{"id":207001,"date":"2026-09-08T13:03:13","date_gmt":"2026-09-08T13:03:13","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/207001\/"},"modified":"2026-09-08T13:03:13","modified_gmt":"2026-09-08T13:03:13","slug":"ocima-byznysu-vedle-google-a-meta-roste-utajeny-reklamni-gigant","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/207001\/","title":{"rendered":"O\u010dima byznysu: Vedle Google a\u00a0Meta roste utajen\u00fd reklamn\u00ed gigant"},"content":{"rendered":"

Vedle Google a\u00a0Meta vyr\u016fst\u00e1 nov\u00fd reklamn\u00ed gigant. AppLovin p\u0159itom v\u011bt\u0161ina lid\u00ed nezn\u00e1. Ve sv\u011bt\u011b digit\u00e1ln\u00ed reklamy u\u017e roky plat\u00ed jednoduch\u00e9 pravidlo: chcete-li b\u00fdt vid\u011bt a\u00a0prod\u00e1vat, sv\u00e9 rozpo\u010dty po\u0161lete Google nebo Meta. Pr\u00e1v\u011b na t\u00e9to pozici oba giganti vybudovali byznysy generuj\u00edc\u00ed stovky miliard dolar\u016f p\u0159i mimo\u0159\u00e1dn\u011b vysok\u00fdch mar\u017e\u00edch. V\u00a0jejich st\u00ednu v\u0161ak vyrostl AppLovin. Firma bez vlastn\u00edho vyhled\u00e1va\u010de, soci\u00e1ln\u00ed s\u00edt\u011b nebo zna\u010dn\u00e9ho publika uk\u00e1zala, \u017ee k\u00a0mimo\u0159\u00e1dn\u011b v\u00fdkonn\u00e9 reklam\u011b nepot\u0159ebuje vlastn\u00ed medi\u00e1ln\u00ed platformu. Sta\u010d\u00ed j\u00ed technologie, kter\u00e1 dok\u00e1\u017ee l\u00e9pe ur\u010dit, komu reklamu zobrazit a\u00a0kolik se za n\u011bj vyplat\u00ed zaplatit. <\/p>\n

AppLovin d\u00edky tomu rychle ukrajuje pod\u00edl konkurenci a\u00a0pokou\u0161\u00ed se st\u00e1t t\u0159et\u00edm velk\u00fdm hr\u00e1\u010dem v\u00fdkonnostn\u00ed reklamy. Jak tedy firma bez vlastn\u00ed soci\u00e1ln\u00ed s\u00edt\u011b dok\u00e1\u017ee generovat v\u00fdsledky? AppLovin je pro b\u011b\u017en\u00e9ho u\u017eivatele prakticky neviditeln\u00fd, proto\u017ee funguje v\u00a0pozad\u00ed mobiln\u00edch her a\u00a0aplikac\u00ed. Na jedn\u00e9 stran\u011b pom\u00e1h\u00e1 jejich v\u00fdvoj\u00e1\u0159\u016fm skrze platformu MAX prodat reklamn\u00ed prostor za co nejvy\u0161\u0161\u00ed cenu. <\/p>\n

Na druh\u00e9 stran\u011b pom\u00e1h\u00e1 inzerent\u016fm p\u0159es platformu AXON naj\u00edt u\u017eivatele, u\u00a0kter\u00fdch je nejvy\u0161\u0161\u00ed pravd\u011bpodobnost instalace nebo n\u00e1kupu. Je\u0161t\u011b doned\u00e1vna p\u0159itom ob\u011b strany tvo\u0159ily p\u0159edev\u0161\u00edm v\u00fdvoj\u00e1\u0159i mobiln\u00edch her. Zjednodu\u0161en\u011b \u0159e\u010deno tak jedna hra prost\u0159ednictv\u00edm AppLovinu z\u00edsk\u00e1vala nov\u00e9 hr\u00e1\u010de uvnit\u0159 jin\u00e9 hry. U\u017e z\u00a0tohoto p\u016fvodn\u011b \u00fazk\u00e9ho trhu, kter\u00fd se velikostn\u011b odhaduje pro rok 2026\u00a0kolem 150-200\u00a0mld. USD, v\u0161ak AppLovin vybudoval mimo\u0159\u00e1dn\u011b ziskov\u00fd byznys. <\/p>\n

