Walmart’s advertising empire is booming. Here’s what it could target next.

Walmart's advertising operations are showing notable momentum, with the company expanding its footprint in the digital ad market. That growth has drawn attention to how Walmart might leverage its retail scale and media capabilities to reach more consumers.

One obvious avenue for further expansion is streaming, where ad-supported video and connected-TV inventory have become important parts of many advertisers' strategies. The company has some avenues to pursue in this space, reflecting broader industry interest in combining retail data and ad delivery on screens in consumers' homes.

Expectations for Walmart's streaming ambitions were heightened after it acquired Vizio, a company known for its smart-TV platform. But according to recent assessments, the range of streaming opportunities available to Walmart may be narrower than earlier hopes suggested when the Vizio deal was announced.

How Walmart chooses to prioritize and execute on streaming will shape how significant a role it ultimately plays in media and advertising beyond its core retail business. The developing picture points to continued growth in ads, coupled with a more cautious appraisal of the streaming landscape than some observers initially predicted.