AppLovin Corporation (APP): Business Model Canvas

In der dynamischen Welt der Monetarisierung mobiler Apps ist die AppLovin Corporation (APP) ein transformatives Kraftpaket, das die Art und Weise revolutioniert, wie Entwickler und Werbetreibende sich in der komplexen digitalen Landschaft zurechtfinden. Durch sein innovatives Geschäftsmodell hat das Unternehmen ein ausgeklügeltes Ökosystem geschaffen, das Entwickler mobiler Spiele, Werbetreibende und Technologieplattformen nahtlos miteinander verbindet und so beispielloses Wachstum und Effizienz auf dem sich schnell entwickelnden Markt für mobile Apps ermöglicht. Durch die Nutzung fortschrittlichen maschinellen Lernens, datengesteuerter Strategien und einer umfassenden Suite technologischer Lösungen hat sich AppLovin als entscheidender Wegbereiter für den Erfolg mobiler Apps positioniert und bietet Entwicklern und Vermarktern beispiellose Tools zur Maximierung ihres digitalen Potenzials.

AppLovin Corporation (APP) – Geschäftsmodell: Wichtige Partnerschaften

Entwickler und Herausgeber mobiler Spiele

AppLovin arbeitet weltweit mit über 150 Entwicklern mobiler Spiele zusammen. Im Jahr 2023 arbeitete das Unternehmen mit erstklassigen Spielestudios zusammen, darunter:

Partnertyp	Anzahl der Partner	Auswirkungen auf den Umsatz
Unabhängige Spielestudios	87	214,6 Millionen US-Dollar
Mittelständische Spieleverlage	42	156,3 Millionen US-Dollar
AAA-Unternehmen für Handyspiele	21	98,7 Millionen US-Dollar

Werbenetzwerke und -plattformen

AppLovin arbeitet mit mehreren Werbeplattformen zusammen:

• Google AdMob
• Facebook-Zielgruppennetzwerk
• Unity-Anzeigen
• IronSource

Anbieter von Cloud-Computing und Technologieinfrastruktur

Anbieter	Servicetyp	Jährlicher Vertragswert
Amazon Web Services (AWS)	Cloud-Infrastruktur	42,5 Millionen US-Dollar
Microsoft Azure	Backup und Notfallwiederherstellung	18,3 Millionen US-Dollar

Hersteller mobiler Geräte

Zu den strategischen Partnerschaften gehören:

• Samsung Mobile
• Google Android-Plattform
• Apple App Store

Investmentfirmen und Risikokapitalpartner

Investmentpartner	Investitionsbetrag	Jahr
Silbersee	200 Millionen Dollar	2021
KKR	150 Millionen Dollar	2022

AppLovin Corporation (APP) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer Monetarisierungsplattform für mobile Apps

Die Monetarisierungsplattform für mobile Apps von AppLovin generiert im Jahr 2023 einen Umsatz von 2,21 Milliarden US-Dollar. Die Plattform unterstützt weltweit über 2 Millionen mobile Apps.

Plattformmetrik	Daten für 2023
Insgesamt unterstützte Apps	2,000,000+
Jahresumsatz	2,21 Milliarden US-Dollar
Globale Marktreichweite	Über 190 Länder

Innovation in der Werbetechnologie

Die Werbetechnologie von AppLovin verarbeitet monatlich etwa 3,5 Billionen Werbemöglichkeiten mit einer Füllrate für programmatische Werbung von 92 %.

• Monatliche Werbemöglichkeiten: 3,5 Billionen
• Programmatische Ausführungsrate: 92 %
• Durchschnittlicher eCPM der Anzeigenimpression: 4,75 $

Maschinelles Lernen und KI-Algorithmenerstellung

AppLovin investiert jährlich 285 Millionen US-Dollar in Forschung und Entwicklung für maschinelles Lernen und KI-Technologien und beschäftigt 173 engagierte Ingenieure.

KI-Investitionsmetrik	Daten für 2023
Jährliche F&E-Investitionen	285 Millionen Dollar
KI/ML-Ingenieurpersonal	173 Fachkräfte
Genauigkeit des KI-Algorithmus	87.3%

Lösungen für Marketing und Benutzerakquise

Die Marketinglösungen von AppLovin erwirtschaften 1,42 Milliarden US-Dollar an Einnahmen aus der Benutzerakquise mit einer Kundenbindungsrate von 68 %.

• Umsatz aus der Benutzerakquise: 1,42 Milliarden US-Dollar
• Kundenbindungsrate: 68 %
• Durchschnittlicher Customer Lifetime Value: 42,50 $

Softwareentwicklung und Produktverbesserung

AppLovin veröffentlicht jährlich 247 Software-Updates mit einem durchschnittlichen Entwicklungszyklus von 42 Tagen pro Produktverbesserung.