Za posledn\u00edch dvan\u00e1ct m\u011bs\u00edc\u016f vytvo\u0159ily tr\u017eby p\u0159ibli\u017en\u011b 6,8\u00a0miliardy dolar\u016f p\u0159i meziro\u010dn\u00edm r\u016fstu o\u00a061\u00a0procent. EBITDA mar\u017ee dos\u00e1hla 79\u00a0procent a\u00a0mar\u017ee voln\u00e9ho cash flow 66\u00a0procent. P\u0159i tr\u017en\u00ed kapitalizaci p\u0159esahuj\u00edc\u00ed 100\u00a0miliard dolar\u016f tak AppLovin st\u00e1le roste tempem, kter\u00fd b\u00fdv\u00e1 obvykle spojov\u00e1n s\u00a0n\u00e1sobn\u011b men\u0161\u00edmi technologick\u00fdmi firmami. <\/p>\n

To samo o\u00a0sob\u011b je\u0161t\u011b neznamen\u00e1, \u017ee je akcie levn\u00e1. Ukazuje to v\u0161ak, pro\u010d AppLovin p\u0159itahuje pozornost investor\u016f: kombinuje r\u016fst mlad\u00e9 technologick\u00e9 spole\u010dnosti se ziskovost\u00ed zaveden\u00e9ho reklamn\u00edho giganta. <\/p>\n

Firma, kter\u00e1 nechce r\u016fst po\u010dtem zam\u011bstnanc\u016f <\/p>\n

Za mimo\u0159\u00e1dnou efektivitou AppLovinu stoj\u00ed spoluzakladatel a\u00a0CEO Adam Foroughi. M\u00edsto budov\u00e1n\u00ed st\u00e1le v\u011bt\u0161\u00ed korporace ov\u0161em s\u00e1z\u00ed na \u00fazk\u00fd t\u00fdm schopn\u00fdch lid\u00ed, vysokou odpov\u011bdnost a\u00a0minimum \u0159\u00eddic\u00edch vrstev. Na konci roku 2025\u00a0m\u011bl AppLovin pouze 898\u00a0zam\u011bstnanc\u016f. V\u00a0p\u0159epo\u010dtu na posledn\u00edch dvan\u00e1ct m\u011bs\u00edc\u016f tak na jednoho zam\u011bstnance p\u0159ipad\u00e1 p\u0159ibli\u017en\u011b 7,6\u00a0milionu dolar\u016f tr\u017eeb a\u00a0p\u011bt milion\u016f voln\u00e9ho cash flow. <\/p>\n

Pr\u00e1v\u011b dal\u0161\u00ed vize firmy v\u0161ak m\u016f\u017ee tuto jednoduchost naru\u0161it. AppLovin u\u017e nechce dominovat pouze reklam\u011b v\u00a0mobiln\u00edch hr\u00e1ch. Dlouhodob\u011b chce soupe\u0159it s\u00a0Meta a\u00a0Google o\u00a0podstatn\u011b v\u011bt\u0161\u00ed reklamn\u00ed rozpo\u010dty, co\u017e vy\u017eaduje roz\u0161\u00ed\u0159en\u00ed trhu i\u00a0p\u0159\u00edstup k\u00a0nov\u00e9mu publiku. Jak velk\u00e9 jsou Foroughiho ambice, uk\u00e1zal n\u00e1vrh na spojen\u00ed s\u00a0TikTokem mimo \u010c\u00ednu, kter\u00e1 se ov\u0161em nezda\u0159ila. AppLovin cht\u011bl propojit v\u00edce ne\u017e miliardu u\u017eivatel\u016f TikToku s\u00a0technologi\u00ed AXON a\u00a0v\u00fdrazn\u011b zlep\u0161it monetizaci cel\u00e9 platformy. Ne\u0161lo tedy pouze o\u00a0dal\u0161\u00ed akvizici, ale o\u00a0mo\u017en\u00fd p\u0159erod AppLovinu z\u00a0reklamn\u00ed infrastruktury ve vlastn\u00ed glob\u00e1ln\u00ed medi\u00e1ln\u00ed platformu. <\/p>\n

