In today’s big story, we’re looking at the biggest topic at this year’s TV upfronts, and how it’s a sign of advertising’s new era.

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US TV upfronts are when networks vie for ad dollars. The courting process typically involves networks showing off their best shows and then haggling over prices.

“Come check out this new show of ours. Wouldn’t your ad look great running alongside it?”

It’s a high-stakes game, with nearly $18.8 billion in ad spend up for grabs.

But when things kick off later this month, advertisers have another priority beyond keeping their ad rates low. Business Insider’s Lara O’Reilly and Lucia Moses report that some advertisers are more focused on the data they can get, specifically from retailers.

Information on consumers’ shopping trends can ensure their ads reach the right people and prove they ultimately lead to sales.

That concept isn’t new in the age of digital advertising, to be clear. But, the rise of e-commerce means an increased focus on the valuable information retailers have about their shoppers.

Consumer privacy initiatives have also contributed to the shift. Sensitivities around data sharing and the upcoming death of the third-party cookie have forced advertisers to work directly with companies with data on their customers.

As a result, the so-called retail media space has exploded, ballooning to $128 billion last year.

It just so happens one tech giant has its foot in both worlds. Amazon is one of the world’s largest retailers and also has a streaming service, Prime Video, that just started selling ads.

Couple that with the success of its new series “Fallout” and the fact retail media’s rise is at the expense of rival Google, and you start to see how well-positioned Amazon is.

Perhaps that’s why CEO Andy Jassy highlighted Prime Video in his recent annual letter to shareholders.

Amazon holds an incredible advantage, but that hasn’t stopped others from combining retail and streaming (Roku-Best Buy, Disney-Kroger, Walmart-Vizio).

Such a big shakeup will also impact what we see as viewers. Maybe it’s unique in-game advertising for live sports, an area Big Tech is aggressively pursuing.

More drastic changes could include “shoppable media,” where viewers can make purchases from the comfort of their couch.

🔔 Before the opening bell: US stock futures jump in Thursday’s premarket as traders react to the latest Fed meeting and await Apple’s first-quarter results.

2. Joseph Stiglitz sounds off. The famed economist discussed with BI the legacy of trickle-down economics. (The share of total net worth held by the richest Americans went from 22.8% in 1989 to 30.3% today.) It’s part of the Nobel laureate’s argument for why it’s time to issue a verdict on whether free-market policies have been successful.

3. The Fed keeps interest rates steady once again. On Wednesday, the central bank kept borrowing costs at their current level, the sixth straight meeting in which it has left rates unchanged. Chair Jerome Powell said rate cuts will be on the table only if there is better inflation data or “unexpected” labor market weakness.

2. All eyes on Apple. With the company reporting earnings this afternoon, Wall Street is looking for its iPhone sales in China. With weak sales in the country, Wells Fargo said Apple faces a “tough near-term setup.”

3. Microsoft’s CTO was “very worried” about Google’s AI efforts. In a 2019 email that was made public on Tuesday as part of the Department of Justice’s antitrust case against Google, Kevin Scott told Satya Nadella and Bill Gates that “auto-complete in Gmail” was “getting scarily good” — potentially setting the stage for Microsoft’s massive investment in OpenAI.

2. Everything to know about Skydance’s bid for Paramount. The film studio is vying to buy Shari Redstone’s controlling stake in Paramount. Sources told BI how much Redstone may get and what Paramount would look like if it happens.

3. Trump Media makes no sense. Its shares, which have been on a roller-coaster ride in recent months, tanked again on Wednesday. Don’t bother trying to understand why — meme stocks don’t respond to reason, BI’s Peter Kafka writes.

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• Japan just spent billions to boost the flailing yen — and the US may get involved too.

• Today’s earnings: Apple, Coinbase, and other companies are reporting.

Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. George Glover, reporter, in London.

Get in touch. Email us at insidertoday@insider.com

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