Walmart Connect's Ryan Mayward on Their Big CTV Move: Yahoo, Magnite and Vizio Explained

Summary

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Podcast Summary: Walmart Connect's Ryan Mayward on Their Big CTV Move: Yahoo, Magnite and Vizio Explained

Podcast: Marketecture: Get Smart. Fast.
Host: Ari Paparo
Guest: Ryan Mayward, SVP & GM of Walmart Connect
Date: June 15, 2026
Episode Theme: In-depth discussion on Walmart Connect's major Connected TV (CTV) move through integration with Yahoo, Magnite, and Vizio, detailing the strategy, implications for retail media, and perspectives on measurement and the future of omnichannel advertising.

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Overview

This episode features a detailed interview with Ryan Mayward from Walmart Connect, focusing on their recent high-profile move in the connected TV (CTV) space. The episode unpacks Walmart Connect's new partnerships with Yahoo, Magnite, and Vizio, explores the future of data-driven retail media, and dives into the evolving approaches to measuring advertising outcomes in both online and in-store environments.

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Key Discussion Points & Insights

1. The Walmart Connect CTV Announcement

• Partnership Structure ([00:40]):
  • Walmart Connect has coordinated an integration involving four parties: Walmart Connect, Yahoo, Magnite, and Vizio.
  • Walmart’s audiences and measurement tools are now integrated on Magnite’s sell-side platform (SSP), allowing targeted segments and measurement capabilities for Yahoo’s DSP to activate campaigns on Vizio inventory.
  • “What we announced was that Walmart Connect has integrated our audiences with Magnite…targeting our audience segments as well as our measurement capabilities for the benefit of the Yahoo DSP to run campaigns on Vizio inventory.” – Ryan Mayward [00:48].

2. Why Sell-Side First? ([03:25])

• Decision to integrate with Magnite (the main SSP for Vizio ad business) was motivated by the flexibility and proximity to Vizio’s ecosystem.
• “It just gave us a lot of options…a flexible lightweight way to get started.” – Ryan Mayward [03:43].

3. Future Expansion ([04:16])

• The initial integration is exclusive to Yahoo, but there are plans to expand to more DSPs and offer direct buying through Magnite eventually.
• “In time, yes, to those questions. We plan to add more DSPs in the future and certainly making it available through a direct buying path through Magnite.” – Ryan Mayward [04:30].

4. Openness vs. Walled Gardens ([04:47])

• Walmart Connect aims to be advertiser-friendly by supporting multiple DSPs, counter to fears regarding “walled gardens” after their Vizio acquisition.
• “We want to be where advertisers are spending…That’s in multiple DSPs...while also holding true to...maintaining control over the data.” – Ryan Mayward [05:06].

5. Trends in the CTV Market & Focus on Outcomes ([05:27])

• Advertisers are demanding outcome-based CTV advertising, moving beyond reach/frequency to actual business results (e.g., sales, customer acquisition, lifetime value).
• “Advertisers want outcomes…not just proxy metrics…but how is it driving my business?” – Ryan Mayward [05:46].

6. Scale & Measurement Consistency ([06:39])

• Walmart Connect leverages its immense scale—150M weekly customers—and rich data signals for both in-store and online attribution.
• The approach is to ensure brands get consistent, closed-loop measurement regardless of DSP or channel.
• “We are defining closed loop measurement, and that means calculating return on ad spend…defining the new to brand metric.” – Ryan Mayward [07:32].

7. Advanced Measurement & Incrementality ([08:32])

• Market maturity: Brands are moving beyond “return on ad spend” (ROAS) to incremental return on ad spend (iROAS)—seeking to measure true sales lift that wouldn’t have happened without ads.
• Walmart Connect offers tools like holdout groups, ghost ads, and synthetic controls to assess incrementality.
• “Our measurement roadmap is really oriented around making iROAS the ubiquitous metric.” – Ryan Mayward [08:51].

8. Attribution for Both Online & In-Store ([09:55])

• Measurement extends across digital and brick-and-mortar, accounting for nuances like payment method and loyalty programs.
• Walmart uses Walmart Plus membership but not a traditional loyalty card, and keeps attribution modeling consistent across environments.
• “We’ve built all of our attribution around providing a similar look between online and in store.” – Ryan Mayward [10:22].

9. The Future of In-Store Retail Media ([11:33])

• Cites new tests of digital screens in physical stores (e.g., large end-of-aisle screens) as the “next frontier” for retail media, with upcoming expansions and announcements anticipated.
• “We do plan to test new large screens at the end of aisles throughout…grocery and beauty and other parts of Walmart stores.” – Ryan Mayward [11:33].

