瑞银：美国互联网-电商广告专家电话会议要点

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies within it [10]. Core Insights - The agency has visibility into approximately $1 billion of ad spend, with around $650 million allocated for gaming user acquisition, which is expected to grow by 25% year-over-year in FY25 compared to a 30% growth in FY24 [2][5]. - In Q2, gaming user acquisition (UA) growth exceeded expectations, while e-commerce growth moderated compared to previous discussions [2]. - Unity's contribution to the ad spend has increased, now accounting for about 6% of the expert's wallet, up from 5% in FY24 [5]. - The report highlights that APP's e-commerce budget grew in the mid-single to high-single digits quarter-over-quarter in Q2, with expectations for similar growth in Q3 and acceleration in Q4 [5]. Summary by Sections Gaming Spend - APP's Q2 gaming UA budget growth accelerated to 27%, up 2 percentage points from Q1 [5]. - Unity's share of the expert's wallet increased to approximately 6% [5]. - The report notes that the return on ad spend (ROAS) improvement for Vector has been less than during the beta phase, but significant performance improvements are anticipated in Q4 FY25 to Q1 FY26 [5]. E-commerce Spend - APP's e-commerce budget grew in the mid to high single digits quarter-over-quarter in Q2, with a high-20% share of e-commerce brands now onboarded to APP [5]. - Some of the largest advertisers reduced their spending in Q1 and Q2, but their daily spend levels stabilized in June [5]. - New advertisers on the platform reported strong first-purchase rates and efficient customer acquisition costs (CAC) [5]. Vertical Performance - The best-performing verticals include cosmetics, select electronics, and cooking products, while CPG and Food & Beverage were noted as "surprise" winners [5]. - Some retail and clothing brands have struggled to effectively utilize APP as a channel [5]. APP Ad Manager Updates - APP introduced creative-level reporting, allowing advertisers to assess performance by specific ad formats, which supports better optimization [5]. - Interactive creative formats, such as drag-and-drop and carousel units, are gaining traction, with early adopters observing ROAS gains of 5-15% [5]. Market Sentiment - Advertiser enthusiasm at Cannes was primarily focused on Meta and Google, viewed as the most reliable performance channels [5]. - There is a noted shift towards performance-driven spending, with ROAS and incrementality being top priorities [5]. Competitive Landscape - Google is becoming more aggressive in targeting APP's mediation share, offering incentives such as exclusive inventory deals and upfront payments [5].