Ad Revenue in Mobile Games: Key Insights and Trends

So, what what the data shows? In this case, we have comparison of uh uh or like my estimates, let's call it, yeah? What are What is the uh top games by revenue? If we look on the in-apps, so we have that graph on the on the left side, and we see that, for example, like, you know, top 10 games, which is like the blue part, is taking almost 20% of the revenue. versus we look at the more kind of estimates that is done based on AppTweak, for example, uh and it's more like a little bit from the different dimension, because more it's more like ad distribution share. Hey everyone, this is Roman from Tangent. Welcome to another episode of Tangent ROI one-on-one. Today we have a special guest, Mariusz from Google. Mariusz, Hello. few words about yourself. Hello. My name is Mariusz. Uh I work for

Google quite long time uh already. Uh I work with top clients of Google in the Central Eastern Europe uh from different uh verticals, uh but on the other side, I work a lot of with the data, so I spend quite a lot of data to understand users' behavior, especially in the gaming and uh iGaming as well, and some uh non-gaming categories. That's why I'm actually, you know, happy to to share some insights with you as well. Yeah. Uh if you don't follow Mariusz on LinkedIn, uh it's a big mistake. He's always posting a lot of data. You You'll see today. This is our topic, like trends for 2025, hot genres, state of mobile gaming in 2024. This is the episode where you see all of the graphs, what's growing, what's not growing, and all of the cool stuff. Let's start then, Mariusz. Um my first question, actually this is based on one of your LinkedIn posts. Mhm. Uh you

posted, and we'll share now the the slides, but you posted like how much ad revenue each uh game genre has. And I just want to look at this graph with you, and maybe we can comment and discuss what should we expect next. Uh sure, yes. So, so of course, it's it's it's very hard exercise, uh like, you know, trying to understand what is the share of the ads in the different categories. So, how I did it, it was like, you know, there is some available data, like, you know, uh Unity is sharing really good reports, but then actually I discussed it with quite a few people in the industry. That's actually, you know, good point that over the those LinkedIn discussions, I have quite good networking that space, so I was able to validate that data with quite a few people. So, that's actually when a lot of people were asking me,

you know, how actually it is in terms of the share of ads revenue in total revenue? Because if we look at the data that's available on the market, there is much more data around the in-app revenue and subscriptions, because there is like, you know, amazing data that is provided by uh uh Sensor Tower, Data.ai, AppMagic, uh but there is much less data around the ads revenue, because, of course, on one side, it's much harder to measure it, on the other side, uh concentration of the revenue is much smaller if you compare it with uh in-app revenue, so like top games in the ads revenue, they they they have much lower share of the revenue than in in the in the app. So, that's why but but I I approach it and trying to to to look at like comparing this this data, and and it's quite visible that, of course, if we look at the data, there are some genres uh uh like board games, solitaire, uh word games, uh where actually that

share of the ads revenue is actually uh very high, because usually those genres are focused on very wide audience. Uh you like if you have checkers game or like chess game, very often you have millions of users, like in trivia, like in very casual games. So, that's why uh you are trying to monetize even with not very high monetization, but the widest possible audience, yes? So, so that's why in overall, even if you get a few cents per per each user, like, you know, baby scale is actually getting uh getting much much bigger. But, of course, if we if we look at uh other genres, like, for example, here we have more more more data around some more like the core genres, where in general, most of the revenue, even in-apps, is coming from small percentage of the users. And even in user acquisition, we have mostly value campaigns. It doesn't matter if it's Google, Meta, or uh or like uh any other like the traffic provider, you're just trying to bring

more whales. Then, of course, uh by definition, you don't want to like risk losing all of them by by uh sharing uh like, you know, giving them way to go away from the from the from from the game, so that's in those types of games, usually share of the ads revenue is pretty pretty low. So, that's why and I think one dimension, which is what is the share of the ads revenue in total revenue, the other one that is that that I think is even less discussed and less analyzed actually what is even happening inside that ads revenue. Because on one side, we we see what is the share of the ads revenue, but what is quite interesting to look at is that but what are actually different formats inside that ads revenue? What I mean by that is, for example, if we look at the uh at the genres like we have like, you know, let's see match three or like, you know, uh action RPG or like 4X strategy, that have pretty pretty small percentage of the revenue, then almost all revenue

