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Retail media's path to domination continues
A new e-commerce report predicts retail media will be the fastest growing digital advertising channel (globally and in the US) over the next five years. MediaPost states global retail media revenue is expected to reach $101 billion this year, which is 18 percent of global digital advertising. Meanwhile, global brand owners, including Procter & Gamble, Johnson & Johnson and Samsung, have embarked on a new partnership with Walmart Connect (Walmart's retail media platform) to measure social commerce on TikTok and Snap, CTV ads on Roku and livestream shopping content on Firework and TalkShopLive, AdExchanger and Consumer Goods Technology explain.
Walmart levels up virtual try-on
Virtual try-on technology is becoming increasingly sophisticated and this latest implementation from Walmart is a level up from its earlier version, which allowed users to select a model body type similar to their own. Now, they can use photos of themselves taken in the Walmart app to try more than 270,000 items of clothing, TechCrunch says.
It's a family business
The D'Amelio family, which has a combined TikTok follower count of more than 200 million, and 300 million across all social media, has announced a new venture to create brands of their own with two slated to launch before the end of the year. They have recruited several execs, including Apple SVP Services, Eddy Cue. Marketing Dive takes an interesting look at the D'Amelio phenomenon, and examines the increasing independence of creators who are able to generate revenue, as well as the use of virtual influencers in metaverse environments.
YouTube pursues TikTok
YouTube is launching a new revenue-sharing scheme for creators of short-form videos (Shorts) in a bid to catch up with TikTok, CNBC has the details. Meanwhile, Glossy says brands are hiring influencers to manage their TikTok accounts.
Chouinard: "Earth is now our only shareholder"
Patagonia founder, Yvon Chouinard's announcement he that is transferring ownership of the company to two entities created to ensure all its profits (circa $100MM a year) are used to combat climate has of course been huge global news. Chouinard's own letter is worth reading, as are these reports from Fast Company and The New York Times.
And, creator of hilarious marketing-themed TikToks, Rob Mayhew, has his own take on the announcement. :)
If you'd like a regular, concise roundup of what's happening in the Web3 and metaverse space, why not subscribe to Metaverse News. It's free!
Explainers, trends and reports
Solid numbers in this recent report on The Power of Purpose from Amazon, e.g., 77 percent of US respondents say brands play an important role in advocating for positive social and environmental change.
The combined value of the Top 100 Chinese Brands on Kantar's latest list is $1.24 trillion.
News about group & partner companies we've invested in
Earlier this month, our founder and CEO, David Jones, hosted the One Young World Summit 2022 in Manchester, U.K. David co-founded the not-for-profit in 2009 with Kate Roberson and it has become a global community for brilliant young leaders who are making a staggering impact on the world's most pressing issues. As always, this year's Summit brought together an enormous number of activists, politicians, global dignitaries and top business leaders. The Opening Ceremony was attended by Prince Harry, Duke of Sussex and Meghan, Duchess of Sussex, who gave a keynote speech at the event.
Read more: Elle, People, Glamour, The Sun
Gravity Road created fun work for TikTok, involving disembodied 'marketers'. Read more:Ad Age
