CANNES, France — With 250 retail media networks now competing for advertiser budgets, the math of direct relationships is breaking down. Brands and agencies have fixed time, fixed resources, and fixed capacity for RMN partnerships. And that means spending tends to consolidate at the top and the long tail goes unfunded. “The brands and agencies that are engaging with RMN have limited ability to activate with an increasing number of RMNs. There’s fixed costs, fixed time and resources that have to go into those relationships, and that limits spend going into RMNs down market on the long tail,”Patrick Raycroft, CEO of Axonet, told Beet.