in uh in in in that ads revenue is taken by high eCPM uh types of the ads, yes? So, almost all revenue is taken by rewarded, because by the by the by the definition, the rewarded is very close to in-app, yes? So, it's not pushing that not pushed towards all users. It's initiated by the user, yes? So, we can say that rewarded is actually the low value in-app in some way, yeah? So, that's why if we have some like strategy games, hybrid match three games, or like in general, those types of games that are focused on higher value users, then any experience uh with ads, those like developers having those games, they are usually starting from rewarded. But, on the other side, if you have some games like, you know, solitaire, word games, or like, you know, even hypercasual, where uh usually the uh there is specific retention uh that is very high at the beginning,

but goes down very very very fast, because those are not the types of the games that people uh play for years. You You rather play them for for for weeks. Then, of course, even if you have wide audience, you try to monetize them quickly. So, that's why quite substantial part of the revenue, for example, is taken by the ads, where you can monetize the highest possible ratio of users, like interstitial, yes? So, that's why, for example, in those ads in the sorry, those types of games, uh we have much more even those more invasive, but wider set of the uh the the the ads that can actually allow you to to monetize in pretty quick time wider uh ratio of users. Got it. Got it. And this actually gives me an answer or another question, because I also hear this a lot, like, I want to do hybrid game. How much of ad revenue

should I have versus IAP, right? So, so so so like if we look at that data Right. It's some average data, but of course, it's skewed towards more like the bigger games, because even if I had mostly with the people who have bigger games, which means that by definition, those games uh the ratio of the in-app revenue to ads is higher. So, that's why, for example, if I if I'm sharing some data around, let's see, match three, by definition, if someone has small match three games, probably his share of the ads revenue will be higher, because again, the revenue concentration in-apps is and subscriptions very high in uh in top games. Uh so, that's one important point to to to remember. So, again, if you if you have bigger game, probably your data can be a little bit corresponding more towards the data. If you have smaller, probably the you can expect higher share of the

ads revenue versus what you see in that data. So, that's one important point. The second one is, of course, uh what is your idea for like increasing uh of that monetization? So, from what I see is that if you start to do testing around hybrid monetization, usually the the first idea is, okay, if I have some significant significant percentage of users uh who uh uh are not monetizing in the games at all, like because let's see in the games even uh like 2% conversion rate is pretty is really good result, for example, and many games have much lower. So, you have significant percentage of the users who who you are not monetizing at all, then probably the the first question starts, how actually I can monetize even in minimal level the highest possible ratio of users. So, it which means in from the operational

perspective, how I can create maybe even one uh rewarded placement Mhm. that can be used by highest possible ratio of users. So, it's not my goal to to focus to like, you know, push five rewarded users five rewarded ads per user, but how to make sure that even like uh highest possible ratio of users can get at least one rewarded. Why? Because of course, always in this ad monetization, the first watch of the ad will have much higher eCPM than the second one or the third one, yeah? So, so finally, if you are able to push that uh even uh uh pretty low intensity ads revenue towards the highest possible ratio of users, then finally the outcome will be better for for for your business. So, that's I think the second uh second important point. And the third one is of course how to

uh avoid cannibalization, uh which I think uh is getting a little bit easier, because if we look at the data and I was uh actually sharing that uh uh sometime ago, let me go to that. Uh So, this is actually quite interesting data, because it's showing how actually share of the mobile ad spend is changing in the industry. So, here we have comparison of two data points, 2019 versus 2024, and we see the what is the uh kind of mobile ad spend from the user acquisition perspective. So, which types of verticals are spending most of the money on uh in in apps overall. Uh uh Then we see that actually uh there is quite substantial growth of the verticals like retail and CPG. And why it's so important? It's actually extremely important because it shows

that we see growth of the revenue coming from those types of businesses that are not by definition creating cannibalization in the uh in the hybrid monetization. Because for example, if if most of you most of your ads are coming most of your ads in your game are coming from another games, Yeah. uh and then finally, the uh effective eCPM is defined by mediation, then uh mediation is trying to understand what is the value of user based on his probability to purchase. So, in this case, if you have either you monetize someone by in-app or you monetize him by in uh by ads that is estimated based based on his probability to to to buy something, then this hybrid monetization in the reality is really moving money from one pocket to another one, yeah?

Right. Right. Right. Right. But if you if you have more money coming from businesses like, you know, retail, uh travel, uh CPG, for example, then uh What is CPG, Mariusz? Sorry, you mentioned it second time. I don't know what does it mean. What is CPG? Uh so, like fast-moving uh businesses like, you know, so so in general like those like, you know, Unilever, uh Procter & Gamble or like those type of businesses. So, like, you know, food, uh beauty, like those that those that in general by definition they spend more money in probably something that we can call performance branding. Uh but they they really care about uh mobile and especially games because how they spend money in the in the previous years I'm still so far, they they are spending most of the money in TV and in general like those channels that users are actually interacting for pretty long time with.

