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Consumer internet and adtech companies · subsidiary of AppLovin Corporation · Germany

Adjust

adjust.com ↗

Adjust tracks app installs and ad performance for mobile app makers, owned by AppLovin.

Protection under test
Assessed 22 July 2026 · Evidence as of 22 July 2026
Something worth protecting exists and is being tested right now.
On the recordSince 22 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: AppLovin's next portfolio move after the Tripledot gaming sale, possible Adjust sale or further absorption
The call

Adjust still runs measurement for hundreds of thousands of apps, but its owner is an ad network selling off pieces around it, and two layoff rounds tell the real story.

Adjust helps advertisers track how their mobile app ads perform by collecting data from hundreds of thousands of apps. It's still hard to replace because so many apps already use Adjust's code and switching would mean losing years of historical data to compare against. However, Adjust's owner AppLovin also runs its own ad network, which creates a conflict of interest: customers worry Adjust might favor AppLovin or share their data unfairly, so they do not trust it as a neutral referee anymore. At the same time, Apple, Google, Meta, and TikTok are building their own built-in measurement tools directly into their platforms, which could let advertisers measure ads without needing Adjust at all. The company has shrunk significantly (laid off 40 percent of staff in late 2024) and generates less than 2 percent of AppLovin's revenue, suggesting the parent company may sell it, merge it, or just milk it for cash rather than invest in it.

Why
01
AI pressure: None apparent. The bigger threat is platform-native measurement, not AI. AI mostly shows up inside AppLovin's own ad engine, not against Adjust. Could AI do the core job? Only partly.
02
Bigger players: Apple SKAdNetwork, Google Play attribution, Meta AEM, TikTok, and AppsFlyer. Apple and Google now do attribution themselves, so apps need Adjust less, and rival AppsFlyer is picking up the accounts that leave. Could a giant copy it? Probably.
03
What protects it. Deep SDK integration across 300,000+ apps and years of stored attribution data make ripping Adjust out a real hassle.
What would change this call
AppLovin announces sale or further divestiture of Adjust within the next year. Would confirm Adjust is being wound down rather than invested in.
AppLovin conducts another Adjust layoff or absorbs remaining teams into core org. Would show continued de-investment and shrinking independent operations.
AppsFlyer or Singular publicly report new enterprise client wins previously served by Adjust. Would confirm customers are switching away from Adjust to rivals.
Key numbers
  • AppLovin bought Adjust for about $1 billion (2021-04-22)
  • Adjust cut about 40% of staff, folded into AppLovin (2024-11-22)
  • Adjust is under 2% of AppLovin's business, per Singular (2024-11-26)
Named risks
  • Owned by ad network AppLovin, undermining the neutral-referee position core to MMP credibility. Severity: high
  • Two deep layoff rounds (12% in 2022, ~40% in Nov 2024) signal cost-cutting rather than growth investment. Severity: high
  • Reported to represent under 2% of AppLovin revenue, raising divestiture or further de-investment risk. Severity: high
  • Platform-native measurement (SKAN, AEM, TikTok, Play attribution) structurally eroding independent MMP relevance. Severity: medium
  • Parent AppLovin faces short-seller allegations (Muddy Waters, 2025) creating reputational overhang. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
AppsFlyerlosing toHolds 11-13% attribution tracking share vs Adjust's 7-8% per 6sense, undated
SingularcontestingPublicly claimed Adjust lost high-profile customers and is excluded from new deals, Nov 26 2024
Airbridgelosing toRanks #2 in Korea ahead of Adjust per 2026-05-01 wmtips country data
Meta, TikTok, Apple platform-native measurementgaining onSKAN, AEM and real-time iOS conversion tools reduce reliance on independent MMPs, 2025
Questions people ask
Is Adjust profitable as a standalone company?
Adjust does not disclose standalone financials. It is a wholly owned subsidiary of AppLovin, and a competitor, Singular, claimed in a November 2024 blog post that Adjust represents less than 2% of AppLovin's total business, suggesting it is a minor, non-core contributor to parent revenue.
Who owns Adjust?
Adjust is fully owned by AppLovin Corporation (Nasdaq: APP), which completed its roughly $1 billion acquisition of the Berlin based mobile measurement partner on April 22, 2021. Adjust operates as a wholly owned subsidiary and is not independently publicly traded.
Has Adjust had layoffs?
Yes, twice. Adjust and AppLovin cut about 12% of combined staff in June 2022 amid ATT related measurement headwinds, then Adjust laid off roughly 40% of its staff in November 2024, with product, support, marketing and engineering teams folded into AppLovin's core organization.
Could AI replace Adjust's core product?
Much of Adjust's core work, fraud pattern detection and attribution stitching, is already ML automated and increasingly handled natively by platforms like Apple SKAdNetwork and Meta AEM. As of the brief, Adjust has not shipped a distinct frontier-AI feature, leaving its reporting and dashboard layer exposed to commoditization.
Who is Adjust's biggest competitor?
AppsFlyer is Adjust's largest rival, holding an estimated 11-13% attribution tracking market share versus Adjust's 7-8% per 6sense data (undated). AppsFlyer is also reportedly nearing a $3 billion sale as of a January 6, 2026 report, underscoring its lead in the category.
Will AppLovin sell or spin off Adjust?
No sale has been confirmed as of the July 2026 brief, but AppLovin divested its entire mobile-games business to Tripledot Studios for about $400 million plus 20% equity, closing June 30, 2025, to become a pure-play advertising company, raising speculation about further portfolio simplification including Adjust.
Timeline
  • 2026-05-01Adjust holds 12% market share in Korea, ranking behind Airbridge, per wmtips data
  • 2026-04-15Adjust holds 16.3% market share in Brazil per wmtips country tracker
  • 2025-10-01Adjust expands Meta AEM view-through reporting and adds real-time TikTok iOS conversion reporting
  • 2025-07-01AppLovin completes sale of mobile gaming business to Tripledot Studios for ~$400M plus ~20% equity
  • 2025-04-01Adjust adds Apple Search Ads to SKAdNetwork support
  • 2024-12-01Adjust launches Snap hybrid SAN measurement solution
  • 2024-11-22Adjust lays off ~40% of staff; Andrey Kazakov named CEO as teams absorbed into AppLovin
  • 2022-06-27Adjust and AppLovin lay off ~12% of combined workforce amid downturn and ATT headwinds
  • 2021-04-22AppLovin completes ~$1 billion acquisition of Adjust
  • 2019Adjust raises $227 million funding round before headcount triples by 2021
Revision history
22 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
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