10. Lightning Round – Reflections & Metaphors ([12:33])

• Biggest Advantage: Scale, depth of customer signals, omnichannel touchpoints.
  • “We’re helping brands grow…through our scale…the depth of our signals…and…different touch points.” – Ryan Mayward [12:48].
• Biggest Challenge: Moving as fast as a large enterprise can.
  • “Pace. We’re always trying to move faster, and that’s never easy inside of a large company.” – Ryan Mayward [13:26].
• If Walmart Connect was an animal?: Old Roy, Sam Walton's hunting dog—symbolizing loyalty, capability, and legacy.
  • “Maybe it would be Old Roy, Sam Walton’s hunting dog…Maybe a hunting dog.” – Ryan Mayward [13:55].

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Memorable Quotes

• On Advertiser Flexibility:
  “We want to be where advertisers are spending their time and…budgets, and that’s in multiple DSPs.” – Ryan Mayward [05:06]

• On Outcome-Based Measurement:
  “Advertisers want outcomes…not just proxy metrics like reach and frequency, but how’s it driving my business?” – Ryan Mayward [05:46]

• On Incrementality:
  “Brands want iROAS at this point…how is your media driving sales that wouldn’t have happened without advertising?” – Ryan Mayward [08:51]

• On In-Store Media Innovation:
  “We do plan to test new large screens at the end of aisles…We see the store as an important touch point…part of the omnichannel retail media experience.” – Ryan Mayward [11:33]

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Important Timestamps

• Walmart Connect’s CTV Move, Partnership Breakdown: [00:40]–[03:25]
• Why Sell Side Integration with Magnite: [03:25]–[04:16]
• Plans Beyond Yahoo & Magnite: [04:16]–[05:06]
• CTV Market Trends & Focus on Outcomes: [05:27]–[06:39]
• Closed-Loop Measurement and Consistency: [06:39]–[08:32]
• Advanced Measurement and Incrementality: [08:32]–[09:36]
• Online vs In-Store Attribution Nuances: [09:55]–[11:23]
• Physical Store Digital Media Plans: [11:33]–[12:24]
• Lightning Round (Advantage, Challenge, Animal): [12:33]–[14:13]

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Tone & Style

This episode is candid and insightful, with warmth and a touch of humor (notably in the lightning round animal metaphor). Ryan Mayward provides clear, accessible explanations, while Ari Paparo brings an expert, probing approach.

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For listeners new to Walmart Connect and its CTV ambitions, this episode delivers a comprehensive, insider perspective on data-driven retail media, the unique value of omnichannel measurement, and where in-store and digital advertising are heading as the market matures.

Transcript

[A]

Foreign. Welcome to Market Tech where you could get smart fast with in depth interviews of leading technology executives. I am Ari Paparo and I'm joined today by Ryan Mayward, the SVP and GM of Walmart Connect. Thanks for being here, Ryan.

[B]

Thanks for having me, Ari.

[A]

Excited to talk. Walmart's always in the thick of things. The middle of some of the most exciting stuff going on in the world. Digital advertising. So recent announcement that made some waves about integrating with Yahoo and Magnite. Tell us about it.

[B]

Yeah, well we did make an announcement recently, involved four parties really. Yahoo Magnite for the benefit of Vizio and of course Walmart Connect was the driver of it. And essentially what we announced was that Walmart Connect has integrated our audiences with Magnite. So sell side decisionings, making our data available on Magnite in a completely controlled environment, targeting our audience segments as well as our measurement capabilities for the benefit of the Yahoo DSP to run campaigns on Visio inventory using Walmart audiences for targeting and for measurement. So that's the announcement. I think there's a lot to unpack there, right?

[A]

Simple four way arrangement.

[B]

Yeah, exactly. And so you know, why, where did all this begin? It started with Vizio, right? We acquired Vizio a couple years ago now and when we acquired that company we really saw it for three things. It's a device manufacturer, software company, right? They built the Vizio operating system for smart TVs and an ad business. And so the calculus for Walmart was how do we grow Vizio, right. As the largest seller of TVs in the U.S. we had some options there. We can sell more, more Vizio TVs and we can also apply the Vizio operating system to one of our other best selling TV brands, which is our own, our private label brand on onn. And so we did that and that's helping us expand household penetration for Vizio. But in parallel and as of March, you know, the Vizio operating system was the number one selling operating system in the U.S. about 1 in 5 TVs shipped, had Vizio OS powering them. So it's exciting, that's working. But in, you know, in parallel we have the Walmart Connect business where we've also had a CTV business for several years powered by the Walmart DSP which we built out years ago in partnership with the trade desk where, you know, we've been applying Walmart audiences and measurement to Paramount plus and NBCU and Disney and other inventory and really doing it through this one buying channel. So the task at hand was how do we maximize the number of advertisers that can use Walmart data for audience targeting and measurement and do so for Visio? Do it on Visio inventory while also holding true to one of Vizio's tenants as an advertising business, which is easy to buy. Right. How do you reduce the friction for advertisers to access Vizio? So that's what really we were grappling with and led us to this Magnite Yahoo partnership.