AXON \u010dek\u00e1 dal\u0161\u00ed zkou\u0161ka<\/p>\n

Tou bude e-commerce a\u00a0CTV. Spojen\u00ed s\u00a0TikTokem se sice neuskute\u010dnilo, AppLovin ale nemus\u00ed \u010dekat na vlastn\u00ed soci\u00e1ln\u00ed s\u00ed\u0165, aby uk\u00e1zal, zda je AXON vyu\u017eiteln\u00fd i\u00a0mimo segment her. Prvn\u00ed skute\u010dnou zkou\u0161kou se st\u00e1vaj\u00ed e-commerce a\u00a0reklama v\u00a0p\u0159ipojen\u00fdch televiz\u00edch. Logika expanze do internetov\u00fdch obchod\u016f je pom\u011brn\u011b jednoduch\u00e1. Z\u00a0pohledu algoritmu toti\u017e nemus\u00ed b\u00fdt mezi hled\u00e1n\u00edm hr\u00e1\u010de, kter\u00fd si st\u00e1hne novou hru, a\u00a0z\u00e1kazn\u00edka, kter\u00fd si koup\u00ed produkt, tak z\u00e1sadn\u00ed rozd\u00edl. V\u00a0obou p\u0159\u00edpadech AXON vyhodnocuje pravd\u011bpodobnost konverze a\u00a0hled\u00e1 u\u017eivatele v\u00a0mobiln\u00edch hr\u00e1ch, za kter\u00e9ho se inzerentovi vyplat\u00ed zaplatit. Ve prosp\u011bch t\u00e9to s\u00e1zky hraje tak\u00e9 skladba publika. <\/p>\n

Podle studie, kterou pro AppLovin zpracovala agentura Kantar, netvo\u0159\u00ed hr\u00e1\u010de her pouze mlad\u00ed lid\u00e9. V\u00fdznamn\u00e1 \u010d\u00e1st se nach\u00e1z\u00ed v\u00a0produktivn\u00edm v\u011bku, m\u00e1 kupn\u00ed s\u00edlu a\u00a0je zvykl\u00e1 nakupovat online. AppLovin tak nemus\u00ed nov\u00e9 z\u00e1kazn\u00edky hledat na \u00fapln\u011b jin\u00e9m internetu. Pot\u0159ebuje je pouze l\u00e9pe rozpoznat mezi u\u017eivateli, ke kter\u00fdm u\u017e dnes dok\u00e1\u017ee p\u0159istupovat. Prvn\u00ed v\u00fdsledky e-commerce podle managementu ukazuj\u00ed, \u017ee v\u011bt\u0161\u00ed klienti dok\u00e1\u017eou p\u0159i zachov\u00e1n\u00ed po\u017eadovan\u00e9 n\u00e1vratnosti postupn\u011b navy\u0161ovat reklamn\u00ed rozpo\u010dty. St\u00e1le v\u0161ak jde o\u00a0ranou f\u00e1zi. E-commerce proto p\u0159edstavuje slibn\u00fd za\u010d\u00e1tek, do celkov\u00fdch tr\u017eeb firmy se ale prozat\u00edm v\u00fdrazn\u011b nepropisuje. CTV je odli\u0161nou s\u00e1zkou. <\/p>\n

AppLovin se na tomto trhu pohybuje prost\u0159ednictv\u00edm platformy Wurl, hlavn\u00ed p\u0159ek\u00e1\u017ekou v\u0161ak z\u016fst\u00e1v\u00e1 m\u011b\u0159en\u00ed v\u00fdsledk\u016f. U\u00a0mobiln\u00ed reklamy lze pom\u011brn\u011b p\u0159esn\u011b sledovat, zda u\u017eivatel na reklamu klikl, st\u00e1hl si aplikaci nebo provedl n\u00e1kup. U\u00a0televize m\u016f\u017ee div\u00e1k nakoupit pozd\u011bji a\u00a0na jin\u00e9m za\u0159\u00edzen\u00ed, tak\u017ee je v\u00fdrazn\u011b slo\u017eit\u011bj\u0161\u00ed ur\u010dit, zda ke konverzi skute\u010dn\u011b p\u0159isp\u011bla pr\u00e1v\u011b zobrazen\u00e1 reklama. Pr\u00e1v\u011b e-commerce a\u00a0CTV proto rozhodnou, jak maj\u00ed investo\u0159i na AXON dlouhodob\u011b nahl\u00ed\u017eet. Pokud AppLovin dok\u00e1\u017ee svou technologii p\u0159en\u00e9st mimo mobiln\u00ed hry a\u00a0sou\u010dasn\u011b zlep\u0161it m\u011b\u0159en\u00ed v\u00fdsledk\u016f, otev\u0159e si podstatn\u011b v\u011bt\u0161\u00ed reklamn\u00ed trh. Pokud se to nepoda\u0159\u00ed, z\u016fstane mimo\u0159\u00e1dn\u011b ziskovou platformou pro gaming, jej\u00ed dal\u0161\u00ed r\u016fst v\u0161ak bude z\u00e1viset hlavn\u011b na z\u00edsk\u00e1v\u00e1n\u00ed pod\u00edlu v\u00a0ji\u017e zaveden\u00e9m segmentu.<\/p>\n

