Zynga Buys Chartboost To Drive Online Ads, Reports Record Quarterly Revenue

Started by devikad, May 07, 2021, 11:23 PM

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Zynga Buys Chartboost To Drive Online Ads, Reports Record Quarterly Revenue

Mobile game publisher Zynga ZNGA +5.6% said it would buy mobile ad and monetization platform Chartboost for $250 million in a bid to diversify its revenue base amid major changes in Apple AAPL +1.5% ad rules. The company also reported record first quarter revenues and bookings, and raised its full-year guidance.

In a letter to investors, the company called the Chartboost deal a "transformational acquisition" for the company, whose prominent titles include Words With Friends, Harry Potter: Puzzles & Spells, and Empires & Puzzles. The deal is expected to close in the third quarter, pending regulatory approvals.

"The combination of Chartboost's scale and ad tech capabilities with Zynga's high-quality games portfolio and first-party data will meaningfully enhance Zynga's competitive advantage in the mobile ecosystem," the company's latest investor letter says. "Over the coming years, we are confident in our ability to increase our total addressable market while driving strong topline growth and margin expansion as we continue to execute on our growth initiatives."

The deal will expand Zynga's ad network to 700 million people, a big jump from its current Monthly Active Users network of 164 million, the company said. It will also help the company navigate expected big changes in the mobile ad space precipitated by Apple's IDFA policy changes affecting tracking and ad targeting.

"Not only are we investing in our mobile advertising ecosystem in the way we generate revenue," said Bernard Kim, the company's president of publishing. "Also what Chartboost will do is change the way we bring players into our network, the way we monetize players."

Source: https://www.forbes.com/sites/dbloom/2021/05/05/zynga-buys-chartboost-to-drive-online-ads-reports-record-quarterly-revenue/?sh=5f47c0b51175

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