So, they are like like kind of buying the the the ball the I I balls because the people finally uh they buy the the products in the shops when they remember, okay, uh I remember that really good diaper is coming from Pampers, for example, yeah? So, in this case, because if we know that in games people spend extremely high amount of time, so there is even data showing that if we compare the share of time spent uh by users versus share of the mobile ad spent, so how much money it's in spent on the on on those users in the in the uh like marketing industry, that that the ratio is one like one to two. So, people spend two times more time than actually money that is spent on them. So, from that perspective, of course, games are extremely lucrative part of the business for those types of businesses because in general you can

reach those users at much uh I mean, kind of maybe not cheaper, but more effective way comparing to other channels, which again creates the the case when you have the ads from the businesses that not necessarily care about that just your probability to buy something in the game, yeah? So, I'm giving often like example of my wife who on one side she's playing a lot of the games, but she never bought anything in the games. But other side, from the demographics perspective, she's extremely valuable and important person for many like, for example, CPG brands. I see. Okay. And do you think uh probably a noob question, but if I'm a developer, like can I really have a control over this? What type of ads are shown, CPG or retail? And can I ban like

any game related? So, so usually usually like, you know, the you you have the like ability to to exclude specific like, you know, advertisers like specific specific uh kind of uh let's call it potential advertisers. Uh I don't see that still happening quite often. Maybe excluding uh uh like those types of businesses where you have extremely uh extremely uh uh close competition, yeah? It's still not not maybe the case often in games, because by definition that competition is either very high or very low depending how you how you approach it, yeah? So, like any other game is by definition your competition, but on the other side, uh if you compare from other verticals, let's see in retail, uh you compare yourself, let's see I'm the the shop selling the TVs,

then of course, any other shop selling the TVs it's much more closer to my business than if you talk about two different games, yeah? Because there is no like in in it is at least in the theory two games that are kind of the same uh like, you know, reaching the same audience. Always will be some even small differences between how you approach the the user. So, so that's from one side you can uh block that sometimes in your mediation or like in the in the in the placement. Then of course, uh the second thing is uh a lot of stuff is defined by your audience as well. Because at the end of the day, more and more of this uh uh ad spent is done by by programmatic solutions, either uh that are more uh like done that you are buying some like private inventory or uh you are just reserving something or you just uh you know, promote some ad in that solutions like Google or like

Facebook, because those are like programmatic solutions as well. Uh so, very often your audience is defining who you will be uh bringing. So, for example, if you have the app uh that uh or like the game that is mostly played by, let's see, middle-age uh men, I can guarantee uh you that most of the ads you will get from Forex, from motive companies, from uh like in general those businesses, they care really about those like, you know, those groups of the users, yeah? Those who are in general because again, if we look at the at the interest, they are very similar to each other in terms of the demographic group, yeah? Of course, if you have, let's see, uh uh the game the the game that is focused on the on the women, then of course, on one side you will have probably quite a lot of ads from

the games that are focused on the women. Mhm. Like it could be like, you know, maybe uh uh uh especially casual like match three, uh merge games, uh uh uh or if you have like, you know, uh more like a lot of middle-age or older women, probably you have a lot of casino ads as well. Uh but still uh usually again uh the reach uh and the placement is defining quite heavily what kind of audience uh and what kind of ads you you you can get, yeah? But again, uh from that perspective, uh if you have like if you are smaller developer who just starts with this ads advertising, then usually do not pay so much attention to that. Maybe uh rather to the aspects like okay mhm to which extent I can monetize that user. Yes, so what is maybe I should

put some limits on ads per per user per session per day because like the more ads then of course the there is specific uh uh situation when you have when you have too many ads probably in your Google Play or like App Store page number one like no kind of review or like number one topic that will be said and shared in the reviews would be okay there is too many ads. Yeah, so on the other side of course if you have not enough of them then you are not optimizing your your uh uh your monetization. Yeah, so it's a kind of you need to find that balance between how to optimize how to actually you know the monetize the users but in the way that is not going to to far. Yeah, and you see some different approaches like uh okay if I care a lot about this user

