Walmart Chile is the Company with the Fastest Digital Ad Revenue Growth, 40% Higher than TikTok's and 70% than Apple's

May 5, 8:01 pm

In 2023, brands and marketers worldwide spent almost $680 billion on digital advertising, or $65 billion more than the year before that. Most of that value was paid to the largest players in the digital advertising landscape, including Google, Meta, Amazon, TikTok, and Apple. While these tech giants have the largest share in global digital ad revenue, none of them is close to Walmart Chile when it comes to ad revenue growth.

According to data presented by, Walmart Chile saw the fastest digital ad revenue growth in 2023, growing 40% higher than TikTok's and 70% more than Apple's.

Five out of Ten Companies with the Biggest Ad Revenue Growth are Latin American Retailers

Total spending on digital advertising has climbed to record highs, with companies and brands worldwide splashing out more and more money on banners, search, video, and influencer ads each year. While tech giants like Google, Meta, and Amazon are the first thought when talking about hundreds of billions of dollars spent on digital ads, other much smaller companies lead in ad revenue growth.

According to an eMarketer survey, Walmart Chile was the company with the fastest-growing digital advertising revenues in 2023, having registered an annual growth rate of 95%. This figure is even more impressive when compared the figures reported from the biggest tech and social media giants. Statistics show Walmart Chile saw 40% bigger ad revenue growth than TikTok, which ranked fifth on this list, and 70% higher than Apple, which ranked tenth with a reported 26% ad revenue growth in 2023.

Casas Bahia, a Brazilian furniture and home appliances retailer, ranked second with 70% growth. Raia Drogasil and MercadoLibre followed, with 66% and 63%, respectively. The survey also showed TikTok and Apple were the only companies on this list that were not retail media players. Also, of the ten companies with the highest ad revenue growth, five were from Latin America.

Latin American retailers lead in digital ad revenue growth because they have a more complex internal structure to make their business model sustainable. While US companies rely on a model based on trade, media, and advertising, Latin American marketers rely on a system that includes advertisements, trade, logistics companies, and different media formats and platforms, like streaming. Their ad revenue is expected to grow even more this year, as 55% of Latin American advertisers plan to invest more in retail media in 2024.

Americas to Generate 45% of Total Ad Revenue in 2024

With companies and brands worldwide splashing out more money on all sorts of digital ads, including retail media, the revenue in the digital advertising industry is expected to hit an all-time high this year. According to a Statista survey, the global digital advertising market is expected to gross $740 billion in 2024, or $50 billion more than last year. Almost half of that value, or $336 billion, will come from the Americas.

By 2027, the global digital ad revenue is expected to grow by 30% and hit over $965 billion. The Americas will see even more significant growth in this period, with their digital ad revenue jumping by 34% to $448 billion.

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