<\/a>R\u016fst je mimo\u0159\u00e1dn\u00fd<\/p>\n

Kolik z\u00a0n\u011bj u\u017e je ale v\u00a0cen\u011b? Sou\u010dasn\u00e9 v\u00fdsledky AppLovinu jsou mimo\u0159\u00e1dn\u00e9, ocen\u011bn\u00ed akcie v\u0161ak z\u00e1vis\u00ed p\u0159edev\u0161\u00edm na jejich udr\u017eitelnosti. Konkurence p\u0159itom nemus\u00ed vyvinout lep\u0161\u00ed algoritmus ne\u017e AXON. Sta\u010d\u00ed, aby se jeho technologick\u00e9mu n\u00e1skoku p\u0159ibl\u00ed\u017eila a\u00a0za\u010dala nab\u00edzet v\u00edce za nejhodnotn\u011bj\u0161\u00ed reklamn\u00ed prostor. AppLovin by pak musel zv\u00fd\u0161it platby vydavatel\u016fm, co\u017e by vytvo\u0159ilo tlak na take rate, r\u016fst tr\u017eeb i\u00a0mar\u017ee. Opa\u010dn\u00fd sc\u00e9n\u00e1\u0159 nab\u00edz\u00ed expanze do e-commerce a\u00a0CTV. Pokud AXON prok\u00e1\u017ee, \u017ee dok\u00e1\u017ee efektivn\u011b z\u00edsk\u00e1vat z\u00e1kazn\u00edky tak\u00e9 mimo mobiln\u00ed hry, AppLovin si otev\u0159e podstatn\u011b v\u011bt\u0161\u00ed reklamn\u00ed trh a\u00a0nov\u00fd prostor pro dlouhodob\u00fd r\u016fst. <\/p>\n

Ve srovn\u00e1n\u00ed s\u00a0Metou, Alphabetem a\u00a0Redditem, kter\u00e9 s\u00a0AppLovinem soupe\u0159\u00ed p\u0159edev\u0161\u00edm o\u00a0reklamn\u00ed rozpo\u010dty, a\u00a0s Unity jako jeho nejbli\u017e\u0161\u00edm technologick\u00fdm konkurentem, pat\u0159\u00ed AppLovin podle P\/S mezi dra\u017e\u0161\u00ed spole\u010dnosti. D\u00edky mimo\u0159\u00e1dn\u00fdm mar\u017e\u00edm v\u0161ak jeho ocen\u011bn\u00ed podle EV\/EBITDA p\u016fsob\u00ed v\u00fdrazn\u011b st\u0159\u00edzliv\u011bji. Akcie proto nen\u00ed levn\u00e1, trh ale z\u00e1rove\u0148 nepo\u010d\u00edt\u00e1 s\u00a0dlouhodob\u00fdm pokra\u010dov\u00e1n\u00edm sou\u010dasn\u00e9ho 61% r\u016fstu. <\/p>\n

Pro vlastn\u00ed ocen\u011bn\u00ed vych\u00e1z\u00edm z\u00a0v\u00fdsledk\u016f roku 2025\u00a0a\u00a0pomoc\u00ed exit P\/S, exit EV\/EBITDA a\u00a0DCF modeluji t\u0159i mo\u017en\u00e9 podoby AppLovinu v\u00a0roce 2028.\u00a0V\u0161echny metody stav\u00edm na stejn\u00fdch sc\u00e9n\u00e1\u0159\u00edch, aby pracovaly s\u00a0toto\u017en\u00fdm v\u00fdvojem tr\u017eeb, mar\u017e\u00ed i\u00a0konkuren\u010dn\u00ed pozice:<\/p>\n

1.\u00a0Negativn\u00ed sc\u00e9n\u00e1\u0159: E-commerce ani CTV se v\u00fdrazn\u011bji neprosad\u00ed, konkurence zatla\u010d\u00ed na take rate a\u00a0mar\u017ee za\u010dnou klesat. <\/p>\n

2.\u00a0Z\u00e1kladn\u00ed sc\u00e9n\u00e1\u0159: AXON si udr\u017e\u00ed technologick\u00fd n\u00e1skok, gaming bude d\u00e1l r\u016fst a\u00a0e-commerce za\u010dne vytv\u00e1\u0159et viditeln\u00e9 tr\u017eby. <\/p>\n

3.\u00a0Pozitivn\u00ed sc\u00e9n\u00e1\u0159: E-commerce se stane druh\u00fdm v\u00fdznamn\u00fdm pil\u00ed\u0159em a\u00a0AXON prok\u00e1\u017ee, \u017ee dok\u00e1\u017ee \u00fasp\u011b\u0161n\u011b fungovat tak\u00e9 mimo mobiln\u00ed hry. <\/p>\n

