Company profile
Founded
AppLovin (ticker: APP) was founded in 2012 by Adam Foroughi, John Krystynak and Andrew Karam.
Initial public offering
On April 15, 2021, AppLovin became a public company, listing on the Nasdaq under the ticker APP. AppLovin began trading at $70 a share, valuing the company at about $24 billion.
Main business
Revenue sources
AppLovin operates Lion Studios, which works with game developers to promote and publish their mobile games. AppLovin also has significant investments in various mobile game publishers. In 2020, 49% of AppLovin’s revenue came from businesses using its software, and 51% came from consumers making in-app purchases.
Mobile games
AppLovin’s earlier investments in the gaming field tended to be in the field of hyper-casual games. After establishing Lion Studio in August 2018, it has successively launched popular games such as “Save The Girl!”, “Mr. Bullet: Spy Mystery””, 90% of which have entered the App Store And top 10 on Google Play free list.
Catching up with the AI trend
Using generative AI-based advertising software solutions, AppLovin is able to efficiently match supply and demand between massive advertising auctions. The company has launched the AI advertising engine model AXON 2.0 and developed a smart advertising software solution based on it. AppLovin also provides “AI advertising marketing” services to advertisers and application developers.
As AI computing resources and application software deployment covering artificial intelligence hardware infrastructure and AI big models gradually take shape, AppLovin begins to provide global companies with “AI advertising and marketing solutions” based on artificial intelligence technology, covering user reach An advertising and marketing ecosystem with functions such as traffic monetization, advertising creative design, and marketing data detection.
Important investors and shareholders
Early investors
The company, which operated in stealth mode until 2014, raised $4 million in funding from angel investors, Streamlined Ventures and Webb Investment Network.
Hongtai Capital
On September 26, 2016, it was reported that AppLovin had agreed to be acquired by Chinese private equity firm Hontai Capital for US$1.42 billion; due to the opposition of the US government CFIUS, the acquisition deal was subsequently abandoned.
AppLovin’s convertible note facility from Hongtai Capital was fully refinanced in August 2018. Oriental Hongtai Capital retains a small stake in AppLovin.
KKR
In August 2018, private equity firm KKR (ticker: KKR) acquired a minority stake in AppLovin for US$400 million.
Acquisitions and investments
Acquisitions
- In October 2014, AppLovin acquired German mobile advertising network Moboqo.
- In September 2018, AppLovin acquired in-app bidding company MAX. It added partnerships with Adjust and Facebook Audience Network to its in-app bidding for developers.
- In 2019, the company acquired SafeDK, a software development kit management platform designed to improve advertising quality, performance and stability in mobile applications.
- In February 2020, it announced the acquisition of Machine Zone, once hailed as “America’s No. 1 mobile gaming company.” This move also makes up for AppLovin’s shortcomings in heavy game development.
- In February 2021, AppLovin announced the acquisition of its own peer global mobile application data monitoring and marketing companyAdjust. This is not only a strengthening of its own business, but the most important thing is that Adjust’s important service targets are serious game manufacturers like Machine Zone that are looking at the global market. This is likely to show that AppLovin will make use of new heavy-duty products in the future. Combined with heavy game promotion technology, it opens up a new marketing track.
- On October 6, 2021, AppLovin announced the acquisition of mobile monetization company MoPub from Twitter for US$1.1 billion.
Investments
- AppLovin also announced investments in a number of mobile game studios including PeopleFun, Firecraft Studios and Belka Games.
- In February 2020, AppLovin invested in mobile game studios Geewa and Redemption Games.
- In February 2021, AppLovin announced the acquisition of mobile application measurement company Adjust.
Customers, partners, competitors
Customers
AppLovin’s customers include Opentable (ticker: BKNG) and Spotify (ticker: SPOT).
Partners
In addition to self-developed games through its studios, AppLovin has also established strong cooperative relationships with many well-known game studios such as Lion Studios, Magic Tavern, ATHENA STUDIO, Kryss, MagicAnt, etc. through strategic acquisitions, investments, etc.
Competitors
AppLovin’s main competitors include: Tencent (ticker: TCEHY), Activision Blizzard (ticker: MSFT), Electronic Arts (ticker: EA), Take-Two (ticker: TTWO), Zynga (ticker: ZNGA), Playtika Holding (ticker: ZNGA), DraftKings (ticker: DKNG) and Roblox (ticker: RBLX).
Capital market performance
Market value
As of December 11, 2024, AppLovin’s market value was US$106.38 billion, which is already considered a large-cap stock in the U.S. stock market. It is much higher than the market value of Intel or many well-known large technology companies you are familiar with.
P/E ratio
As of December 11, 2024, AppLovin’s price-to-earnings ratio is 102.3 times.
Stock price performance
As of December 11, 2024, AppLovin:
- It has increased by 772.12% since the beginning of 2024.
- Since the company went public, it has increased by 454.44% in the past 3.5 years (please note that AppLovin was listed on April 15, 2021).

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