Criteo Announces Preferred Relationship with Magnite to Extend Retailer Audiences into CTV
The collaboration will help drive growth for Criteo's retailer partners
NEW YORK, Jan. 5, 2023 /PRNewswire/ -- Criteo (Nasdaq: CRTO), the commerce media company and Magnite (Nasdaq: MGNI), the world's largest independent omnichannel sell-side advertising platform, today announced a preferred relationship that will enable Criteo's global retailer partners to leverage Connected TV (CTV) through Magnite. By collaborating, retailers can drive growth by extending their audiences off-site into addressable CTV environments, in turn, providing closed-loop measurement to their brand and agency partners.
According to eMarketer, CTV and retail media are among some of the fastest-growing digital ad channels this year, with CTV projected to grow 27.2% and retail media by 20.5% in the US.
"Retail media is moving up the marketing funnel, and we'll see CTV and closed-loop measurement converge this year," said Brian Gleason, Chief Revenue Officer at Criteo. "Together, Magnite's brand-safe, best-in-class CTV inventory and Criteo's powerful in-market, Commerce Audiences will bring meaningful, measurable results to retailers, driving more revenue."
Sean Buckley, Chief Revenue Officer at Magnite commented: "Criteo occupies a unique position in the retail media marketplace, helping 160 retailers globally extend their audiences beyond their own walls. We're excited to work closely with the Criteo team to add value with our CTV expertise and help retailers leverage the high impact of premium, large-screen CTV along with the dynamic, audience-specific strengths that this format can deliver."
Retailers can leverage the Criteo and Magnite preferred relationship today. The collaboration will enhance Criteo's Demand-side Platform (DSP), Commerce Max designed for enterprise brands and agencies, while also providing new, unique demand opportunities for Magnite's platform customers. Commerce Max soft launched after a successful market test with Best Buy in September 2022 and will be available in key markets later this year.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements, including our expectations regarding our market opportunity and future growth prospects and other statements that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure related to our technology and our ability to innovate and respond to changes in technology, uncertainty regarding the scope and impact of the COVID-19 pandemic on our employees, operations, revenue and cash flows, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand access to such inventory, including without limitation uncertainty regarding the timing and scope of proposed changes to and enhancements of the Chrome browser announced by Google, investments in new business opportunities and the timing of these investments, whether the projected benefits of acquisitions materialize as expected, including the successful integration of our acquisition of IPONWEB, uncertainty regarding international growth and expansion (including related to changes in a specific country's or region's political or economic conditions), the impact of the invasion of Ukraine by Russia, including resulting sanctions, the impact of competition, uncertainty regarding legislative, regulatory or self-regulatory developments regarding data privacy matters and the impact of efforts by other participants in our industry to comply therewith, the impact of consumer resistance to the collection and sharing of data, our ability to access data through third parties, failure to enhance our brand cost-effectively, recent growth rates not being indicative of future growth, our ability to manage growth, potential fluctuations in operating results, our ability to grow our base of clients, and the financial impact of maximizing Contribution ex-TAC, as well as risks related to future opportunities and plans, including the uncertainty of expected future financial performance and results and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in the Company's SEC filings and reports, including the Company's Annual Report on Form 10-K filed with the SEC on February 25, 2022, and in subsequent Quarterly Reports on Form 10-Q as well as future filings and reports by the Company. Importantly, at this time, the COVID-19 pandemic continues to have, and inflation and rising interest rates in the U.S. could have, an impact on Criteo's business, financial condition, cash flow and results of operations. There are uncertainties about the duration and the extent of the impact of the COVID-19 pandemic.
Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.
Criteo (NASDAQ: CRTO) is the global commerce media company that enables marketers and media owners to drive better commerce outcomes. Its industry leading Commerce Media Platform connects 22,000 marketers and thousands of media owners to deliver richer consumer experiences from product discovery to purchase. By powering trusted and impactful advertising, Criteo supports an open internet that encourages discovery, innovation, and choice. For more information, please visit www.criteo.com.
We're Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising platform. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world's leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.
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