Ashish Kundra

We spent tens of millions on ads in the last 60 days to end a record-setting Q4 at Ridge. I did a quick exercise to look at share of budget changes YoY, and its a great synopsis of what we're seeing on the performance front. Here's how things changed and a few of my takeaways and goals for next year. to note: this is paid social platforms YoY for our EDC business. We spent significantly more YoY, so even % decreases are mostly net $ increases. It also does not include partnerships or TV budgets. Here's the graph with 1DC ROAS layered in — we saw efficiency improvements on basically all fronts: To get channel specific: 1/ Meta is always the elephant in the room. It performed terribly in 2024, and at 42% TTL LY it was at its smallest share of budget for any November. We saw a 30% increase in ROAS in 2025, including non-purchase optimized campaigns that we've validated drive low 1DC ROAS yet are highly incremental. It's a huge win getting back to 50%+ TTL 2/ Interestingly, a consistent win across channels is an increase in CTR YoY, reducing cost of traffic while largely maintaining AOV/ECR Some of these very dramatic shifts are explained by different placements — more search than shopping, more in-stream than YT Shorts, etc etc 3/ AppLovin was extremely underpriced last year and took up a huge % of budget While its still a 7-figure channel for us, there was no way it would maintain its % of total spend. I was surprised it essentially maintained ROAS YoY, after being an extremely efficient channel LY. Overall it is still a seasonal channel for us and mostly activated during gifting periods, but we think we can unlock it on an evergreen basis in 2026. 4/ YouTube is potentially our most significant win YoY, We came into this year with a focus on horizontal video — unlocking in-stream YouTube Ads & linear TV — and getting to 10%+ of budget well above target makes it a great alternative to Meta and I believe drives a lot of downstream value. 5/ Twitter has performed surprisingly well since October and ended up at 3.6% TTL budget. They've very publicly improved a lot of the platform, and the ad performance seems to have come along with that. 6/ TikTok was flat YoY as a % TTL despite ROAS improving significantly. I think its probably one of our biggest opportunities for further paid social scale. 7/ Finally, the tiny bars are Reddit and Microsoft!

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November 16, 2025 | Corona Capital - Mexico City, Mexico