 2.7 billion, which signifies an annual growth rate of roughly 28 percent.
Walmart Connect
Walmart’s U.S. advertising business is called Walmart Connect. It oversees both advertising in Walmart’s digital channels, such as its e-commerce website and its app, and in-store media, such as screens, audio, QR codes on shopping carts, as well as demo stations. The business has enjoyed double-digital growth rates in the most recent quarters.
Expanding to connected TV (CTV)
In February 2024, Walmart announced the acquisition of a CTV producer Vizio. By bringing together Walmart Connect and Vizio’s advertising solution, Walmart is hoping to expand its U.S. retail media business, reach customers in new ways, and attract new customers. In 2023, there were nearly 200 million CTV users in the United States and the CTV ad market was valued at 25 million U.S. dollars.
Walmart advertising revenue worldwide in fiscal years 2021 to 2023
(in billion U.S. dollars)
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Walmart. (February 20, 2024). Walmart advertising revenue worldwide in fiscal years 2021 to 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 11, 2024, from https://www.statista.com/statistics/1319794/walmart-advertising-revenue/
Walmart. "Walmart advertising revenue worldwide in fiscal years 2021 to 2023 (in billion U.S. dollars) ." Chart. February 20, 2024. Statista. Accessed October 11, 2024. https://www.statista.com/statistics/1319794/walmart-advertising-revenue/
Walmart. (2024). Walmart advertising revenue worldwide in fiscal years 2021 to 2023 (in billion U.S. dollars) . Statista. Statista Inc.. Accessed: October 11, 2024. https://www.statista.com/statistics/1319794/walmart-advertising-revenue/
Walmart. "Walmart Advertising Revenue Worldwide in Fiscal Years 2021 to 2023 (in Billion U.S. Dollars) ." Statista, Statista Inc., 20 Feb 2024, https://www.statista.com/statistics/1319794/walmart-advertising-revenue/
Walmart, Walmart advertising revenue worldwide in fiscal years 2021 to 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1319794/walmart-advertising-revenue/ (last visited October 11, 2024)
Walmart advertising revenue worldwide in fiscal years 2021 to 2023 (in billion U.S. dollars) [Graph], Walmart, February 20, 2024. [Online]. Available: https://www.statista.com/statistics/1319794/walmart-advertising-revenue/