From Boom to Burden: Is Commerce Media a Growth Driver or a Brand Tax?

Commerce media is exploding—projected to surpass $100B in US ad spend by 2028—but beneath the hype, a harder question is emerging: is this truly incremental growth, or just a rebranded tax on brand dollars?

In this episode of Signal & Noise, hosts Rio Longacre and Brett House sit down with Amie Owen, Global Chief Commerce Officer at IPG Mediabrands, to cut through the noise surrounding retail and commerce media.

With Amazon and Walmart controlling roughly 80-85% of U.S. retail media spend—and more than 200 retail media networks now live—brands are facing growing fragmentation, opaque measurement, and rising pressure to “pay to play” on the digital shelf.Together, we unpack:

- The difference between retail media and commerce media—and why it matters

- Why many brands see commerce media as both a growth engine and a brand tax

- How closed-loop attribution and deterministic purchase data are reshaping media strategy

- Whether retail media is truly incremental—or simply reallocating trade spend

- The role of CTV, clean rooms, and commerce signals in the next wave of growth

- How agencies can help brands navigate fragmentation, standardization, and measurement chaos

- What AI, agentic systems, and commerce data mean for the future of media planning

In a wide-ranging discussion, Amie brings a pragmatic, operator’s perspective—grounded in real client outcomes—on how brands should think about commerce media in 2025 and beyond: where to lean in, where to push back, and how to avoid confusing scale with success.

If you’re a CMO, media leader, or brand navigating retail and commerce media today, this episode will help you separate signal from noise.