Retail media is the new gross margin

Selling goods is a thin-margin business. Selling brands access to the shoppers buying those goods is not. Retail media networks — ads placed inside the shopping experience — have become the profit engine subsidizing the rest of the operation.

The asset is first-party purchase intent, and it's worth more than most of the inventory on the shelves.

Signal: if you operate a marketplace of any kind, your media business may be worth more than your transaction business.