Applovin (APP) UBS’s 2025 Global Technology and AI Conference summary

Growth drivers and technology enhancements

• MAX marketplace is experiencing double-digit annual growth, expanding supply for demand-side platforms.

• AXON Ads Manager leverages ongoing learning and frequent model enhancements, compounding performance improvements.

• Technology remains nascent, with a multi-year runway for further model improvements and ecosystem growth.

• Increased diversity in demand and data supports sustained growth in mobile gaming supply.

• Long-term growth outlook is based on continuous technology and supply-side advancements.

Web advertising and cohort performance

• Initial focus was on optimizing product for a fixed cohort before scaling, ensuring true performance for advertisers.

• Prospecting Campaigns now enable targeting of new customers, significantly improving new customer acquisition rates.

• Generative AI-enabled ad creative tools are being developed to help advertisers create platform-optimized content.

• Longer ad engagement times on the platform offer unique value compared to social channels.

• Positive qualitative and quantitative feedback from both new and old cohorts, with ongoing product optimization.

Ecosystem health and ad load dynamics

• Shifting ad mix toward e-commerce is expected to increase ad load and overall impressions served.

• Shorter e-commerce ads allow for more ads per session, benefiting publishers and increasing revenue potential.

• Programmatic systems enable publishers to automatically adjust bids and maximize monetization as ad load grows.

• Increased ad load and diversity are projected to benefit all ecosystem participants, including gaming companies.

• Healthier ecosystem anticipated as conversion rates and supply expand across categories.