Core Insights - Major AI companies are shifting towards integrating advertising into their platforms, moving away from previous commitments to keep their products ad-free [1][10] - The financial sustainability of AI companies is under pressure, leading them to explore advertising as a viable revenue model [2][9] Group 1: Advertising Integration - OpenAI's CEO has expressed a newfound openness to advertising, contrasting with earlier statements against it [1] - Google is reportedly in discussions with brands for native advertising partnerships, indicating a broader industry trend [1] - The introduction of advertising in AI products could transform them from trusted knowledge sources into commercial tools [1][10] Group 2: Financial Viability - OpenAI's subscription model is currently insufficient to cover its operational costs, with a reported net loss of $13.5 billion despite significant revenue [2] - The historical reliance on venture capital is becoming unsustainable, prompting a shift towards monetization strategies like advertising [2][9] - The advertising model has proven effective in other tech sectors, suggesting a similar potential for AI [2] Group 3: User Interaction and Experience - Initial advertising strategies may include subtle placements that do not disrupt user experience, such as sidebar recommendations or non-intrusive prompts [4] - Incentivized interactions, where users can watch ads for additional features, may also be explored [4] - The concept of Generative Engine Optimization (GEO) raises concerns about the neutrality of AI recommendations, as they may prioritize commercial interests [4][6] Group 4: Industry Concerns - There are significant concerns regarding the potential loss of AI's neutrality and the difficulty users may have in discerning unbiased advice from commercial recommendations [6][7] - The industry is experiencing a collective anxiety about finding sustainable business models as funding sources dwindle [9] Group 5: Future Commercialization Strategies - AI companies are expected to evolve their subscription models towards more specialized and scenario-based offerings [10] - The enterprise sector remains a key focus for AI commercialization, with businesses willing to pay for tailored solutions that enhance efficiency [12] - Custom models for specific industries are emerging as high-value opportunities, indicating a shift towards specialized applications of AI [12] Group 6: Regulatory Landscape - Governments are beginning to scrutinize the use of user data in AI, emphasizing the need for transparency and accountability in commercial applications [16][20] - Regulatory frameworks are being developed to ensure that AI systems adhere to ethical standards and do not exploit user data [16][20]

不久前有海外开发者在社交平台透露，ChatGPT的Android测试版本代码中出现了"广告功能"（ads feature）、"商业内容"（bazaar content），以及"搜索广告"（search ad）的字样。再加上此前曾有 ChatGPT Plus订阅用户表示，看到了关于互动健身平台Peloton、零售商Target的促销广告。因此有相当 多观点认为，OpenAI或许正在小范围测试个性化广告功能，精准将其推送给有购买意向的用户。 针对这一舆情，OpenAI方面很快就回应称，他们只是在测试如何展示基于去年10月发布的ChatGPT应用 平台构建的应用程序，并强调这些推荐"不涉及任何经济利益"。 关于AI到底要如何赚钱这件事，无疑是当下几乎所有从业者都不得不面对的终极之问。毕竟万亿美元 级别的投资需要有回报，可到目前为止，整个AI行业似乎并没有探索出一条可行的商业化路径，在付 费订阅还难堪大任之时，广告就顺势进入了一众AI厂商的视野。 要知道ChatGPT之所以流行，高效、精准的信息呈现能力无疑是重中之重，用户也相信AI给出的回答是 大模型思考后的最优解，能够帮助自己解决问题。然而广告的加入，就会让一切变 ...