Rozd\u00edl mezi sc\u00e9n\u00e1\u0159i tak nestoj\u00ed pouze na tempu r\u016fstu, ale p\u0159edev\u0161\u00edm na tom, zda AppLovin z\u016fstane dominantn\u00ed hern\u00ed reklamn\u00ed platformou, nebo se dok\u00e1\u017ee prom\u011bnit v\u00a0\u0161ir\u0161\u00ed technologii pro v\u00fdkonnostn\u00ed marketing. <\/p>\n

P\u0159i cen\u011b kolem 313\u00a0dolar\u016f tak z\u00e1kladn\u00ed sc\u00e9n\u00e1\u0159 nab\u00edz\u00ed zaj\u00edmav\u00fd potenci\u00e1l, ani\u017e by vy\u017eadoval dal\u0161\u00ed r\u016fst valua\u010dn\u00edch n\u00e1sobk\u016f. Negativn\u00ed varianta v\u0161ak st\u00e1le p\u0159edpokl\u00e1d\u00e1 25% r\u016fst tr\u017eeb, a\u00a0nelze ji proto pova\u017eovat za krizov\u00fd sc\u00e9n\u00e1\u0159. Pokud by AppLovin ztratil technologick\u00fd n\u00e1skok rychleji, mohl by b\u00fdt v\u00fdsledn\u00fd pokles podstatn\u011b hlub\u0161\u00ed. Sou\u010dasn\u00e1 cena proto m\u016f\u017ee p\u0159edstavovat zaj\u00edmavou \u00farove\u0148 pro postupn\u00e9 budov\u00e1n\u00ed pozice, pokud investor v\u011b\u0159\u00ed v\u00a0dlouhodobou v\u00fdhodu AXONu a\u00a0schopnost managementu zopakovat dosavadn\u00ed exekuci. <\/p>\n

Pr\u00e1v\u011b udr\u017een\u00ed t\u00e9to v\u00fdhody rozhodne, zda se z\u00a0AppLovinu stane dal\u0161\u00ed glob\u00e1ln\u00ed reklamn\u00ed platforma, nebo z\u016fstane mimo\u0159\u00e1dn\u011b ziskov\u00fdm, ale p\u0159ev\u00e1\u017en\u011b hern\u00edm byznysem. D\u011bkuji, \u017ee jste se mnou nahl\u00e9dli pod pokli\u010dku spole\u010dnosti AppLovin a\u00a0do\u010detli anal\u00fdzu a\u017e do konce. Pokud m\u00e1te jak\u00e9koliv ot\u00e1zky nebo se chcete pod\u011blit o\u00a0vlastn\u00ed pohled na firmu, nev\u00e1hejte mi napsat do koment\u00e1\u0159\u016f pod \u010dl\u00e1nkem. <\/p>\n

Klub investor\u016f<\/p>\n

Ot\u00e1zkami financ\u00ed se zab\u00fdv\u00e1 Klub investor\u016f, studentsk\u00e1 organizace, kter\u00e1 propojuje talentovan\u00e9 studenty se sv\u011btem financ\u00ed, investic a\u00a0byznysu a\u00a0vytv\u00e1\u0159\u00ed prostor pro jejich odborn\u00fd i\u00a0osobn\u00ed r\u016fst. Prost\u0159ednictv\u00edm konferenc\u00ed, workshop\u016f a\u00a0spolupr\u00e1ce s\u00a0p\u0159edn\u00edmi profesion\u00e1ly z\u00a0praxe p\u0159in\u00e1\u0161\u00ed know-how z\u00a0re\u00e1ln\u00e9ho trhu a\u00a0pom\u00e1h\u00e1 vychov\u00e1vat novou generaci lid\u00ed, kte\u0159\u00ed cht\u011bj\u00ed aktivn\u011b formovat ekonomiku a\u00a0podnikatelsk\u00e9 prost\u0159ed\u00ed.<\/p>\n","protected":false},"excerpt":{"rendered":"Vedle Google a\u00a0Meta vyr\u016fst\u00e1 nov\u00fd reklamn\u00ed gigant. AppLovin p\u0159itom v\u011bt\u0161ina lid\u00ed nezn\u00e1. Ve sv\u011bt\u011b digit\u00e1ln\u00ed reklamy u\u017e roky…\n","protected":false},"author":2,"featured_media":207002,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[412,67,68,466,825,69,1699,26819,309,4130],"class_list":["post-207001","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-akcie","tag-business","tag-byznys","tag-google","tag-internet","tag-investice","tag-meta-platforms-meta","tag-propagace","tag-reklama","tag-trhy"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117235561740500703","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/207001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=207001"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/207001\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/207002"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=207001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=207001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=207001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}