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Zedge, Inc.’s main business connects creators who upload wallpapers, ringtones and other phone content with people who want to personalize their phones. Users can access content free in the Zedge App, generating advertising revenue when they view ads. Advertisers pay through advertising networks and exchanges. Users can also pay for an ad-free subscription or buy credits to purchase content through Zedge Premium, but advertising supplies most of the company’s revenue.
Zedge also owns GuruShots, a free photography competition game. Paying players buy virtual currency to enter competitions and obtain resources that support additional gameplay or improve their photographs’ visibility. The company is developing DataSeeds.AI to license images to businesses for AI training, ecommerce and stock photography; expanding that offering depends on securing creators’ permission to license their work.
The business depends on keeping users engaged and attracting advertiser spending. Google, Liftoff and AppLovin supply most of its advertising revenue. Most app users are on Android, and Zedge relies heavily on Google Play and Apple’s App Store for distribution and payments, subject to their content and monetization rules. Privacy requirements and platform tracking controls limit ad targeting. Most Zedge App users are in emerging markets, where advertising rates are lower than in developed markets.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Zedge depends on AppLovin to bring advertisers to its app’s ad space: AppLovin is one of three partners that together generated 72% of Zedge’s advertising revenue in fiscal 2025. AppLovin earns fees by matching advertisers seeking users with app publishers; changes in its spending with Zedge can reach Zedge’s advertising revenue directly.
Liftoff Mobile, Inc. helps turn Zedge’s app ad space into revenue and is one of three partners that together generated 72% of Zedge’s advertising revenue in fiscal 2025. It earns advertising revenue by helping advertisers acquire users and app publishers sell ad space; watch its spending with Zedge, rather than treating all growth in its advertising business as growth for Zedge.
Google both supplies advertising demand to Zedge as one of its three principal partners and competes with it for advertisers’ spending and emoji-search attention. Google sells ads on search and other properties; its late-September 2025 change allowing users to copy emojis directly from search results could reduce visits and revenue at Zedge’s Emojipedia, though Zedge said the traffic effect was not yet quantifiable.
Cheetah Mobile offers a comparison for Zedge’s ability to earn from consumer software through advertiser payments, paid premium features and ad-free subscriptions. Watch Cheetah Mobile’s software advertising and subscription business, not its unrelated robotics and enterprise operations, when comparing how the two turn app use into revenue.
Meta Platforms competes with Zedge for marketers’ advertising budgets, but Zedge also names it as a large customer buying its services. Meta sells ad placements across its apps; for Zedge, that makes Meta both a rival for advertising spending and a source of customer revenue.
PLAYSTUDIOS, Inc. offers a comparison for player spending at Zedge’s GuruShots: both run free-to-play games and sell optional virtual currency to players, while PLAYSTUDIOS also earns advertising revenue like Zedge’s marketplace. Watch PLAYSTUDIOS’s virtual-currency sales when assessing GuruShots, whose digital-goods-and-services revenue fell from $3.475 million in fiscal 2024 to $2.185 million in fiscal 2025.
Meta Platforms, Inc. earningsMETA
Meta Platforms’ report will show whether advertisers are spending more or directing more of their budgets to Meta’s own platforms, both of which matter to Zedge’s ad revenue.
Read Meta Platforms’ ad revenue alongside ad impressions and average ad price. If impressions and revenue both strengthen, advertisers are spending more on its platforms: that may signal healthy budgets, but it may also mean more budget is going to a competitor. Weaker revenue would point to pressure on the ad market or Meta’s appeal. Meta’s overall results cannot show how much it bought from Zedge, so they are a signal about ad demand and where budgets go, not a direct reading of Zedge revenue.
Zedge, Inc. earningsThis company
Zedge’s report will show whether revenue per user and subscription sales can offset a smaller ad-supported audience and weaker spending by GuruShots players.
Read Zedge App monthly active users alongside average revenue per monthly active user: fewer users but more revenue per user means the remaining audience is earning more, though their combined effect determines whether ad revenue holds up. Then compare GuruShots’ active paying players with average revenue per paying player; stability in both would show that player spending is supporting the business too. If these measures weaken and subscription revenue does not fill the gap, Zedge remains exposed to a shrinking ad audience and weaker player spending.
Alphabet Inc. earningsGOOG
Google’s report will show whether its search and ad businesses are still drawing advertisers and users’ attention, putting pressure on Zedge’s ad business and Emojipedia traffic.
Look at Google’s search advertising performance alongside its broader ad business. Continued strength would show that the platform is still drawing advertisers and could make it harder for Zedge to win ad budgets; weakness might ease that competitive pressure, but would not establish that Emojipedia traffic will recover. Google’s report will not show whether users are visiting Emojipedia less because they can copy emojis from search results, so the conclusion is limited to a signal about the competitive landscape.
Applovin Corporation earningsAPP
AppLovin’s report will show whether its business matching advertisers with app publishers is strengthening, a possible source of demand for Zedge’s ad space.
Read AppLovin’s ad-business performance alongside Zedge’s reliance on advertising revenue. Stronger advertiser demand and app-ad activity could mean firmer demand from this important partner; weakness would put more pressure on Zedge’s ad revenue from that source. But AppLovin’s overall growth does not mean it bought more from Zedge—the conclusion depends on whether Zedge’s own ad revenue follows.
PLAYSTUDIOS, Inc. earningsMYPS
PLAYSTUDIOS’ report will show whether players are still paying for virtual currency and digital goods in free-to-play games, a useful comparison for Zedge’s GuruShots.
Focus on PLAYSTUDIOS’ virtual-currency sales and in-game purchase revenue, and compare them with GuruShots’ digital-goods-and-services revenue. If PLAYSTUDIOS holds up or grows, players in a comparable free-to-play model are still spending, making GuruShots’ decline look more company-specific; if both weaken, softer player spending becomes a stronger possibility. The games and players differ, so this is a comparison, not a substitute for GuruShots’ own results.
