two & a half gamers – The Walled Garden Stack: Why no eew Mediation platform has Survived Since 2017 by Felix Braberg

Summary

In this solo episode, Felix Braberg cuts through the hype and breaks down what’s actually happening in mobile ad monetization networks in 2025. The real mediation market is cornered by AppLovin MAX, Unity LevelPlay, and Google AdMob—with upstarts like Amazon Publisher Services and Moloco making surprise moves. But even the biggest ad-revenue studios (Rollic, Habi) are running from ads to IAP-first strategies. ECPMs are down 20 percent from pandemic peaks, networks are harder to work with, and the “walled garden” is stronger than ever.

What’s inside:

Mediation Monopoly: AppLovin MAX now dominates mediation market share, with exclusive features like AdROAS and BlendedROAS campaigns locking in publishers. Unity and Google still matter, but the stack is closed and hostile to new entrants.

Amazon’s Banner Play: Amazon Publisher Services quietly became the top banner revenue source in the US and Europe, beating Google—but getting on the platform is a lottery. Last month, Amazon kicked 100 publishers off with no warning. TAM (Transparent Ad Marketplace) deals are lucrative, but rare.

Moloco’s Rise: Moloco, a DSP, is exploding with rumored $2.2B in 2025 spend, going direct to top publishers with its SDK. Publishers see 8–15 percent ARPDAU boosts on video and 20 percent or more on banners after adding Moloco. The secret? Once DSPs get big enough, they need direct supply, not just reselling.

Ad Monetization Shift: The biggest ad studios are pivoting hard—Habby’s Whittle Defender and Rollic’s latest puzzle hits (Whole People, KnitOut) now get as little as 11–20 percent of revenue from ads, compared to 50–50 splits just two years ago. IAPs are the future, and “remove ads forever” packages are everywhere.

Why ECPMs Are Down: ECPMs are 20 percent below 2021. Reasons include: post-pandemic demand crash, privacy updates (especially iOS), the loss of waterfall calls in mediation (bidding is the default), and “walled garden” platform control. It’s harder than ever to keep prices up or diversify your stack.

Key Takeaway:
If you’re not building your stack around AppLovin, Amazon, and Moloco, you’re missing where the real money flows. But even the best ad ops can’t beat macro headwinds—hybrid monetization is dying, and you need more IAP or you’ll be left behind.