ChatGPT广告代码泄露，就在发布三周年之际，终于要开始变现了？ 在ChatGPT安卓APP测试版的代码中，发现了多个与广告相关的引用。 就在2024年5月奥特曼还称ChatGPT加广告是"最后的手段"和"令人不安的"。 到2025年10月，他已经改口"觉得广告有点令人反感，但并非完全不可取"。 到现在从技术细节来看，这次的广告系统已经相当成熟，距离正式上线不远了。 OpenAI的运营模式面临着巨大的财务压力，探索广告变现终于还是提上了日程。 汇丰银行最近给OpenAI算了一笔账，运营ChatGPT的开销中仅维持其算力基础设施每年就可能需要数千亿美元。 目前ChatGPT Plus订阅服务每月收费20美元，加上API授权收入，远远无法覆盖这些成本。 OpenAI在2029年之前将持续处于亏损状态，累计亏损可能超过1000亿美元。 ChatGPT变现，奥特曼变脸 开发者Tibor首次曝光了这个重磅消息。他在ChatGPT安卓应用1.2025.329测试版的代码中，发现了多个与广告相关的引用。 代码中明确出现了"ads feature"字样，还包含了"bazaar content"、"search ad"和"s ...

梦晨 发自 凹非寺 量子位 | 公众号 QbitAI ChatGPT广告代码泄露，就在发布三周年之际，终于要开始变现了？ 在ChatGPT安卓APP测试版的代码中，发现了多个与广告相关的引用。 就在2024年5月奥特曼还称ChatGPT加广告是 "最后的手段"和"令人不安的" 。 到2025年10月，他已经改口 "觉得广告有点令人反感，但并非完全不可取" 。 到现在从技术细节来看，这次的广告系统已经相当成熟，距离正式上线不远了。 OpenAI的运营模式面临着巨大的财务压力，探索广告变现终于还是提上了日程。 汇丰银行最近给OpenAI算了一笔账，运营ChatGPT的开销中仅维持其算力基础设施每年就可能需要数千亿美元。 目前ChatGPT Plus订阅服务每月收费20美元，加上API授权收入，远远无法覆盖这些成本。 OpenAI在2029年之前将持续处于亏损状态，累计亏损可能超过1000亿美元。 ChatGPT变现，奥特曼变脸 开发者Tibor首次曝光了这个重磅消息。他在ChatGPT安卓应用1.2025.329测试版的代码中，发现了多个与广告相关的引用。 代码中明确出现了"ads feature"字样，还包含了 ...

从代码结构来看，OpenAI 可能正在测试多种广告形式：针对用户查询的单一赞助位、可滑动的广告轮 播，以及类似电商平台的内容展示单元。 这些广告大概率会在用户有消费意图时弹出，比如比较产品、规划旅行或寻找本地服务，这与传统搜索 广告的触发逻辑类似。例如，当用户询问降噪耳机推荐时，可能会在 AI 生成的产品概述旁看到赞助商 品卡片。 这一举措可能彻底改变 ChatGPT 的盈利模式和用户体验。 一个或将改变盈利模式的举动 目前，OpenAI 主要依靠订阅收入（ChatGPT Plus）和 API 授权来支撑其快速扩张。然而，大规模 AI 推理的算力成本极为高昂，业内普遍认为计算支出是制约 AI 企业盈利的关键因素。 转自：机器之心 近日，一份来自 ChatGPT 安卓测试版的代码泄露显示，OpenAI 正在为 ChatGPT 筹备广告功能。 这一消息来自软件工程师 Tibor Blaho。他在分析 ChatGPT 安卓应用时，发现了多处与「广告功能」 相关的代码引用，包括「搜索广告」「搜索广告轮播」以及「集市内容」等字符串。尽管这些代码并不 意味着功能即将上线，但通常预示着内部正在进行广告形式和投放位置的测试。 ...

Core Viewpoint - OpenAI is preparing to introduce advertising features in ChatGPT, which could significantly alter its revenue model and user experience [1][4]. Group 1: Advertising Features - Code analysis from the ChatGPT Android app indicates that OpenAI is testing various advertising formats, including sponsored placements and carousel ads [3]. - Ads are likely to appear in contexts where users show purchasing intent, similar to traditional search ads, enhancing the relevance of advertisements [3][7]. - This move could provide OpenAI with a new revenue stream, potentially improving its financial situation without raising barriers for free users [7]. Group 2: Financial Context - OpenAI currently relies on subscription revenue from ChatGPT Plus and API licensing, but faces high operational costs, estimated at $620 billion annually for computational power [5]. - There is a projected revenue gap, with OpenAI needing to raise at least $207 billion by 2030 to sustain its operations [5][7]. Group 3: User Experience and Concerns - The introduction of ads may lead to user resistance, as some users might feel that the platform is becoming overly commercialized [9]. - Trust issues may arise, as users could question the neutrality of AI responses if they are influenced by advertising interests [10]. - Privacy concerns are also significant, as targeted advertising may require the use of user data from conversations, potentially compromising privacy [11].

