Back in 2013, Twitter paid $350 million for the ad business company, and the social media company is now selling for almost thrice its price. MoPub helped Twitter bring in around $188 million in revenue last year, according to the company. That represents nearly 5.9% of the company’s 2020 advertising revenue and a little more than 5% of its total sales for the year.
“This transaction increases our focus and demonstrates confidence in our revenue product roadmap, accelerating our ability to invest in the core products that position Twitter for long-term growth and best serve the public conversation,” Twitter CEO Jack Dorsey said in a press release.
Twitter says that it will focus on its core business by accelerating the development of new products and features to achieve its goal of doubling its revenue in 2023 to $7.5 billion. One interesting thing to note here is that the sale of the ad business company comes months after Apple made it harder for advertisers to track usage on iOS.
“We are excited by the opportunity to grow the AppLovin platform and further enhance our publisher monetization tools through this strategic transaction,” said AppLovin CEO Adam Foroughi in a statement. “We welcome the MoPub team and together we will work diligently to combine the best of MoPub into the AppLovin software platform.”