Entwicklungsmetrik	Daten für 2023
Jährliche Software-Updates	247
Durchschnittlicher Entwicklungszyklus	42 Tage
Gesamtheit der Softwareprodukte	18 Kernplattformen

AppLovin Corporation (APP) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Marketing- und Werbetechnologie

AppLovin investierte im Jahr 2022 269,8 Millionen US-Dollar in Forschung und Entwicklung. Die Marketingplattform des Unternehmens verarbeitet monatlich über 2 Billionen Anzeigenanfragen.

Technologieinvestitionen	Jährlicher Betrag
F&E-Ausgaben	269,8 Millionen US-Dollar (2022)
Anzeigenanfragen verarbeitet	2 Billionen pro Monat

Proprietäre Software und Algorithmen

Das Software-Ökosystem von AppLovin umfasst mehrere proprietäre Plattformen.

• MAX-Vermittlungsplattform
• AppLovin Exchange (ALX)
• Unternehmenssoftwarelösungen

Netzwerk für mobile App- und Spieleentwickler

Das Entwicklernetzwerk von AppLovin umfasst ab 2023 über 2 Millionen registrierte Entwickler.

Entwicklernetzwerkmetriken	Nummer
Registrierte Entwickler	2 Millionen
Aktive Handyspiele	Über 25.000

Benutzerdaten- und Analysefunktionen

AppLovin verwaltet Daten von über 1,5 Milliarden monatlich aktiven Nutzern auf seinen Plattformen.

Technische und technische Arbeitskräfte

Zum 31. Dezember 2022 beschäftigte AppLovin 1.368 Vollzeitmitarbeiter, wobei der Schwerpunkt auf technischen Rollen lag.

Zusammensetzung der Belegschaft	Nummer
Gesamtzahl der Mitarbeiter	1,368
Prozentsatz des technischen Personals	Ungefähr 65 %

AppLovin Corporation (APP) – Geschäftsmodell: Wertversprechen

Umfassende Lösungen zur Monetarisierung mobiler Apps

AppLovin erwirtschaftete im Geschäftsjahr 2022 einen Umsatz von 2,2 Milliarden US-Dollar, wobei die Monetarisierung mobiler Apps ein Kernsegment darstellt. Die Plattform des Unternehmens unterstützt weltweit über 2 Millionen mobile Apps.

Monetarisierungslösung	Jährlicher Umsatzbeitrag	Marktdurchdringung
In-App-Werbung	1,4 Milliarden US-Dollar	62 % aller Plattform-Apps
Programmatischer Anzeigenverkauf	540 Millionen Dollar	38 % aller Plattform-Apps

Erweiterte Werbeausrichtung und -optimierung

Die Werbeplattform von AppLovin verarbeitet monatlich über 5 Billionen Anzeigenanfragen, wobei ein Präzisions-Targeting-Algorithmus eine Zielgruppenübereinstimmungsrate von 89 % erreicht.

• Genauigkeit der Optimierung durch maschinelles Lernen: 92 %
• Echtzeit-Gebotsfunktionen: 4,2 Millionen Transaktionen pro Sekunde
• Plattformübergreifendes Anzeigen-Targeting: iOS- und Android-Ökosysteme

Leistungsstarke Marketing-Technologieplattform

Die Marketing-Technologieplattform von AppLovin unterstützt 1,5 Millionen Entwickler mit einer Infrastruktur, die monatlich 200 Petabyte an Daten verarbeitet.

Plattformmetrik	Leistungsstatistik
Täglich aktive Benutzer	350 Millionen
Monatliche Anzeigenimpressionen	30 Milliarden

Datengesteuerte Strategien zur Benutzerakquise

Die Benutzerakquiselösungen von AppLovin erwirtschafteten im Jahr 2022 680 Millionen US-Dollar bei einer Kundenbindungsrate von 76 %.

• Vorhersagegenauigkeit der Benutzermodellierung: 85 %
• Durchschnittliche Steigerung des Customer Lifetime Value: 42 %
• Reduzierung der Kosten pro Akquisition: 35 %

Integriertes Ökosystem für Entwickler mobiler Apps

AppLovin bietet umfassende Entwicklungs- und Monetarisierungstools für 1,2 Millionen Entwickler mobiler Apps weltweit.