Core Viewpoint - JOYY's Q3 2025 financial report reveals a stable operational foundation with significant surprises, showcasing a revenue of $540 million, a 6.4% increase from Q2, driven by a 29.2% year-over-year growth in advertising revenue, primarily from BIGO Ads [1][3]. Group 1: Financial Performance - Q3 revenue reached $540 million, with live streaming revenue at $388 million, reflecting a 3.5% quarter-over-quarter growth [1]. - Advertising revenue was $113 million, showing a remarkable 29.2% year-over-year increase, with BIGO Ads contributing $104 million, a 33.1% year-over-year growth [1][4]. - The global monthly active users (MAU) grew by 1.4% to 266 million, indicating a recovery in the live streaming business [4][5]. Group 2: Shareholder Returns - JOYY holds a net cash position of $3.321 billion, exceeding its total market value of $3.08 billion, with Q3 operating cash flow at $73.4 million [6]. - The company has initiated a $300 million share repurchase plan, having repurchased 1.7 million ADS for $88.6 million, with $211 million remaining for future buybacks [6][7]. - A total of $600 million in dividends is planned over three years, with a Q4 2025 dividend of $0.97 per ADS announced [6]. Group 3: Growth Potential of BIGO Ads - BIGO Ads is positioned as a key growth driver, with a business model and AI applications similar to successful companies like AppLovin [8][10]. - The AI advertising market is projected to be highly lucrative, with BIGO Ads showing a 30% quarter-over-quarter growth in core advertiser budgets and a 17% increase in core advertisers [13][17]. - JOYY's global presence and technological investments provide a competitive edge in the AI advertising space, with a 228% year-over-year growth in SDK traffic [12][14]. Group 4: Market Position and Future Outlook - The global mobile application advertising market is expected to reach $534 billion by 2029, presenting substantial growth opportunities for BIGO Ads [24]. - Compared to competitors like AppLovin and Unity, JOYY's valuation appears significantly undervalued, considering its cash reserves and stable live streaming business [25][26]. - The recent financial report marks a pivotal moment for JOYY, as it begins to disclose BIGO Ads' revenue separately, indicating a strategic shift in its business model [26].

Core Insights - Bilibili reported a total net revenue of 7.69 billion yuan for Q3 2025, a year-on-year increase of 5%, and a net profit of 469.4 million yuan, compared to a net loss of 79.8 million yuan in the same period last year [2] - Adjusted net profit reached 786.3 million yuan, representing a 233% year-on-year increase [2] Group 1: Mobile Game Revenue - The growth of mobile game revenue has slowed down after nearly five quarters of rapid growth, with Q3 revenue showing a decline of 17% year-on-year [3] - The management attributed this slowdown to a high performance base from the previous year following the successful launch of the exclusive game "Three Kingdoms: Strategize the World" [3] - The management expressed confidence in the long-term operation of "Three Kingdoms: Strategize the World," aiming for over five years of sustained performance [3] Group 2: Advertising Revenue - Advertising revenue reached 2.57 billion yuan in Q3, a year-on-year increase of 23% [5] - The top five advertising clients were from the gaming, internet services, digital appliances, e-commerce, and automotive sectors [5] - The management plans to adapt successful advertising models to vertical industries such as food, beverages, pets, and beauty, which have larger budget allocations [5] Group 3: IP Derivative Products and Other Revenue - Revenue from IP derivative products and other businesses returned to positive growth after ten consecutive quarters of decline, reaching 582.3 million yuan, a year-on-year increase of 3% [6] - The company reported a 7% year-on-year increase in value-added service revenue, totaling 3.02 billion yuan [6] - The average monthly paying users exceeded 35 million, reflecting a 17% year-on-year growth, while daily active users reached 117.3 million, up 9% year-on-year [6]

