APP Morgan Stanley TMT 2026

Call Details

• Call Title: Morgan Stanley TMT 2026 Conference - Applovin
• Date: March 4, 2026 at 8:19 PM UTC
• Management Team:
  • Adam Foroughi (Chief Executive Officer)
  • Matt Stumpf (Chief Financial Officer)

Call Summary

Strategic Commentary

• Company uses a 20% to 30% growth benchmark for the gaming ads business as a baseline target for technology-driven improvements.
• Expansion beyond gaming into web and e-commerce is framed as a multi-year effort with a full-funnel product approach that includes discovery, retargeting, and CRM integration.
• Platform scale is emphasized as a competitive advantage, with over 1 billion daily active users as the addressable audience for ad products.
• The company expects iterative product rollouts to drive advertiser adoption rather than a large upfront sales push.
• Creative generation and generative AI are being piloted to reduce the creative production disadvantage between gaming and e-commerce advertisers.
• The business model remains an auction-based spread where publisher payouts are the primary outflow and reported revenue is the spread retained.

Market / Industry View

• The gaming ads market is characterized as a niche with adult users who provide high attention metrics, with ads watched on average over 30 seconds.
• Current overall conversion rate on served ads is 1.3% and high-value gaming moments can exceed a 5% conversion rate.
• Advertiser spend on the platform was described as materially larger than a $11B run rate referenced for advertiser spend in Q1 of the prior year.
• E-commerce addressable market is estimated qualitatively as 5x to 10x the size of the gaming market based on company commentary.
• Rewarded video format is a material differentiator because roughly half of ads served are opt-in rewarded videos.
• Mediation market is competitive with many players, but a transparent, unbiased auction and dense demand are positioned as key publisher value drivers.