Giant Us bank JPMorgan Chase – with more than $2.4 trillion in deposits – is the latest “First Party” data newcomer to challenge the hegemony of Google and Facebook owner Meta in the $270bn US digital ad market. Facebook and Google currently control about 47%.
The reason is the gradual demise of third party cookies – triggered by Apple and, to an extent, Google itself – which has led to their data being less useful than that of Amazon, Walmart, Uber and now JPM to certainty-obsessed advertisers. After all, these companies wouldn’t make it up – would they? JPM has 80m customers in the US.
JPM’s Chase cardholders will now see offers when they log on to their app and can choose to activate the ones they like. Advertisers (and media agencies presumably) will not have direct access to Chase customer data.
JPM is a giant with $50bn in net income on $158bn of revenue from all sources last year, a pretty staggering profit margin but JPM boss Jamie Dimon (salary in 2023 $36m) is used to that.
What used to be called retail media, after pioneers Amazon and Walmart, is the biggest challenge to the hegemony of Meta and Google to date. Google, in particular, might be rueing the impending demise of cookies.
This is an amended version of an earlier story.