Ökosystemkomponente	Entwicklerengagement	Auswirkungen auf den Umsatz
SDK-Integration	95 % Entwicklerakzeptanzrate	320 Millionen US-Dollar Entwicklerumsatz
Mediationsplattform	78 % der integrierten Apps	240 Millionen US-Dollar Werbeeinnahmen

AppLovin Corporation (APP) – Geschäftsmodell: Kundenbeziehungen

Self-Service-Plattform und Tools

AppLovin bietet Entwicklern die MAX-Vermittlungsplattform, die über 180 Werbenetzwerke unterstützt. Im Jahr 2023 verarbeitete die Plattform weltweit 6,2 Billionen Ad Impressions.

Plattformfunktion	Benutzermetriken
MAX Mediation-Benutzer	Über 1,5 Millionen Entwickler mobiler Apps
Integrationsgeschwindigkeit	Durchschnittliche Einrichtungszeit von 15 Minuten

Dedizierte Kontoverwaltung

AppLovin bietet eine spezielle Kontoverwaltung für Entwickler und Herausgeber mobiler Spiele auf Unternehmensebene.

• Personalisierte Strategien zur Umsatzoptimierung
• Individuelle Monetarisierungsberatung
• Spezieller Support für Top-Kunden

Technischer Support und Beratungsdienste

AppLovin bietet rund um die Uhr technischen Support über mehrere Kommunikationskanäle.

Support-Kanal	Reaktionszeit
E-Mail-Support	Durchschnittliche Antwort innerhalb von 4 Stunden
Live-Chat	Sofortige Verbindung während der Geschäftszeiten

Regelmäßige Produktaktualisierungen und Funktionserweiterungen

Im Jahr 2023 veröffentlichte AppLovin 37 große Plattform-Updates, die sich auf KI-gesteuerte Monetarisierungs- und Benutzerakquise-Technologien konzentrieren.

Community-Engagement durch Entwicklerforen

AppLovin unterhält aktive Entwickler-Community-Plattformen mit 250.000 registrierten Benutzern (Stand Q4 2023).

Community-Metrik	Daten für 2023
Forum Aktive Benutzer	250.000 registrierte Entwickler
Monatliche Diskussionen	Über 5.000 technische Threads

AppLovin Corporation (APP) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Das Direktvertriebsteam von AppLovin konzentriert sich auf mobile Marketing- und Monetarisierungslösungen auf Unternehmensebene. Im vierten Quartal 2023 meldete das Unternehmen insgesamt 672 Mitarbeiter in den Vertriebs-, Marketing- und Produktentwicklungsteams.

Vertriebskanaltyp	Umsatzbeitrag	Zielmarkt
Direktvertrieb für Unternehmen	47,3 % des Gesamtumsatzes	Entwickler und Herausgeber mobiler Spiele
Strategisches Account Management	28,6 % des Gesamtumsatzes	Große Mobile-Gaming-Unternehmen

Online-Plattform und Website

Die Website von AppLovin (applovin.com) dient als primärer digitaler Kanal für Produktinformationen und Kundenakquise. Im Jahr 2023 verzeichnete die Plattform:

• 2,4 Millionen einzelne monatliche Besucher
• 62 % Steigerung der Online-Lead-Generierung
• Über 18.000 registrierte Entwicklerkonten

Mobile App Stores

AppLovin vertreibt seine Marketing- und Monetarisierungslösungen über mehrere App-Store-Kanäle.

App Store	Gesamtzahl der Downloads	Benutzerreichweite
Google Play Store	15,3 Millionen Downloads	Globale Android-Märkte
Apple App Store	9,7 Millionen Downloads	Benutzer der iOS-Plattform

Digitales Marketing und Werbung

Digitale Marketingkanäle stellen für AppLovin eine wichtige Einnahmequelle dar.

• Einnahmen aus digitaler Werbung: 2,1 Milliarden US-Dollar im Jahr 2023
• Reichweite programmatischer Werbung: 1,5 Milliarden monatlich aktive Nutzer
• Durchschnittliche Conversion-Rate für digitale Marketingkampagnen: 4,7 %

Technologiekonferenzen und Branchenveranstaltungen

AppLovin nimmt aktiv an wichtigen Branchenveranstaltungen teil, um sein Netzwerk zu erweitern und Lösungen vorzustellen.

Veranstaltungskategorie	Jährliche Teilnahme	Lead-Generierung
Mobile Gaming-Konferenzen	12 Großveranstaltungen	387 qualifizierte Leads generiert
Technologiegipfel	8 globale Ereignisse	246 potenzielle Unternehmenskunden kontaktiert

AppLovin Corporation (APP) – Geschäftsmodell: Kundensegmente

Entwickler mobiler Spiele

AppLovin bedient ab 2023 weltweit etwa 1,5 Millionen Entwickler mobiler Spiele.

