News in brief: UK Ad Spend to Grow 7.5% in 2024; Temu Leans into Faster Delivery; Walmart Completes VIZIO Acquisition 

UK Ad Spend to Grow 6.8% in 2024

Global ad spend in 2024 is set to grow by 6.8% to reach a figure of USD$772.4bn (£610bn), according to the latest forecast by Dentsu. Even stronger growth is projected for the UK thanks to digital media, with an expected increase of 7.5%. Zooming out to the rest of the EMEA region, a slower growth of 5% is projected. In APAC, growth is forecasted at a similar 5.8%. Unsurprisingly, digital is expected to remain the fastest-growing channel globally, projected to increase 9.2% in 2025. Additionally, retail media is expected to be the driver of new ad dollars next year.

Temu Leans into Faster Delivery

Looking at the latest in e-commerce, Temu is taking measures to shorten its delivery times. In order to achieve this, Temu has tapped UK-based suppliers – under a new initiative, customers are able to buy items from UK-based sellers which will arrive in as little as one day. The local products available are mostly bulky goods which are much more costly to ship from China. The e-commerce giant is also reportedly planning to recruit more UK staff with the aim of opening an office in London. Temu’s move to shorten delivery times for certain items follows Amazon’s launch of Haul, a mobile-only app which operates around a business model of lower prices and longer waits for shipping. 

Walmart Completes VIZIO Acquisition 

Meanwhile, Walmart has completed its acquisition of VIZIO and its SmartCast Operating System for a sum of around USD$2.3bn (£1.8bn). The acquisition will allow Walmart to enhance the shopping experience for its users. It will also allow Walmart to introduce more ways for its advertisers to connect with customers at scale and boost product discovery. Walmart initially signed a deal to acquire VIZIO – founded in 2002 – back in February. VIZIO has seen significant growth over the past few years – its device ecosystem and smart TV operating system now have over 19 million active accounts.  

Microsoft's Austin Scott Joins Bedrock Platform

Elsewhere, Microsoft’s Austin Scott has joined Bedrock Platform as chief commercial officer and co-founding partner. Scott will develop new and existing revenue streams for the newly launched platform. She will also play a key part in defining and delivering a future-looking strategy for the company, as well as ensuring that clients are able to realise returns quickly and scale their operations.