Strategy Briefing

Authentic Media Network

Why Authentic Brands Group should build its own retail media network

Prepared for internal discussion·September 2026Confidential
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02
The Market

Retail media is advertising's profit engine

Ad budgets are moving to channels with first-party data and closed-loop sales measurement. The profit pool is unusually rich.

$0B

US omnichannel retail media ad spend in 2026, up 17.9% year over year - still one of the fastest-growing ad channels.

Source: eMarketer, 2026 outlook
70-0%

Gross margins on on-site retail media, vs. low-single-digit margins in core retail. Commerce media is a ~$75B profit pool in 2026.

Source: BCG; Forrester
$0B+

Projected global retail media spend by 2030 - a structural shift in where marketing dollars live, not a cycle.

Source: Forrester, 2030 forecast
So what

Retail media rewards exactly what a brand platform owns - audiences, first-party data, and trusted consumer brands.

03
The Precedent

Media networks are no longer just for retailers

Banks, airlines, and hotels now run media networks. The barrier to entry is not stores - it is audience, data, and trust. Authentic has all three.

Chase Media Solutions

A bank, not a retailer. Monetizes first-party transaction data to connect advertisers with 80 million customers. Launched 2024.

Marriott Media Network

A hotel company selling media against its loyalty audience and travel-intent data across owned and off-site channels.

United, PayPal, 7-Eleven

Airlines, payments, and convenience all operate owned media networks. Any scaled consumer touchpoint now qualifies.

Loyal audience+First-party data+Trusted brands
= a media network
04
The Starting Position

Authentic already owns the hardest parts

Most media networks spend years assembling reach and data. Authentic has both today, across a portfolio competitors cannot replicate.

50+

iconic brands across sports, fashion, media, entertainment, and lifestyle

$38B

in annual system-wide retail sales after the Guess IP deal (from $32B in 2024)

1,700+

global partners operating stores, e-commerce, and supply chains

500K

points of sale across 150+ countries touch consumers every day

And the engine is already built: Authentic Intelligence

Authentic's proprietary AI platform on Google Cloud is used weekly by 80% of employees, and AI-enhanced Reebok creative delivered up to 60% higher ROAS in early testing. The same stack that powers creative and brand governance can power ad products, targeting, and measurement.

05
The Thesis

Commerce media, without owning a single store

The licensing model that built Authentic is the model for the network: partners run operations, Authentic owns the platform, the data standards, and the brands.

50+ BRANDS Audiences consumers already know and trust 1,700+ PARTNERS Keep stores, e-commerce, fulfillment, capital risk ADVERTISERS One access point, closed- loop measurement FIRST-PARTY DATA Shared standards feed Authentic Intelligence AUTHENTIC MEDIA NETWORK

Authentic owns the platform, ad products, data standards, measurement, and advertiser relationships.

70-90%

margin revenue to the platform owner - vs. low-single-digit margins in core retail.

So what

One network aggregates 50+ brand audiences no single licensee could monetize alone - and every partner earns a share of incremental ad-driven sales.

06
The Payoff

Four ways the network compounds the core business

01

New high-margin revenue

A media P&L at software-like margins diversifies royalty income and funds brand building - the same playbook Amazon and Walmart used to subsidize their core business.
02

A data flywheel

Every campaign generates cross-brand shopper insight that feeds Authentic Intelligence, sharpening creative, licensing, and M&A targeting across the portfolio.
03

More value for partners

Licensees get incremental, measurable sales and closed-loop ROI on their marketing - making Authentic a harder partner to leave and an easier one to join.
04

Leverage in every deal

Owning the demand layer strengthens Authentic's hand in licensing negotiations and reduces dependence on third-party cookies and outside platforms.
07
The Path

Start narrow, prove the model, scale through the license

1

Pilot

Stand up a network pilot on Authentic-operated digital flagships (e.g., Reebok.com) with 2-3 anchor endemic advertisers. Prove ROAS and incrementality in one quarter.

2

Standardize

Package the ad stack, data standards, and measurement into a repeatable partner playbook - the commercial wrapper licensees opt into.

3

Scale

Write media-network participation into new and renewing licensing terms. Extend from on-site to off-site and in-store as partner coverage grows.

The ask

Approve a scoped pilot and a small cross-functional team (digital, partnerships, data) to return with pilot economics in one quarter.

08
Sources

Where the numbers come from

  1. eMarketer - Retail media heading into 2026emarketer.com
  2. BCG - How media is reshaping retailbcg.com
  3. Forrester - Global retail media forecast to 2030forrester.com
  4. Chase - Chase Media Solutions launch (2024)media.chase.com
  5. Marriott Media Networkmedia.marriott.com
  6. Mi-3 - The rise of global owned media networks (2025)mi-3.com.au
  7. Authentic Brands Group - Aboutcorporate.authentic.com
  8. Authentic - Champion acquisition releasecorporate.authentic.com
  9. Authentic x Google Cloud - Authentic Intelligence (NRF 2026)corporate.authentic.com
  10. The Robin Report - Retail, according to Authentic Brands (2026)therobinreport.com