Affiliate Idea Factory

The latest round of earnings calls from the cohort of publicly listed ad tech companies concluded this week, with the results helping observers to grasp the challenges and opportunities in the sector.

The numbers filed with each company’s respective stock exchange in recent weeks, as shown in the table below, indicate an annual average revenue increase of 17.4% across the sector in 2025.* Although anomalies such as AppLovin (70% growth) and Teads (46% growth post-merger with Outbrain), as well as Perion and PubMatic’s declines of 12% and 2.88%, respectively, warrant closer inspection.

Closer analysis shows that revenue-weighted growth across the sector was 26.6% in 2025, although subsequent stock ratings were not reflective of this, with prices largely heading south after market disclosure as concerns around AI and Big Tech’s influence swelled.

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Advertisers face a challenge: while brand building is essential for growth, measuring its impact remains frustratingly elusive.

According to Boston Consulting Group, 46% of B2C marketing leaders are balancing their efforts between short-term revenue and long-term growth. And while brand advertising drives sales, the gap between an upper-funnel awareness campaign and final purchase makes accurate measurement through traditional means difficult. In this environment, only 53% of marketers express confidence in their ability to measure the ROI of their total spending. 

“There are measures like brand lift, reach, frequency analysis and other KPIs that advertisers use to ground the success of brand-building campaigns,” said Lily Tong, director of brand and cross-channel measurement at Amazon Ads. “But one limitation of these KPIs is translating them into monetary value — it can be difficult for advertisers to understand how these campaigns impact future sales.”

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