experience I'm focusing on the rewarded video or sometimes on the other extreme like I saw quite a few uh developers that they wanted to monetize in some way like India or like the other markets that are that have very high volume but pretty low eCPMs but to that extent that for example the frequent frequency caps they were adding to the to the to the apps were higher in in case of countries like India versus countries like US. Yeah, so the user in India was getting by average for example more ads than user in US because again uh the audience in US was reacting much more negative to the ads than for example the audience in India. Right right right. And you are just just to switch gears you were showing us in those slides also that the ad revenue is actually growing. Uh yes it's of course it's it's

difficult topic but there is not much uh data around like and what is the real size of that of that revenue. I think that there are a few approaches on the market for example done via uh Statista or via the other players who are trying to approach it a little bit from other perspective. So they were trying rather to analyze the data from the advertisers perspective. So like they were like you know analyzing for example like you know how much money different media houses or like different type of businesses are spending uh overall in apps in games and by by that trying to to analyze what is that that that market and we see that uh there's actually market estimation for the for that market is pretty high. So we can say that even if we look at the let's say Newzoo data that that is estimating uh uh the in the the in-app revenue plus subscriptions for around like 95 billion in 2024

then in in ads it's even higher a little bit higher like you know but more than 100 billion and actually uh even growing faster uh than uh in-app revenue. Yeah, because like more or less now if you look at the the the general data in-app revenue in games go grows around like 4 5% year over year uh versus in uh in in ads it's actually going growing much much much faster. Yeah, so like uh the estimates for the next years are between like you know 10 to uh like 10 to 15% and then like starting from around 8% starting in like 2026 2027. Of course it not necessarily means that we will have all the time growing eCPMs on the market. Yeah. Because what is quite important to remember is that uh the concentration in the revenue is much higher in uh

top games in-app revenue than in ads. What I mean like top 10 uh I'm not sure if I was sharing here. Let me check actually. Uh yes I have it here. So what what the data shows in this case we have comparison of uh uh or like my estimates let's call it. Yeah, what are what is the top games by revenue if we look on the in-apps so we have that graph on the on the left side and we see that for example like you know top 10 games which is like the blue part is taking almost 20% of the revenue versus look at the more kind of estimates that is done based on Apptica for example uh and it's more like a little bit from the different dimension because it's more like ad distribution share. So uh so more like kind of impressions uh so that the real data could will be

different because it doesn't take into consideration the eCPMs because there is no way to do it now but still for sure the top 10 games is taking much uh smaller part of that pie which finally we can say that if I'm more kind of established brand uh the competition flow and competition range will be much higher and much deeper in the in ads than in-app. Because there is uh if you have smaller developer very often he will start from from ads in terms of monetization rather from than from in-app. Yeah, because in-app is just harder. It it takes much more time. It takes much much more resources. Yeah, so that's why depending how you count it uh uh in-app is more established. Uh so once you are there you have a little bit more competitive

advantage. In ads uh it's a little bit easier to enter which means that it's easier for smaller developer but on the other side means that is harder to scale beyond specific size and then uh not necessarily even uh growth of the uh of the market in terms of the whole size not necessarily will be uh increasing eCPMs because uh the the new inventor that is coming to the space that she is growing quite fast as well. I see. I see. But how does this align with all like for the last couple of years I heard about like hyper casual is dying and that means like the most ad revenue. What is the source basically of this growth? Uh I think there are like different different uh uh mm uh different hypotheses but uh if I uh actually I don't think I have it in uh mm

in this slide but maybe I can uh uh show something which I think uh will be mm quite uh important. Uh let me I'm not sure if I'm able to uh show that. Okay, but but what I mean by that? Uh Can you see actually my screen? Yep. But still the same concentration Okay, so but what I what I mean? So if we look at the most recent data and we can actually find it find that analysis in my latest posts at LinkedIn today. Both on iOS and Android in general the revenue grows much faster than than downloads. In general it means that the gaming and actually non-gaming as well it's growing more by the

like by growing monetization rather by growing the usage per se. Yeah, which means that finally every download over time get more and more valuable. So that's why by definition industry is forced to improve the monetization per download which means that finally even even in case of hyper casual that is of course wide in terms of the reach but even in hyper casual we see that the downloads are not growing so fast as it used to be uh in order to be competitive in order to to win the the the space around the user because again if we have the revenue growing faster than the downloads and the monetization is growing then finally of course you have uh more like the the uh kind of the focus and more