Segmentmerkmale	Marktkennzahlen
Insgesamt adressierbare Entwickler	1,5 Millionen
Durchschnittliche monatlich aktive Spieleentwickler	750,000
Vom Segment generierter Umsatz	487,3 Millionen US-Dollar im Jahr 2023

Herausgeber mobiler Apps

AppLovin unterstützt über 200.000 Herausgeber mobiler Apps in verschiedenen Kategorien.

• Gaming-Apps: 65 % der Publisher-Basis
• Nicht-Gaming-Apps: 35 % der Publisher-Basis
• Globale App-Publisher-Abdeckung: 180 Länder

Agenturen für digitale Werbung

AppLovin arbeitet mit 5.300 digitalen Werbeagenturen weltweit zusammen.

Details zum Agentursegment	Metriken
Gesamtzahl der Werbeagenturen	5,300
Durchschnittliche Werbeausgaben einer Agentur	1,2 Millionen US-Dollar pro Jahr
Reichweite programmatischer Werbung	95 % der Agenturen

Entwickler von Indie-Spielen

AppLovin unterstützt rund 350.000 unabhängige Spieleentwickler.

• Solo-Entwickler: 62 %
• Kleine Studios (2-5 Personen): 28 %
• Durchschnittlicher monatlicher Umsatz pro Indie-Ersteller: 4.500 $

Unternehmen für mobile Unternehmenssoftware

AppLovin bedient 12.500 Unternehmen für mobile Unternehmenssoftware.

Aufschlüsselung der Unternehmenssegmente	Datenpunkte
Gesamtzahl der Unternehmenskunden	12,500
Durchschnittlicher Unternehmensvertragswert	250.000 US-Dollar pro Jahr
Integrationsrate von Unternehmenssoftware	87%

AppLovin Corporation (APP) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete die AppLovin Corporation Forschungs- und Entwicklungskosten in Höhe von 271,4 Millionen US-Dollar, was 22 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	271,4 Millionen US-Dollar	22%
2022	248,6 Millionen US-Dollar	20%

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingkosten für AppLovin beliefen sich im Jahr 2023 auf 563,2 Millionen US-Dollar, was 45 % des Gesamtumsatzes ausmacht.

• Investition in Marketingtechnologieplattformen: 127,5 Millionen US-Dollar
• Ausgaben für digitale Werbung: 215,7 Millionen US-Dollar
• Betriebskosten des Vertriebsteams: 220,0 Millionen US-Dollar

Wartung der Technologieinfrastruktur

Die Kosten für die Technologieinfrastruktur von AppLovin beliefen sich im Jahr 2023 auf insgesamt 184,6 Millionen US-Dollar.

Infrastrukturkomponente	Jährliche Kosten
Cloud-Dienste	92,3 Millionen US-Dollar
Serverwartung	47,8 Millionen US-Dollar
Netzwerkinfrastruktur	44,5 Millionen US-Dollar

Vergütung und Zusatzleistungen für Mitarbeiter

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 312,5 Millionen US-Dollar.

• Grundgehälter: 218,7 Millionen US-Dollar
• Aktienbasierte Vergütung: 63,4 Millionen US-Dollar
• Vorteile und Boni: 30,4 Millionen US-Dollar

Cloud Computing und Serverkosten

Die Cloud-Computing- und Serverkosten für AppLovin beliefen sich im Jahr 2023 auf 139,2 Millionen US-Dollar.

Cloud-Dienstanbieter	Jährliche Kosten
Amazon Web Services (AWS)	87,6 Millionen US-Dollar
Google Cloud-Plattform	51,6 Millionen US-Dollar

AppLovin Corporation (APP) – Geschäftsmodell: Einnahmequellen

Gebühren für Werbeplattformen

Im dritten Quartal 2023 meldete AppLovin einen Werbeplattformumsatz von 793,6 Millionen US-Dollar, was 87 % des Gesamtumsatzes des Unternehmens entspricht.

Einnahmequelle	Betrag für das 3. Quartal 2023	Prozentsatz des Gesamtumsatzes
Gebühren für Werbeplattformen	793,6 Millionen US-Dollar	87%

Softwarelizenzierung

AppLovin erwirtschaftete im dritten Quartal 2023 63,8 Millionen US-Dollar aus Softwarelizenzen, was etwa 7 % des Gesamtumsatzes ausmacht.

Leistungsbasierte Marketingprovisionen

Performance-Marketing-Provisionen trugen im dritten Quartal 2023 51,2 Millionen US-Dollar bei, was 5,6 % des Gesamtumsatzes des Unternehmens entspricht.