Core Viewpoint - AppLovin ($APP) is emerging as a leading player in the global AI application sector, demonstrating significant growth and market recognition, particularly with a 68% revenue increase in Q3 2025, which has surpassed market expectations [2][6][12]. Company Overview - AppLovin, founded in 2012 and headquartered in Palo Alto, California, is a leading mobile advertising technology and game publishing platform, listed on NASDAQ in 2021 [4]. - The company provides a comprehensive AI-driven ecosystem for developers, covering user acquisition, ad monetization, and data analytics, while also developing and publishing over 350 mobile games through its Lion Studios [4]. Market Position - AppLovin holds a 28% share of the mobile game advertising market, with a dominant 43% share on the iOS platform, showcasing its technological advantages post-Apple's privacy policy adjustments [5]. - The company plans to launch non-gaming self-service advertising and expand into e-commerce and CTV sectors, expecting to exceed 1,000 non-gaming advertisers by year-end with a revenue growth rate exceeding 65% [5]. Financial Performance - In Q3 2025, AppLovin reported a record revenue of $1.405 billion, a 68% year-over-year increase, and provided a strong Q4 guidance of $1.57-1.6 billion, indicating a 12%-14% sequential growth [6]. - Adjusted EBITDA reached $1.16 billion with an 82% profit margin, and free cash flow surged by 92% to $1.049 billion, reflecting robust financial health [6]. Growth Drivers - AppLovin has diversified its revenue streams, with its core gaming business remaining stable while e-commerce advertising emerges as a second growth engine, supported by a self-service platform that saw a 50% increase in weekly spending from advertisers [7][8]. - The company’s AXON engine, developed over 13 years, optimizes ad targeting using machine learning, covering 1.4 billion daily active users, and is positioned to enhance ad performance amid changing privacy regulations [10]. Future Outlook - AppLovin's growth trajectory is supported by a solid gaming advertising base, expansion into e-commerce, and ongoing technological advancements, with significant potential for international market penetration and further client acquisition [14]. - The company is expected to maintain high growth rates, with a projected 68% revenue increase for 2025, indicating substantial market capitalization potential [15].

Core Insights - The advertising industry is undergoing a revolution driven by AI, with brands leveraging algorithms to cut costs while creative professionals face job insecurity [1] Group 1: AI Adoption in Advertising - 30% of connected TV and online video ads are utilizing or partially utilizing generative AI technology in 2023, an increase of 8 percentage points from the previous year, with projections suggesting this will rise to 39% by 2026 [3] - Despite 46% of consumers holding negative views towards AI advertising, this resistance is gradually decreasing, indicating a slow market acceptance of technological change [3] Group 2: Case Study - Coca-Cola's AI Advertising - Coca-Cola's holiday advertisement "Holidays Are Coming" for 2025 was entirely produced by Silverside AI, showcasing AI-generated snow, trucks, and animal characters, avoiding the "uncanny valley" effect seen in previous ads [5] - The production timeline for the AI advertisement was approximately one month, significantly shorter than the traditional year-long preparation, highlighting the efficiency and cost-effectiveness of AI in advertising [7] - The project involved 100 individuals from Coca-Cola, WPP Group, and two AI studios, with only 5 AI experts from Silverside AI generating over 70,000 video clips for editing [7] Group 3: Impact on Employment - The rise of AI in advertising is leading to the rapid disappearance of entry-level positions for individuals aged 20 to 24, as evidenced by recent layoffs at Amazon and Paramount, where many marketing and creative roles were replaced by AI [9] - The discontent within the creative community regarding job losses due to AI is becoming increasingly visible [9]