uh concentration in terms of the competition over those users as well. Yeah. So finally you have higher and higher uh battle about those same users. So finally even the hyper casual in order to be competitive needs to improve the monetization and that's why I don't think the the hyper casual died. I think uh the hyper casual in some way got forced to move to the place where it can actually monetize those users better than the past. So that's why you see more and more actually successful hyper casual uh publishers trying to move at least part of the products to the place where they can where they can increase retention after day seven Yep. keep users longer because again uh you need to monetize the same download better than the past. So, finally you are by that if you are keeping users longer, then you have better opportunity even to

uh to actually use this main magic of the uh free-to-play where in general some users are able to pay to for example uh decrease the time they will spend to to do some progression or like to do some uh uh like change in the in in the game. Yes? So, so again I think it's more like uh it's of course coming from longer uh uh from stronger monetization, but it's more like the outcome of that uh download versus revenue, which I think finally it's even coming as additional point that if you look at uh and I was showing that in uh in some data. Let me actually show it to you as well. There are a few reports like uh this one. Sorry. Or this one that was just shared recently by uh uh by uh uh by Unity for example and and ironSource as well. And and that actually it's corresponding with the same uh with

the same data that is on the Google side. We see that in general uh there is more and more focus in the industry on high value users. So, if we look at the screen, we you see that share of the just CPI campaigns when you just buy the user is actually declining versus uh those types of campaigns where you are focusing on bringing the users that are more likely to uh to spend in the app or they're they're more likely to have the higher eCPM in ads. So, finally what it makes is that you have more and more advertisers focusing on the same on the same set of audience. Those high value audience which finally adds again uh more and more this uh behavior that the revenue goes faster than the than than uh uh than downloads, which means that finally uh I think what we see is very strong connection between uh like monetization and user

acquisition and it's kind of you know chicken and egg uh chicken and egg discussion what is causing what, but for sure there is very strong connection correlation between those two points. Yeah, and now I also see that like from the advertisers perspective, they use one channel, often it is just Google, and they start the campaigns and send the revenue. They might not even have a user acquisition manager. Like a founder does everything himself. Exactly. Yeah. Because because it's it's kind of you know from the from the revenue perspective, especially from the short-term approach, is the most safe uh approach. Yeah? You just define, okay, that's the day seven ROAS that I can uh uh afford. Or like day 14 and uh like the whole campaign is just to optimize towards the users who actually can uh achieve that threshold. Which finally again uh you have more and more advertisers pushing for very similar group of users,

which finally is a little bit leaving alone the uh the rest of those users who at least based on those uh metrics are not so uh valuable for the business. Yeah. Let's also look at one of the last questions, the genres. I really like your uh graph on the genres, the genres that are growing. Uh yes, like of course it's like you know it's it's it's it's it's it's broad topic, but if we look at uh there's a bit different situation on the uh on the iOS side. Like in this case we see that uh overall uh in iOS we see quite important growth of the monetization on the core gaming. So, so like we see for example Forex strategy, mobile. Uh in this case we have the graph that is comparing uh year-over-year growth rate for uh download versus revenue. So, downloads is more like the uh horizontal uh like revenue is the vertical and then of course size of the

bubble is this how big is that vertical by revenue now. Yeah? So, we see that we see that in this case uh the vertical is like mobile, like Forex strategy. Uh they're really big and still uh still growing. Uh what is happening as well uh that uh some smaller genres that are not growing so so fast like you know this customization, uh runners. So, merge of course is growing quite heavily as well. Uh and like you know some interactive games are the idle RPG. So, those that in general uh I think those genres that are finding good ways to combine the uh strong monetization with with pretty uh good entry for more casual users. And like everyone is talking about those games like you know the uh uh like you know

uh Whiteout Survival or like those uh like you know Playrix games, like those that in general are uh combining pretty deep uh gameplay with pretty uh like you know good opening for the like wider wider users. In case of Android uh we see that actually that growth is overall lower than in case of iOS. But that's that I think is the the the the fact that in general in the last month uh the iOS is growing a little bit faster than Android. Uh so, that's why we see that the structure of those growing genres is quite similar. It's just a few points a little bit down versus the iOS. Yeah? So, we have still strong results for example for uh for Forex strategy, uh for like MMO, uh uh puzzle RPG. So, we see that actually they're quite similar in terms of which which genres are growing, which which which genres are declining. Just again a

few percentage points below the uh the the iOS. Awesome. Awesome. And all of those unfortunately really like takes a lot of time to develop all of those like core um games like strategies. This is for big guys. Yeah, yeah. So, that's that's that's I think that exactly is the is the case. I think uh finally who whoever like is defining uh what he needs to to do, he needs to think a little bit about again this this this data. Yeah? So, I think uh it's like uh by definition gaming is high win, high risk business. Uh and what it means is that uh like if we compare this in-app versus ads that in-app is is more like you know uh uh or like even deeper like you know core audience that is you know very expensive to get,

