Preview|Applovin 4Q24: Beat or Buy the Dip

Increasingly Optimistic Over Time

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In this report, we conducted several first-hand research efforts, including investigations into Applovin's largest advertisers, SHEIN and TEMU, as well as several of Applovin's agencies. We also compiled various market research information and built a simple model to predict Applovin's revenue in 2025.

For this year's key debates surrounding Applovin, I attempted to elaborate from various angles and conducted a bull-bear debate. In the bull-bear debate, we discussed the reality of the e-commerce take rate, whether the take rate would increase, and how Applovin can obtain e-commerce data.

Expert Inteview Summary

Before discussing the quarterly report setup, let's first summarize the key points from our recent research:

SHEIN

Applovin's share of ad spend: