Hodoku DSP

4Q25 & FY25 AdTech/MarTech Earnings Update

Quo Vadis reports on 4Q25 and full‑year 2025 results across AdTech, MarTech, social and agency portfolios, and previews the Advertising Economic Forum in New York City on March 18–19, 2026. The author summarizes equal‑weighted portfolio performance since January 2022: the AdTech11 portfolio is down 54% since inception, AdTech11+ (including AppLovin) is down 33% while AppLovin alone is up 361%, MarTech8 is down 57%, SocialTech4 is up 18%, and Agency5 is down 43%. Major tech benchmarks Google and Meta are up ~103% combined since January 2022 and accounted for 40% of global ad spending in 2025. The note highlights IAS being taken private by Novacap for $1.9 billion, MNTN’s post‑IPO market cap/EV figures, CTV expansion activity (Pinterest/TVScientific), and commentary on economic moats, high betas, and valuation pressure amid AI-driven disruption.

AdTech Struggles: Portfolios Plummet Amid Market Shifts

Quo Vadis published a 4Q25 and full‑year 2025 AdTech/MarTech update and promoted the Advertising Economic Forum (New York City, March 18–19, 2026). The newsletter reports equal‑weighted portfolio performance since Jan 1, 2022: the AdTech11 portfolio is down 54% since inception (AdTech11+ including AppLovin is down 33%), MarTech8 is down 57%, SocialTech4 is up 18%, and the Agency5 portfolio is down 43%. Notable corporate moves include IAS being taken private by Novacap for $1.9 billion (removed from the portfolio in Jan 2026), MNTN’s IPO (added June 2025) with a current market cap of $720M and enterprise value of $510M, and Pinterest’s acquisition of TVScientific. The note highlights Google and Meta together accounted for ~40% of global ad spending in 2025 and estimates their combined share could reach 46% by 2030. The memo emphasizes economic moats (ROIC vs. cost of capital), high portfolio betas (~1.3–1.8), and AI’s influence on investor sentiment.

Last Media Dollar v2.0 Beta Launches

Last Media Dollar’s live on-stage event is scheduled for February 25, 2026 at the Roxy Cinema in Tribeca, continuing from a successful London debut and tied to the broader Last Media Dollar beta release. The post also announces the Advertising Economic Forum for March 18–19, 2026 (Day 1 at Horizon Media with AI founder pitches; Day 2 at The New York Times Center for closed-door executive sessions). The author summarizes a Quo Vadis discussion highlighting C Wire CEO/co‑founder Rui de Freitas’ move from fragmented SaaS tooling to purpose-built internal systems and explores how AI-native approaches boost revenue productivity, reduce people costs and raise investor expectations (examples include projected net revenue per employee benchmarks and higher expected ROIC under AI-driven models). The piece frames these developments as part event promotion, part industry analysis on AI’s economic impact on adtech.