Reliance on Third-Party Platforms: AppLovin's business is highly dependent on its ability to operate within the policies and technical requirements of mobile operating system providers like Apple and Google, including changes related to data privacy such as Apple's App Tracking Transparency (ATT) framework, which can significantly impact its ability to collect and use data for targeted advertising and measurement.

Intense Market Competition: The mobile app advertising and monetization market is highly competitive and rapidly evolving, with numerous established and emerging players, requiring continuous innovation, competitive pricing, and effective differentiation to retain and attract customers and publishers.

Evolving Data Privacy Regulations: Global data privacy regulations, such as GDPR and CCPA, are complex, constantly evolving, and subject to varying interpretations, requiring significant compliance efforts and potentially limiting AppLovin's ability to collect, process, and use data, which could increase operational costs or limit revenue generation.