AO
COMPANY

Aonic

Aonic is a gaming, adtech and survey rewards group.

Analyst Perspective

Aonic is a private Sweden-headquartered group operating across video game development and publishing, mobile advertising technology, user acquisition and market research panels. Its portfolio includes game studios and publishing assets, a mobile user acquisition business built on owned app inventory, an in-app monetisation platform for publishers, and reward-based survey properties. It generates revenue from consumer game spending and in-app advertising, publisher monetisation fees, performance marketing spend, research and panel monetisation, and publishing revenue shares.

Analyst Signal Briefing

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Category Differentiation

Aonic is not a single-purpose adtech vendor or a standalone game studio. It is a multi-asset group spanning gaming, app monetisation, user acquisition and research panels.

Aonic: About

Aonic uses a portfolio model that combines owned content studios with monetisation and distribution infrastructure. It acquires and scales studios, adtech assets and audience platforms, then creates value by directing demand, traffic and monetisation capabilities across the group. Revenue is diversified across direct consumer spending in games, advertising monetisation, performance-based user acquisition, research panel monetisation and publishing services.

How Aonic Works & Monetises

Business model analysis and core revenue streams

Aonic uses a hybrid monetisation model. Consumer gaming revenue comes from in-app purchases and in-app advertising. Adtech revenue comes from performance-based user acquisition pricing, likely tied to installs, actions or engagement outcomes, plus monetisation platform fees and revenue-share economics on publisher ad income. Research revenue comes from monetising survey responses, panel access and aggregated insight assets. Publishing and services revenue comes from revenue-sharing agreements, distribution arrangements and managed campaign fees.

Revenue Channels

Consumer game revenueIn-app purchases and game sales
Performance user acquisitionPercentage take-rate and campaign pricing tied to outcomes
Publisher monetisation platformSaaS and revenue-share monetisation fees
Research and panel monetisationData, survey access and insight sales
Publishing and managed marketing servicesService fees and revenue shares

Aonic: Key Subsidiaries & Acquisitions

View full acquisition footprint

Recent Signals (Aonic)

AdzineMay 18, 2021

App Advertising, Targeting und Tracking der Zukunft

The advertising ecosystem is shifting due to strong privacy moves and platform-led restrictions in the app space. The piece centers on Apple’s iOS 14.5 App Tracking Transparency (ATT) and the anticipated restrictions on IDFA use, with expectations that Google may follow on Android. In Germany, iOS users account for about 30% of the market, which could reduce reach for retargeting, complicate reporting, and raise costs. Advertisers are urged to boost IDFA opt-in rates and diversify into contextual, environment-based, and first-party targeting, including identity approaches such as household graphs or cookieless graphs. Ogury advocates an environment-first targeting method augmented by past data, while Remerge cautions that true retargeting without IDs is difficult under current policies and relies on Incrementality testing. Apple’s SKAdNetwork provides attribution with data aggregation and delays (24 hours post-install, up to 72 hours for in-app actions), impacting optimization. GDPR compliance remains uncertain with divergent regulatory guidance across countries.

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AdzineNov 11, 2020

Apple-Consent zum Tracking: App-Marketing-Apokalypse oder nicht?

Apple plans to limit app-tracking on iOS by introducing a per-app runtime consent prompt for access to the IDFA, effective in spring 2021. The IDFA underpins personalized advertising in apps, and Apple’s prompt is expected to make targeting, tracking, and frequency capping harder if users opt out. The change has sparked mixed industry reactions, with some predicting an apocalypse for ad monetization and others seeing manageable adaptation. US organizations have written to Apple urging to block or delay the feature. Experts foresee a period of adjustment, possible CPM declines on iOS, and greater value for IDFA-enabled traffic; consent may require GDPR-compliant CMPs (e.g., IAB-based on TCf 2.0) and carefully staged in-app dialogs to preserve UX. Implementing consent is seen as technically challenging, with guidance emphasizing clear app-UX, opt-in flows, and communications that free apps may rely on consent for personalized ads.

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AdzineFeb 1, 2020

Profitiert Mobile Advertising vom Schwinden des Third-Party Cookies?

The article discusses the decline of third-party cookies and the regulatory and browser changes threatening cookie-based targeting, suggesting advertisers may increasingly invest in mobile advertising, especially in-app, where tracking is less cookie-reliant. It notes Google's plan to retire third-party cookies in about two years in favor of Privacy Sandbox, after Firefox and Safari already blocked cookies. The German mobile ad market is reviewed: 2019 online advertising spend in Germany was about €8.5 billion, with mobile advertising (web and in-app) at €1.28 billion and projected to exceed €2 billion by 2023. Bitkom data from 2018 put the in-app advertising market at €276 million (excluding Facebook). Industry voices expect continued growth in mobile, with a shift toward device IDs, first-party data, and contextual advertising; some anticipate a potential new market standard based on device or browser IDs (e.g., IDFA/AAID). In-app advertising is positioned to benefit from cookie deprecation, though long-term targeting may become more constrained.

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Aonic: Frequently Asked Questions

What is Aonic?

Aonic is a private group that owns and operates video game studios, publishing assets, mobile adtech businesses and survey rewards platforms.

Who uses Aonic?

Its products are used by mobile game developers, app publishers, market research buyers, advertisers, partner studios and end consumers who play its games or complete surveys.

How does Aonic make money?

It earns money from game purchases and in-app spending, advertising monetisation, performance-based user acquisition, research panel monetisation, publishing revenue shares and managed marketing services.

Company Facts

Founded
2021
Headquarters
Sveavägen 17, 111 57 Stockholm, Sweden
Core Segment
AdTech Vendor
Company Size
501–1,000
Official Link
aonic.co