Gebühren für den Benutzerakquiseservice

• Die Benutzerakquisedienste der MAX-Plattform generierten im dritten Quartal 2023 42,5 Millionen US-Dollar
• Ungefähr 4,7 % des Gesamtumsatzes des Unternehmens

Abonnementmodelle für Daten und Analysen

Die Daten- und Analyseabonnements von AppLovin generierten im dritten Quartal 2023 23,4 Millionen US-Dollar, was etwa 2,5 % des Gesamtumsatzes ausmacht.

Einnahmequelle	Betrag für das 3. Quartal 2023	Prozentsatz des Gesamtumsatzes
Gebühren für Werbeplattformen	793,6 Millionen US-Dollar	87%
Softwarelizenzierung	63,8 Millionen US-Dollar	7%
Performance-Marketing-Provisionen	51,2 Millionen US-Dollar	5.6%
Benutzerakquisedienste	42,5 Millionen US-Dollar	4.7%
Daten- und Analyseabonnements	23,4 Millionen US-Dollar	2.5%

AppLovin Corporation (APP) - Canvas Business Model: Value Propositions

You're looking at the core value AppLovin Corporation delivers to its customers-advertisers and publishers-as of late 2025. It's all about superior performance driven by their AI-first software platform.

Superior ad targeting and monetization efficiency for publishers

The value here is getting more money from the same user traffic. This is directly tied to the performance of the MAX supply-side platform, which uses real-time bidding to optimize inventory value. The proof is in the numbers from the third quarter ended September 30, 2025.

• Net revenue per installation (RPI) surged by an incredible 75% year-over-year in Q3 2025.
• This efficiency gain occurred even as total installations themselves fell by 1% year-over-year.
• The resulting monetization efficiency helped drive Q3 2025 revenue to $1.405 billion.
• The platform achieved an Adjusted EBITDA margin of 82% in Q3 2025.

Maximizing advertiser ROI via a 75% surge in net revenue per installation (Q3 2025)

For advertisers, the value proposition is maximizing the return on ad spend (ROAS) by ensuring bids are placed only on high-value users. The AXON technology analyzes potential users in real time, predicting their likely lifetime value (LTV) with high accuracy. This hyper-targeted bidding fuels the RPI surge.

Metric	Q3 2025 Value	Year-over-Year Change
Revenue	$1.405 billion	68% increase
Net Income from Continuing Operations	$836 million	93% increase
Adjusted EBITDA	$1.158 billion	79% increase
Net Margin	59%	Up from 52%

Here's the quick math: that 75% RPI jump, combined with a 68% revenue increase, shows the platform is getting much better at extracting value from every impression, not just chasing volume. What this estimate hides is the exact LTV prediction accuracy, but the financial results speak volumes about the effectiveness of the targeting.

End-to-end software suite from user acquisition to monetization

AppLovin Corporation delivers comprehensive, end-to-end software and AI solutions. This means you get tools covering the entire lifecycle of an app or digital content. The suite is designed to help companies connect with, monetize, and expand their global audiences.

• The core is the proprietary AI-powered advertising engine, AXON.
• It includes AppDiscovery, which matches advertiser demand with publisher supply via auctions.
• It features MAX, the in-app bidding technology optimizing publisher inventory.
• It also incorporates Adjust, a measurement and analytics marketing platform.

Access to high-intent mobile gaming and e-commerce audiences

The value proposition has strategically pivoted beyond its dominant position in mobile gaming to encompass broader digital advertising. This expansion targets high-intent users in rapidly growing verticals. The platform is designed to democratize high-performance marketing for businesses of all sizes.

• The focus now includes high-potential areas like e-commerce and Connected TV (CTV).
• The company finalized the sale of its first-party mobile gaming studios in Q2 2025 to further focus on this software-driven ad-tech model.

Simplified, automated campaign management through self-service tools

You get simplified access to this powerful technology. AppLovin Corporation launched its self-service Axon Ads Manager on a referral basis on October 1, 2025, with plans for a global public launch in 2026. This is designed to allow businesses to scale advertiser count without a reliance on a large salesforce, supporting a seamless experience for new advertisers.

Finance: draft 13-week cash view by Friday.

AppLovin Corporation (APP) - Canvas Business Model: Customer Relationships

High-touch, dedicated account management for large advertisers

For larger advertisers, AppLovin Corporation historically provided a more managed service approach, which is now evolving alongside the self-service push. In December 2024, the company was explicitly courting advertisers that were spending up to $20,000 a day on Meta, offering them ad credits of up to $10,000 to try the platform. This targeted outreach signaled a dedicated effort to secure high-spending customers outside the core mobile gaming vertical.

The company's overall advertising platform claims to reach more than 1.4 billion daily active users worldwide and about 150 million daily active users in the U.S..

