Retailers and media groups reshape the smart TV battleground
July 3, 2026 11.18 Europe/London By Julian Clover


The smart TV is no longer defined by its display panel. Increasingly, the value lies in the operating system, advertising platform and audience data that sit behind the screen.

According to new analysis from Omdia, the battle for control of connected TV has shifted beyond traditional television manufacturers, with retailers, media companies and technology firms now competing to own the gateway to the living room.

The trend began with Walmart’s $2.3 billion acquisition of Vizio, completed in December 2024. Since then, Walmart has removed Vizio products from third-party retailers, positioning the brand as an exclusive offering through Walmart and Sam’s Club.

Omdia argues the acquisition was less about selling televisions than gaining access to advertising inventory and consumer data. By combining retail purchasing information with viewing behaviour collected through Vizio’s smart TV platform, Walmart can offer highly targeted advertising while strengthening its retail media business. That strategy has since been reinforced by Walmart’s acquisition of streaming advertising technology company Vibe.co.

The changing economics of the TV market have also been reflected in Sony’s restructuring of its television operations through a joint venture with TCL. Omdia notes that the value placed on Sony’s TV and audio business was less than one-third of Walmart’s purchase price for Vizio, highlighting how software platforms and audience data now command significantly higher valuations than traditional hardware businesses.

The latest stage in this evolution came with Fox’s proposed $22 billion acquisition of Roku. If completed, the deal would combine one of America’s largest media companies with a connected TV platform reaching around 100 million households. Omdia believes the combination would strengthen Fox’s ability to sell targeted advertising around premium live sports and news using Roku’s audience data.

“The core asset in smart TV is no longer just the display panel,” the report concludes. “It’s the operating system, advertising inventory and user viewing data that power the screen.”

The competitive landscape has broadened accordingly. Google, Samsung and LG continue to compete through Android TV, Tizen and webOS respectively, while retailers such as Walmart are leveraging retail media networks and media companies are using premium content portfolios to drive engagement.

Samsung has already begun adapting to the changing market, replacing the head of its Visual Display division with a senior marketing executive earlier this year, signalling a greater emphasis on platform growth and advertising. LG continues to expand webOS licensing beyond its own television business, while Chinese manufacturers are driving volume growth through aggressively priced large-screen televisions.

At the same time, rising LCD panel and semiconductor costs are squeezing traditional television manufacturers, while new entrants such as retailers and media companies can offset hardware margins through advertising, e-commerce and data monetisation.

Omdia says future market share trends for platforms such as Roku and Vizio in North America will provide an important indication of how the balance of power continues to shift between hardware manufacturers, retailers and media companies as the smart TV increasingly becomes an advertising and content platform rather than simply a television set.