The microblogging site Twitter confirmed that it has sold its mobile ad platform, MoPub. The platform is sold to mobile game maker and marketing software provider AppLovin for a value of $1.05 billion in hard cash.
Executives at the company are confident to develop their own and operated products. The move comes after Twitter announced it managed to generate $188 million in annual revenue in 2020.
In a press statement, Bruce Falck, Twitter’s GM of Revenue Products said, “with the sale of MoPub completed, we continue to concentrate our efforts on enhancing ads across our platform. Our goal is to deliver faster growth in key areas and accelerate our product development.”
AppLovin is over the moon about the transaction of MoPub and it is looking forward to innovating within the company and creating more value.
“Developers benefit from more features to help drive higher monetization opportunities and streamline workflows, leading to increased revenue for their businesses. We believe the power of this unified platform will be unparalleled in today’s market,” said Adam Foroughi, AppLovin’s co-founder and CEO, in a statement.
“We are excited to execute on this strategic acquisition with our sights set on operating the largest and most robust in-app advertising platform that enhances the growth of the broader mobile app ecosystem.”
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