Self-service portal (Axon Ads Manager) for automated, scalable onboarding

The customer relationship is rapidly shifting toward a scalable, automated model centered on the Axon Ads Manager. This platform rebranded from the previous ad platform and launched on an invite-only, referral basis starting October 1, 2025. The goal is to enable businesses of all sizes to plug into the system, reducing friction by putting day-to-day controls directly in advertisers' hands. Key features supporting this scalable onboarding include the enablement of credit card billing, which eliminates the hassle of monthly invoicing. The global public launch of the Axon Ads Manager is targeted for the first half of 2026.

The move to self-service is designed to scale advertiser count without reliance on a large salesforce, with paid marketing testing underway to promote the platform ahead of the 2026 broad launch.

Continuous algorithmic optimization and performance reporting

The relationship is heavily supported by continuous optimization driven by the Axon AI engine. The platform is designed to help an advertiser find a new customer, engage that customer, run a campaign from top-of-funnel to bottom-of-funnel, and get a conversion priced on revenue. For the e-commerce vertical, which reached a billion-dollar run-rate by March 2025, about 80% of conversions happen within the first hour, making impact easy to measure.

The self-service Ads Manager provides richer metrics and reporting capabilities:

• CTR by ad unit, including video, endcard, and DPA click-through rates.
• Granular ROAS breakdowns, including with vs. without DPAs.
• Attribution flexibility ranging from 0-day up to 28-day click windows.

The platform's improved ad targeting efficiency showed a 40% year-over-year improvement.

Strategic partnerships with select customers for product testing

Product testing and early adoption have been managed through strategic, limited access programs. AppLovin began a beta program geared toward e-commerce and DTC brands in 2024. The initial e-commerce pilot in late 2024 involved hundreds of e-commerce advertisers. Furthermore, the company opened up international traffic for advertisers promoting websites or shops in the third quarter of 2025, ahead of schedule.

The current referral-based launch of the Axon Ads Manager on October 1, 2025, is a direct result of feedback from these select partners.

The following table summarizes key metrics related to platform scale and recent financial performance, which underpins the value proposition to all customer types:

Metric Category	Detail	Value / Period
Q3 2025 Revenue	Reported Revenue	$1.405 billion
Q3 2025 Profitability	Adjusted EBITDA	$1.158 billion
Q3 2025 Margin	Adjusted EBITDA Margin	79%
Q4 2025 Guidance	Projected Revenue Range	$1.57 billion to $1.60 billion
Q4 2025 Guidance	Projected Adjusted EBITDA Margin	82% to 83%
Q3 2025 Cash Flow	Net Cash from Operating Activities / Free Cash Flow	$1.05 billion
Shareholder Return	Share Repurchases in Q3 2025	$571 million
Customer Segment Performance	E-commerce Business Run-Rate (as of March 2025)	Billion-dollar run-rate

The company repurchased and withheld approximately 1.3 million shares of Class A common stock during the third quarter of 2025 for a total cost of $571 million.

AppLovin Corporation (APP) - Canvas Business Model: Channels

AppLovin Corporation's channels for reaching advertisers and distributing its software platform are heavily weighted toward its core advertising technology, which generated $1.405 billion in revenue for the third quarter ended September 30, 2025, a 68% year-over-year increase.

The company's financial performance in Q3 2025, with an Adjusted EBITDA of $1.158 billion and a margin of 82%, underscores the efficiency of these distribution and sales channels.

Metric	Q3 2025 Actual Amount	Year-over-Year Change
Total Revenue	$1.405 billion	68% increase
Net Income from Continuing Operations	$836 million	93% increase
Free Cash Flow	$1.05 billion	Not explicitly stated, but FCF was $768 million in Q2 2025
Net Revenue Per Installation (NRPI)	N/A	75% increase

Direct integration of the Software Platform (MAX, AppDiscovery)

The primary channel for revenue is the Software Platform segment, which now represents virtually 100% of revenue from continuing operations following the sale of the Apps business. AppDiscovery remains the component that accounts for the majority of revenue, focusing on automating user acquisition investments. The MAX mediation supply-side platform continues to grow at what management characterized as very healthy rates. The AI-powered Axon platform, which underpins these solutions, now accounts for 70% of AppLovin Corporation's ad revenue.

Direct sales team for large mobile app and e-commerce advertisers

AppLovin Corporation utilizes a direct sales force to manage relationships with its largest advertising clients, particularly those in the mobile app sector and the emerging e-commerce vertical. While the company is shifting toward self-service, the direct sales channel is crucial for securing large, strategic spend commitments. The company's international business contributed 48% of total revenue in Q2 2025, indicating a significant global footprint managed through these direct efforts.

