Zedge, Inc.
Zedge, Inc. builds digital marketplaces and social entertainment products centered on mobile personalization and user-generated content. Its portfolio includes the Zedge App for wallpapers, ringtones, and notification sounds, the Zedge Premium creator marketplace, the GuruShots photo challenge game, and Emojipedia, an emoji reference and content platform. The company is based in the United States and serves a global user base through mobile apps and web properties.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDigital wallpapers, ringtones, video wallpapers, and notification sounds sold through the Zedge App.
Zedge Premium subscriptions and related creator monetization features, including AI-enabled offerings.
Mobile advertising and ad inventory monetization across the Zedge App and related properties.
GuruShots in-app purchases, gameplay monetization, and other digital content services.
Emojipedia and related web-based content and audience monetization.
Products
Reported · share of revenue- Advertising69.2 %
- Subscription and Circulation17.3 %
- Digital Goods and Services7.4 %
- Other Revenues6.1 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Zedge sells primarily to consumers who want to personalize their phones and engage with digital content, while also monetizing through advertising demand partners and exchanges. It also serves creators and content owners who use Zedge Premium to distribute and monetize digital assets, and players who buy virtual goods or participate in GuruShots challenges. On the monetization side, the company depends on large advertising platforms and exchanges that buy inventory and route advertiser demand.
Users of the Zedge App who download wallpapers, ringtones, and sounds for personalization.
Consumers paying for Zedge Premium and related subscription features, including AI-generated content access.
Artists and rights holders who supply digital content and monetize through Zedge Premium.
Large ad platforms and exchanges such as Google, Facebook, Vungle, and AppLovin that monetize inventory.
Users buying in-game items and participating in photo challenges within the GuruShots platform.
Strategy
Zedge is focused on expanding monetization across its app ecosystem through subscriptions, AI-enabled features, and creator tools. It is also working to improve user acquisition, engagement, and the mix of users in higher-monetizing geographies, while continuing to develop GuruShots and Emojipedia as complementary products. The strategy depends on keeping the consumer experience differentiated enough to support retention and on maintaining strong relationships with ad demand partners.
Subscriptions and AI features diversify revenue beyond advertising.
Higher-value users and developed-market traffic support better ad rates.
Creator tools and distribution expand content supply and monetization.
GuruShots and Emojipedia broaden the platform and reduce dependence on one app.
Geography
Zedge has a global user base, but its revenue is concentrated in the United States because advertising demand is monetized through U.S.-based partners. The company notes that well-developed economies generate a disproportionate share of revenue, while a growing share of Zedge App users comes from emerging markets such as India. This geographic mix matters because advertising rates are materially higher in developed markets than in emerging markets.
Risks
Zedge depends on mobile advertising, app-store distribution, and a small number of large ad partners, so changes in demand, platform policies, or customer concentration can quickly affect results. The company also faces execution risk in AI features, user retention, and shifting its audience mix toward higher-monetizing geographies. Intangible asset impairment, restructuring charges, and revenue volatility across products add further business and accounting risk.
- Advertising demand concentrationImpact: HighLikelihood: High
A limited number of demand partners and exchanges drive a large share of revenue.
Exposure - Geographic monetization mixImpact: HighLikelihood: High
Emerging-market users monetize at lower ad rates than developed-market users.
Exposure: India and other emerging markets
- User retention and engagementImpact: HighLikelihood: High
Freemium apps rely on active users to generate ad views and paid conversions.
Exposure: Zedge App and GuruShots
- Intangible asset impairmentImpact: High
Acquired and developed assets may lose value if products underperform.
Exposure: GuruShots and other acquired intangibles
- Technology and AI executionImpact: MediumLikelihood: Medium
The company must keep pace with mobile, internet, and AI product changes.
Exposure: AI wallpaper tools and creator features
Accounting
Judgemental itemsAdvertising, subscriptions, and digital goods may be recognized differently based on delivery and usage.
Impact: Affects timing of reported revenue and subscription billings
Acquired businesses and content platforms must be tested for impairment.
Impact: Can create large non-cash charges if performance weakens
Product development spending may be capitalized and amortized over time.
Impact: Influences operating expense timing and asset values
Workforce and business changes can generate one-time charges.
Impact: Adds volatility to operating income and segment results
Equity awards are a meaningful non-cash expense for a software company.
Impact: Affects reported profitability and diluted share count
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Last updated: 24/09/2026