After trying to buy TikTok, adtech giant AppLovin launches its own social media challenger

• Adtech company AppLovin is making a big swing into social media with its own app.
• After losing a bid to buy TikTok, the company quietly launched a new app called Gist.
• Gist describes itself as a “handbook for the curious” and is quite similar to Lemon8 and RedNote.

AppLovin’s got a new app strategy

The company’s market cap was over $163 billion as of Friday.

On a May earnings call, Foroughi said AppLovin’s consumer vertical — non-gaming advertisers — was “growing even faster than gaming,” with the segment’s March revenue up 25% versus January.