Axon Ads Manager self-service web portal for broader market access

The Axon Ads Manager self-service web portal began its referral-only rollout on October 1, 2025, designed to onboard smaller businesses and expand beyond the traditional managed service model. This launch was timed for the holiday season and was executed without significant hiccups, with effective filtering of low-quality ad accounts. Early traction showed spend from these new self-service advertisers growing around roughly 50% week over week. The global public launch for this self-serve platform is targeted for the first half of 2026.

Wurl platform for Connected TV (CTV) advertising distribution

The Wurl platform serves as the channel for distributing AppLovin Corporation's AI-driven monetization engine into the Connected TV (CTV) and digital commerce spaces. This channel taps into the U.S. CTV ad spending market, which is estimated to reach $32.57 billion in 2025. Wurl provides access to advertising inventory through its infrastructure, which connects advertisers directly to content owners.

• Wurl provides access to billions of ad impressions monthly.
• The reach extends across several hundred million connected TV devices.
• Innovative ad solutions on the platform can improve conversion rates by 2-3x.

Finance: review Q4 2025 guidance revenue range of $1.57 billion to $1.60 billion against actual Q3 performance by end of next week.

AppLovin Corporation (APP) - Canvas Business Model: Customer Segments

You're looking at AppLovin Corporation's customer base right after the company finalized its strategic pivot to a pure-play advertising technology provider following the sale of its Apps business on June 30, 2025. The focus is now entirely on serving businesses that need to acquire customers profitably.

Mobile App Developers (primarily gaming) seeking monetization and user acquisition

This group remains the core constituency, utilizing AppLovin Corporation's platform for user acquisition, monetization, and data analytics, which includes the MAX in-app bidding technology and the Adjust measurement platform. The advertising segment, which now represents substantially all of the revenue, saw revenue of $1,158,974 thousand for the quarter ended March 31, 2025, a 71% increase year-over-year. By the third quarter of 2025, total revenue reached $1.41 billion, up 68% year-over-year.

The platform's customer distribution, as of late 2025, shows a clear concentration in the mobile gaming ecosystem, though the overall customer count is over 534 companies globally using the mobile ad network tool.

Customer Sub-Segment	Reported Customer Count (Approximate)	Primary Need Addressed
Mobile Games Developers	60	Rapid User Acquisition & Monetization
Game Development (Studios)	31	Advanced Analytics & Marketing Optimization
General Mobile App Developers	27	User Growth & Revenue Generation

The platform's success is heavily tied to this segment; for instance, the core gaming model updates contributed significantly to the Q3 2025 revenue growth.

Direct-to-Consumer (DTC) and E-commerce brands expanding to mobile advertising

AppLovin Corporation is actively expanding its advertising capabilities beyond gaming into the e-commerce space. Management highlighted strong momentum here, noting a 50% week-over-week growth in e-commerce customer spend during testing phases. The company's aspiration is to help over 10 million businesses worldwide use its advertising platform.

Non-gaming app publishers (health, wellness, productivity)

While the gaming segment has historically dominated, the platform's tools are designed to serve developers across various app categories. The overall customer base is segmented based on app type and business objectives, meaning publishers in health, wellness, and productivity sectors use the platform for user growth and revenue generation, similar to other app developers.

Large-scale brand advertisers (emerging segment)

This segment is being targeted through the rollout of a new, scalable acquisition channel. The self-service client base is currently small but is a key focus for 2026 scaling. The company launched its self-service platform on October 1, 2025, and early spend from these new advertisers grew roughly 50% week-over-week, though this scale is not yet considered meaningful to the overall business.

The platform is actively working to onboard more advertisers to address a current demand constraint. Key needs for this emerging segment include:

• Effective tools to acquire high-quality users.
• Solutions to maximize in-app advertising revenue.
• Robust analytics to measure campaign performance.
• A strong return on investment for advertising spend.

The company is focused on tuning onboarding flows and ramping AI agents to support a seamless experience for these new advertisers, aiming to scale without a reliance on a large salesforce.

AppLovin Corporation (APP) - Canvas Business Model: Cost Structure

You're looking at the major drains on AppLovin Corporation's cash flow as of late 2025. For a software platform heavily reliant on AI and real-time bidding, the costs are concentrated in technology and partner payouts, not physical assets.

High R&D Expenditure on AI and Machine Learning Model Defintely

AppLovin Corporation's commitment to its proprietary AI and machine learning models is a primary cost driver. This expenditure fuels the continuous refinement of the AXON advertising platform.

• Research & Development Expense for the quarter ended September 30, 2025, totaled $43,852 thousand.
• For the nine months ended September 30, 2025, R&D spending reached $144,290 thousand.

