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All right so let's talk about the app tracking transparency recession.

I'm going to describe what it is first, and I'm going to kick it over to Neil.

Man, by the way, everyone, we're using Riverside, this just looks really good.

So anyway, app tracking transparency recession.

So what that means is this.

I was reading a blog post, I believe it was Ben Thompson from Stichitgery,

I'm not even pronouncing that right, but he actually cited a blog post on this whole concept of, hey, like the recession that we've seen from these big tech companies, like meta, for example, when it dropped like, you know, 50-ish percent or so, 60-ish percent, maybe total for 2022, I think that's about right so his argument is like we're not in a real recession right now for the economy right but there has been a recession in the world of tech which is why you see you know the medas laying off a bunch of people you know snap has laid off a bunch of people as well right and so the argument here is that when Apple made its changes right the iOS changes where it basically you know made it often opt out for tracking it basically kind of you know ruined the world for especially for Facebook right so if you're like a social platform like an Instagram or Facebook or like a snap what's happened to your business is that your stock has basically

tainted a ton, right?

Whereas if you look at Amazon's business, their Amazon ad business, it actually hasn't

tained a ton, and then when you look at like

Google search for example it hasn't tanked a ton right but the ones that are

social ads the social platforms that they have tanked a ton and that's the

app tracking transparency the AT ATT recession that's actually happened,

which is why you've seen the stocks decline quite heavily, right?

Whereas when you look at like Autodesk or these other platforms are outdoor, you know, ad platforms. They haven't tanked a lot and

search hasn't tanked a lot. So I think that's interesting because the argument here

is that that's the first wave of a recession and we haven't seen the economy

be crushed yet, right? So we might see more coming.

Well, it's funny, a lot of the reasons that apps aren't doing as well is also because of

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