Good morning and welcome to Criteo's third quarter 2024 earnings call. All participants will be in listen-only mode. Should you need assistance, please press the star followed by zero. After the prepared remarks, there will be an opportunity to ask questions. To ask a question, please press the star followed by the number one. To inquire a question, please press the star followed by the number two. Please note this event is being recorded. I would now like to turn the conference over to Melanie Dambre, Vice President of Investor Relations. Please go ahead.
Good morning, everyone, and welcome to Criteo's third quarter 2024 earnings call. Joining us on the call today, Chief Executive Officer Megan Clarken and Chief Financial Officer Sarah Glickman, who are going to share some prepared remarks. Todd Parsons, our Chief Product Officer, will join us for the Q&A session. As usual, you will find our investor presentation on our IR website now, as well as our prepared remarks and transcript after the call. Before we get started, I would like to remind you that our remarks will include forward-looking statements which reflect Criteo's judgments, assumptions, and analysis only as of today. Our actual results may differ materially from current expectations based on a number of factors affecting Criteo's business. Except as required by law, we do not undertake any obligation to update any forward-looking statements discussed today.
For more information, please refer to the risk factors discussed in our earnings release, as well as our most recent Forms 10-K and 10-Q filed with the SEC. We will also discuss non-GAAP measures of our performance. Definitions and reconciliations to the most directly comparable GAAP metrics are included in our earnings release published today. Finally, unless otherwise stated, all growth comparisons made during this call are against the same period in the prior year. With that, let me now hand it over to Megan.
Thanks, Melanie, and good morning, everyone. Thank you all for joining us today. Two months ago, I announced my plan to retire from my role as CEO of Criteo. This was a tough decision for me, especially given the positive momentum of our journey and the enjoyment that I find in being part of this winning Criteo team, serving our clients, shareholders, and the industry. The new CEO will inherit a transformed, strong, and vibrant company with the biggest and brightest future ahead. The board is conducting a thorough search, which is progressing well, and meanwhile, I'm fired up and ready to bring you this quarter's update and results. Our ongoing momentum is a testament to our team's hard work, organizational alignment to the plan, and the trust that our clients place in us.
I couldn't be prouder of our senior leadership team, who continues to be the driving force behind the successful execution of our strategy. Together, we've turned Criteo into a commerce media powerhouse with retail media at the core and cemented our position as a global leader in ad tech. Looking back on our company's transformation over the past five years, we've strategically repositioned ourselves for sustainable growth and margin expansion. We're set to achieve new heights as we're on track to deliver our third consecutive year of double-digit growth. Over the years and throughout our transformation, we've demonstrated strong resilience and maintained a high say-do ratio. We no longer plan our business around the demise of third-party cookies. We've brought our commerce media platform vision to life, and we're now positioned at the forefront of the changes in our industry, capitalizing on the next wave of digital advertising.
We are the leading independent ad tech company for commerce media and the platform of choice for the buying and selling of commerce media, the fastest-growing sector of advertising. We came into the sector for seeing the seismic shift in the digital landscape and the rise of commerce media, overtaking linear TV and now taking share from search and social media. The most recent quarterly Skai data showed growth surging to 28% in retail media in Q3, while paid search growth slowed to 3% and social growth slowed to 5%. The future of commerce media is incredibly exciting. It's fueled by several key trends: the global growth of e-commerce and consumers engaging with more content and devices than ever before as they shop from discovery through to purchase and beyond.
Retailers are looking to capitalize on this by selling advertising on their digital stores, while advertisers are focused on optimizing their spend to increase sales. Today, Criteo operates two growing global segments: retail media and performance media. Retail media facilitates the targeting of high-intent shoppers by brands primarily on retailer sites and extending reach across the open web. Performance media focuses on targeting high-intent shoppers for direct-to-consumer brands primarily on the open web and social platforms. In other words, our solutions have a hyper-focus on addressing or advertising to consumers who are on their buyer journey. Our commerce media platform represents the convergence of these opportunities that Criteo is uniquely positioned to address. With 19 years of commerce-driven AI and rich data from our supply and demand side relationships, we predict outcomes and deliver targeted ads throughout the buyer journey from discovery to purchase.
Our vision and platform innovation center around a unified commerce experience. Our goal is to empower advertisers to build full-funnel strategies more efficiently, targeting commerce audiences with multichannel reach, AI-driven optimization, and seamless first-party data integration to enhance personalization and improve ad performance. As our platform matures, we introduce capabilities that enhance efficiency and create growth opportunities. One such example is our latest work in automation tools and streamlined workflows to make client setup easier, enhance performance, and improve efficiency. We refer to this as Commerce Go. Our next-generation toolset allows advertisers to create and launch an optimally configured campaign in as few as five clicks. Clients have reported that setting up campaigns on other services can take 10 times longer than using Criteo's Commerce Go. Our advanced AI streamlines campaign creation and management and automates decisions and audiences, targeting and ad formats to maximize results.