[A]

Okay, this is super interesting. So the why go sell side? So you're integrating the data into Magnite Sell side. It's sort of a curation kind of feel, I guess. I have multiple questions here, but start there. Why sell side first?

[B]

Yeah, it just gave us a lot of options. Right. It was a flexible lightweight to get started. And also it was adjacent to the place where Vizio is running their whole ad business, essentially. Right. They use the springserve magnets, the main SSP that they use, but they also use others like Index. And so that was just the natural place to start as the top sort of CTV ssp. It was where we felt like we got a great partner, very flexible, and we're able to integrate our data in a way that we were really comfortable with.

[A]

Got it. And is it only available to Yahoo through this pipe? So is it exclusively going from Visio to Magnite to Yahoo, or will other buyers be able to buy it through Magnite? And will Magnite buyers be able to buy it through Magnite?

[B]

Yeah, in time. Yes, to those questions. So we plan to add more DSPs in the future and certainly making it available through a direct buying path through Magnite. But we're beginning with Yahoo, and they've been great partners throughout this process.

[A]

Yeah, it's pretty exciting that the data is being available in some form in that I think a lot of people feared when the Vizio acquisition happened that it was. The walled gardens were starting to be. The walls were coming up. And to understand that it's not is a pretty positive indication.

[B]

Yeah, we. We want to be where advertisers are spending their time and applying their budgets, and that's in multiple DSPs. So, you know, we want to be flexible. We want to help Visio continue building the business that they're building, but we also want to do so in a way that makes sense for Walmart Connect, which is, you know, maintaining control over the data.

[A]

Yeah, yeah. And so zooming out, how does. How do you see the CTV market evolving in the US there are some walled gardens, you know, Amazon and YouTube. And then there's open and there's sort of, you know, pretty limited ability to buy in certain broadcaster inventory, et cetera. So what are the big trends here?

[B]

Well, if we were to take the upfront presentations a week or two ago as a guidepost, advertisers want outcomes, right. Like they want to be able to buy CTV and understand not just proxy metrics like reach and frequency, but how's it driving my business? What are KPIs that I can tie back to ultimately? Sales, customer acquisition, lifetime value. And so I think that that's an important trend that will inform how CTV evolves. And that's where we're really playing to our strengths. We can do that for brands at scale. We can help them understand, for example, how many customers who saw their ads on a CTV in a CTV environment were new to their brand. Right. Like customer acquisition, for example. So it's all about outcomes in our view.

[A]

Yeah. And so outcomes is a part of your go to market for the Walmart dsp, is that right?

[B]

Very much so, yeah. We reach most of America, about 150 million customers a week shop at Walmart stores and in the Walmart Shopping app. And so we talk about our scale, our national scale, we talk about the breadth and the depth of the signal we have on our customers shopping weekly for groceries, as well as all the other essentials that they need and want. And then, you know, the depth and breadth of the solutions. CTV being, you know, one of many ways that advertisers can work with us to drive. Drive demand.

[A]

Yeah. So if you're letting the customer choose, you know, to use a different dsp, let's say it's a little bit harder for you to, you know, guarantee outcomes or be at the front with outcomes. Am I? Isn't it sort of up to them at that point?

[B]

You know, we're controlling the attribution model in all cases.

[A]

Right. Okay.

[B]

So we are defining closed loop measurement, and that means calculating return on ad spend. That means defining the new to brand metric. So the objective for us is to make sure that brands have consistent measurement regardless of the ad format or channel that they're accessing. Through Walmart Connect, you know, we have integrations with the leading social platforms. You know, CTV is one of many things that we do, and that's what brands want from us, is consistent measurement across all of them. And that's really what we're aiming to deliver.

[A]

Right. So that speaks to sort of your engagement model. So if I'm Some brand and I, you know, I say to my Walmart rep like hey, I really want that great visio data. I want your inventory, but I want to use a different dsp. You're still servicing that client with the attribution and all the things that make it possible. It's not just the hands on keyboard.

[B]

Yeah, exactly. And they're, they're doing that in the Walmart dsp. They're doing that in the Yahoo DSP and more to come.

[A]

Right. Super interesting. I know last time we had a conversation with Walmart we were talking a lot about incrementality and all these advanced measurements. How, how much is the market taking you up on some of these more advanced ways of looking at media, both Walmart media and other media.

