# Commerce Media is a Layer (Not a Channel) — Conor McKenna, Luma Partners

S3 E4 · Feb 2, 2026 · 34 min

A banker's-eye view: the trough of disillusionment, and why transactions are the new cookie.

### Show notes

This week we’re joined by Conor McKenna (Partner, Luma Partners) for a banker’s-eye view of where commerce media and retail media are actually heading.

We talk about why commerce media is a layer across the ecosystem (not just a channel), why retail media feels like it’s in a trough of disillusionment, and what has to happen next: standardization, aggregation, and real operational efficiency. Conor also breaks down the shift from deterministic measurement toward a more probabilistic, AI-driven renaissance, and why “transactions are the new cookie.”

#### Links from the episode

[Luma 2025 Full Year Market Report ↗](https://lumapartners.com/presentations/2025-full-year-market-report/)