Axon (formerly AppLovin) is quietly reshaping the ad tech conversation with referral-only access just as marketers ramp up for peak season. After analyzing $50 million in ad spend across active brands, the company is uncovering performance patterns that most traditional attribution tools completely miss.
The CPM Paradox
Marketers noticed CPMs jumping in January 2025—but strangely, ROAS and CAC remained steady. According to Axon, traditional attribution tools are blind to the underlying value, leaving many advertisers scratching their heads while overpaying for impressions that are actually working harder than the metrics suggest.
The Halo Effect Evolution
Since May 2025, Axon’s data shows that the impact of campaigns has evolved. What once delivered straightforward results has now morphed into more nuanced performance gains that brands can leverage—if they know where to look. In other words, some campaigns are quietly pulling double duty, driving results far beyond surface-level reporting.
The Measurement Gap
Without proper attribution, brands are underestimating the value of their most effective channels. Axon’s insights reveal that companies could be missing 30–60% of the real returns from top-performing campaigns. The irony? Some advertisers are even scaling back on these channels, mistaking cost spikes for underperformance.
The Campaign Type Surprise
Everyone’s chasing CPP campaigns, but Axon’s analysis highlights which objectives truly win on both ROAS and CAC metrics. It’s a timely reminder that chasing industry norms without granular data can leave performance on the table.
Axon’s findings underscore a broader trend in ad tech: surface-level metrics no longer cut it. With CPMs climbing and attribution blind spots widening, brands that lean on deeper insights—like those Axon provides—may have a critical advantage this peak season.
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