[B]

I think for the last 12, 15 years return on ad spend got retail media going, but has really diminished in importance. Brands want iroas at this point in time. Right. They want to understand how is your media driving sales. That wouldn't have happened without advertising. And that's what we're focused on. And there are different ways that we can measure sales lift. We can do it through creating holdout groups ahead of time with ghost ads. We can do it through synthetic control groups. We have a number of different methodologies but at the end of the day we brands want to understand IRO as across all of the different formats and buying channels that they're using. And that's what our measurement roadmap is really oriented around is making IRO as the ubiquitous metric.

[A]

Right. And so you're able to expose consumers to certain messages through either the Walmart dsp, another dsp, whatever it is, and then hold back some group of similar consumers and then later check what the exposed and control physically bought in a store or bought online. Am I putting words into your mouth?

[B]

No, that's accurate. That is. And that's an important nuance there at the end is online and in store and as in, you know, the largest omnichannel retailer. Yeah, that is a big part of the equation. Is bought in store.

[A]

Yeah, of course, of course. Is there, you know, I love to get into the weeds. Maybe there's too detailed but like are there nuances to measuring online versus in store in terms of like how long it takes, how good the control groups are and stuff, whether you have loyal cards, stuff like that?

[B]

Yeah, well we have a membership program Walmart plus we don't have a, of course, you know, a loyalty program besides that. So really it's about catering to our members as well as Our customers. And I think that one nuance would be, you know, currency. Right. You're paying with a credit card or paying with cash. So there's some subset of our customers who pay cash. You have that to overcome. But, you know, attribution wise, we keep the model consistent. That's what brands want. And we've built all of our attribution around providing a similar look between online and in store.

[A]

I forgot about cash. Not to mention, like bitcoin and dogecoin. You know, you got all kinds of problems. So the other thing that's very hot in retail media is in store and just in general, like, you know, physical billboards, digital billboards, and, you know, things like that. And now you own a company that buys a lot of screens. Right. So how is that part? How. How are you thinking about that?

[B]

How are we thinking about Vizio as a supplier of.

[A]

Or maybe not Vizio, but just the in store and. And digital display opportunity?

[B]

Yeah, it's. It's been, you know, positioned as the next frontier in retail media is putting more compelling ad opportunities in the physical store. And we do have some announcements on the horizon about that. We do plan to test new large screens at the end of aisles throughout, you know, grocery and beauty and other parts of Walmart stores. There are some stores that are set up today with the screens as sort of a test, and we'll be expanding on that test later this year. It'll be something that we'll be talking about with our clients at CAN as well. But we see that store is an important touch point with customers to help them discover brands and find what they're looking for. So the store is definitely part of the omnichannel retail media experience at Walmart Connect.

[A]

Right. And it lends itself immediately to incrementality because you could just put them in some stores and not others and see what happens.

[B]

Geographic holdout.

[A]

Yeah, it's per store hold out. Right? Yeah. So let's just move into a quick sort of lightning round. I'll just ask a couple of quick questions and we'll get sort of quick answers from you. So Walmart Connect. What's its biggest advantage?

[B]

We're helping brands grow their businesses with the largest omnichannel retailer. Right. So we're doing that through our scale, obviously, which I touched on before, the depth of our signals on what Walmart customers are buying day to day, week to week, and then all of the different touch points that we can serve up as part of a solution to a brand.

[A]

Right. And what's your biggest challenge.

[B]

Our biggest challenge. Gosh, that's a hard one to be self critical.

[A]

The prices are too low, the everyday prices are just too low.

[B]

Pace. Right. We're always trying to move faster and that's never easy inside of a large company. But I've been very impressed with the rate at which Walmart's moved to build out this advertising business.

[A]

It is impressive how fast it's moving. And last question we always ask, which is if Walmart Connect was an animal, what animal would it be? I don't know.

[B]

Is Sparky an animal?

[A]

Barkley's a kind of an animal.

[B]

Maybe it would be Old Roy, Sam Walton's hunting dog. Right. Which is the sort of logo for our private label pet food. Maybe that. Maybe a hunting dog.

[A]

Hunting dog. All right, all right. Old Roy. Is that his name?

[B]

Old Roy? That's right.

[A]

All right. I gotta look that up. I'm not that familiar with the Walmart lore.

[B]

You gotta get into the history of the company, man.

[A]

Yeah, I've never been to Bentonville. I've barely been to Hoboken. Now I understand Hoboken is the center and I live in New York. I just don't cross the river too much.

[B]

Yeah, let's skip straight to Bentonville.

[A]

All right, well, Ryan Mayward, thank you so much for joining us and telling us about Walmart Connect and the latest developments.

[B]

Thanks for having me.