Instacart and Walmart are Massive Ad Companies - and Maybe the Next Walled Gardens

When do they start to swallow up the retail media category?

As if we needed any more evidence that retail media is a killer business, Instacart kicked off what felt like one of the only exciting IPOs in years.

Yes, Instacart is a grocery delivery company, but as many have noted, it is an advertising driven business, as well as an ad tech company and a massive first party data collector.