very expensive to reach, but then finally has uh very high monetization versus that is that that is very casual, that is very like you know very very easy to to to get and a lot of that user audience can come even from emerging markets. That's finally kind of that that that that the trade-off. Yeah? So, uh everyone is talking about Monopoly Go game. Uh but that game was uh like you know based on discussion it seems to be it was developed by seven years. Yeah? So, so in this case uh uh versus like if you have simple ad-based game, you can create it like in even in a few weeks. Yeah? So, so I think it's it's kind of more discussion where you can uh which type of genre type of the game you can afford because it's easier said it's easier said than done for example to to get the financing for like five or like four or seven years of uh

uh doing the game even the good one. Yeah? Uh so, so I think it's that that is the case uh what you want to to to achieve. If you want to survive and you have small teams, so so in this case it's better to focus on those maybe niche games, those that are more uh uh that have wider audience or you can really focus on those uh uh core genres, but like let's say in Forex or in like role-playing uh the high value user uh in US can cost like you know 50, 60 dollars for example. Yeah? So, so that's that's kind of the trade-off that you need to make. Yeah. Got it. Now, thanks a lot for all the data, for all the graphs. This is like great. I'm sure the viewers will like pause on a lot of this stuff. Even when you're scrolling, they'll pause pause to see the what else was there. So, this is like very helpful. I got a last thing for

you. One prediction for 2025. Oh, one uh I think it's going to be a good year. I mean in the way if you look at the data uh in general the data is improving. Maybe not very substantially, not extremely fast, but in general it's improving. That's one. Uh maybe I would add three instead of one. That's one. Uh because that one is more like a general. The second one, I think that topics related to monetization, they will speed up because again uh even if the market is growing then the competition will grow as well, especially that as we have more and more tools that can add some elements based on the AI, based on some specific processes, store assets and so on. The the number of content will be not be going down. It will be going up quite quite heavily, which means that finally as the as the company either small or big, you will have more uh need and more

force to really try to find some niche in this or like some new incremental revenue by maybe hybrid monetization, but maybe by some private agreement with a specific brands, maybe by uh uh trying to uh change the the way you do user acquisition, but that's I think will be uh like much way way more innovation than in the than the this year or especially in 2023. Because uh if we look at the at the perspective as the as the industry grows, then there is a little bit more eagerness to try out new stuff, yeah? Because again, for me 2022 2023 was more like year of survival. Then uh you could see that in 2024 those uh budgets started to grow uh because you had more and more companies that were eager to test new stuff because they had like no uh some permission from the top to do

it. Either looking for new uh growth opportunity or by improve the profitability profitability that happened in 2022 2023. And then I think uh uh third point uh uh if we look at the data 2023 and beginning of 2024 was the moment where a lot of growth was coming especially from US and from those western markets. And I think that is uh in some way I would not say going to the end, but if we look at the even data deeper around the uh how the people in those markets are perceiving the current economical situation, how how they they like know they look at their uh their financial situation, we see that actually the emerging markets they they they look like much better in the data than western markets, yeah? So so I would expect the the changes in this consumer

behavior happening better and uh I would say more positive on the emerging markets than in case of Latin American markets. Nice. Very nice, Mariusz. Thank you so much. Thank you. It was really pleasure. Very positive predictions. Yeah. I mean I don't think it's only positive because we see that uh even in those reports that they're not only pluses, there are some minuses as well. Uh so so like you know it's just a thing that uh the the case is like you know which perspective you want to look at either this okay the the competition is growing extremely uh strong or okay uh the growth used to be 25% now it's more like 5%, so so uh so that's a little bit different position that we had in the past. But on the other side if you compare that uh I I did the uh comparison

uh which seems that for example like the uh the uh gaming market if you add the iOS and the uh sorry if you if you add the in-app versus in-ads uh if it's actually bigger market than radio like all podcasts like uh and cinema taken together it's huge business and huge market, yeah? Which means that there is still a lot of opportunities for the growth. Uh you need just to find them and uh it's just not so easy as it used to be. Yeah. If you agree with Mariusz or you have questions about those graphs, leave your comments under this video. Give us a like and have a great day. Thanks again, Mariusz. Thank you. Have a good day. Bye-bye.