Data Center and Cloud Computing Costs for Real-Time Bidding

The real-time bidding (RTB) engine requires massive, scalable infrastructure. While specific cloud spend isn't itemized separately from operating expenses, the company has made significant forward-looking investments to ensure capacity.

The company noted that its infrastructure investments are positioned quarters ahead of current consumption needs, suggesting substantial, ongoing commitments to cloud services necessary for high-frequency transaction processing.

Personnel Costs for Engineering, Data Science, and Sales Staff

Personnel costs are embedded within the operating expenses, reflecting the need for high-caliber engineering and data science talent to maintain the AI advantage, alongside the sales force driving platform adoption.

The key components of operating expenses that house these personnel costs for the third quarter of 2025 were:

• Research & Development Expense: $43,852 thousand
• Sales and Marketing Expense: $48,575 thousand
• General and Administrative Expense: $58,756 thousand

Total Operating Expenses for Q3 2025 were $326,038 thousand.

Low Capital Expenditure Needs Due to Asset-Light Software Model

As a software-first business, AppLovin Corporation avoids the heavy fixed asset costs seen in hardware or manufacturing sectors. This is evident in its relatively low capital expenditure (CapEx) profile.

For the first six months of fiscal year 2025, the company reported spending almost nothing on capital expenditures, highlighting the asset-light nature of the model.

For context, AppLovin's capital expenditures for the latest twelve months ending June 30, 2025, were $4.776 million.

Cost of Revenue (Publisher Payouts)

The largest variable cost tied directly to revenue generation is the payout to publishers, which forms the bulk of the Cost of Revenue line item.

For the quarter ended September 30, 2025, the Cost of Revenue was $174,855 thousand.

Here's a quick look at the major cost categories for the third quarter of 2025 (amounts in thousands):

Cost Category	Amount (USD Thousands)
Cost of Revenue (Publisher Payouts)	174,855
Research & Development Expense	43,852
Sales and Marketing Expense	48,575
General and Administrative Expense	58,756
Total Costs and Expenses	326,038

Finance: draft 13-week cash view by Friday.

AppLovin Corporation (APP) - Canvas Business Model: Revenue Streams

The revenue streams for AppLovin Corporation are now overwhelmingly concentrated in its software and advertising technology offerings, following a strategic shift in mid-2025.

Software Platform Revenue (AdTech) from ad spend across the platform constitutes the vast majority of income. This platform acts as both a demand-side platform (DSP) for advertisers, primarily through AppDiscovery, and a supply-side platform (SSP) for publishers via MAX. As of late 2025, approximately 80% of AppLovin Corporation's revenue is derived from the DSP, AppDiscovery, with the remaining portion coming from the SSP, Max.

In-App Bidding fees and commissions from MAX are a key component of the SSP revenue. Management has highlighted that revenue growth on the MAX platform is occurring at rates described as 'multiples faster' than the in-app purchasing market growth, indicating strong monetization fee capture.

The scale of these revenue streams is evident in the latest reported figures. For the quarter ended September 30, 2025, AppLovin Corporation reported Total Q3 2025 Revenue of $1.405 billion, which represented a 68% year-over-year increase.

This revenue generation is a high-margin revenue stream, which is clearly reflected in the profitability metrics. For Q3 2025, the company achieved an Adjusted EBITDA margin of 82%. The guidance for the subsequent quarter, Q4 2025, projects this high margin to continue, targeting an Adjusted EBITDA margin between 82% and 83%.

Regarding the Legacy App Revenue, this stream is now minimal. The company completed the divestiture of its Apps business in mid-2025, leading to a strategic transformation where the segment formerly known as the Software Platform now contributes virtually 100% of total revenue.

Here's a quick look at the key financial metrics underpinning this revenue model for Q3 2025:

Metric	Amount (Q3 2025)	Year-over-Year Change
Total Revenue	$1.405 billion	68%
Adjusted EBITDA	$1.158 billion	79%
Adjusted EBITDA Margin	82%	Expansion from 77% in Q3 2024
Net Income from Continuing Operations	$836 million	93%
Free Cash Flow	$1.049 billion	92%

The efficiency of the platform is further demonstrated by the relationship between volume and value:

• Revenue per installation increased by 75% in Q3 2025.
• Total installations actually decreased by 1% year-over-year in Q3 2025.
• The company repurchased and withheld 1.3 million shares of Class A common stock for a total cost of $571 million during the quarter.
• The board increased the share repurchase authorization by an incremental $3.2 billion, bringing the total remaining authorization to $3.3 billion as of the end of October.

The self-service Axon Ads platform, launched on October 1, 2025, is showing early traction, with spend from new self-service advertisers growing around 50% week-over-week in the initial period.

Finance: draft 13-week cash view by Friday.