摩根士丹利-中国互联网：人工智能广告：从注意力到效果-AI Advertising：From Attention to Outcomes-20260916

September16,202609:00PMGMT

ChinaInternet

AIAdvertising:FromAttentiontoOutcomes

OurSixthAlphaWiseChinaAdvertiserSurveyshowsthatAI

advertisingshiftssharebeforeexpandingTAM.AIshouldwidenwallet-sharedispersionandextendleadingplatformsdeeper

intocommercialworkflows,unlockinggreatercommerceupside.KeyOWs:Alibaba,Tencent,Meituan;KeyUWs:Baidu,Weibo.

KeyTakeaways

AsAIadoptiondeepens,moneymovesbeforethemarketexpands.72%ofAIusersreallocateexistingadbudgets;74%reportmoreconcentratedspending.

AIwidensratherthanresetsplatformgaps.DouyinandTaobao/Tmallleadsharegains;TencentandMeituanbenefitfromintegrationandtransactionloops.

GrossidentifiableAImonetizationreachesRmb291bnin2030E;by2040E,candidate-setadsreachRmb319bnandcommissionsRmb1.24tn.

Twohorizons:2030earningsbridge,2040maturestate.Through2030,valueshouldcomemainlyfromyieldgains,walletreallocationandmigrationtohigher-intentSearchandAgentsurfaces,withRmb291bnofgrossAImonetization.By

2040,asagenticworkflowsandclosed-loopattributionmature,weestimate

Rmb319bnofAI-mediatedadrevenueandRmb1.24tnofAI-attributedcommissions;netTAMgrowthshouldbelowerafterlegacycannibalizationandpartnersharing.

Commercialcontrolratherthanmodelleadershipalonedeterminesvalue

capture.AIreachesplatformrevenuethroughthreepaths.1)PredictiveAIliftsyieldonexistingsurfaces,withgreaterwalletgainsforplatformsthattranslate

bettermatchingintohigheradvertiserROI.2)Candidate-setlayerupgradeas

activityshiftstohigher-valueSearchandAgentsurfaces(e.gWeixinSearch/

KuaishouSearch,upcomingWeChatAIAgent,andstandaloneAI).StandaloneandembeddedAIcancontroltheentrypoint;contentplatformscanconvertattentionintointent;andtransactionplatformscanmoveupstreamintodiscovery.3)

TransactionlayerupgradetoMerchantOS,unlockingcommissionsandrecurringmerchant-workflowrevenue,favoringplatformswithcheckoutandoutcomedata.

AIamplifies,ratherthanresets,platformadvantage.DouyinandTaobao/Tmallarethecleareststructuralsharegainers;WeChathasmeaningfulprotectionand

integrationupside;Meituanbenefitsfromtransaction-loopeconomics.KuaishouandBaiduremainrecoverable,whileWeibo,iQIYIandweak-contextlegacyinventoryfacemorestructuralpressure.

KeyOWs:BABA,Tencent,Meituan.KeyUWs:Baidu,Weibo.

AsiaPacificInsight

MorganStanleyAsiaLimited+

RebeccaXu

EquityAnalyst

+8522848-7359

Rebecca.Xu@

GaryYu

EquityAnalyst

+8522848-6918

Gary.Yu@

KathyZhu

ResearchAssociate

+8523963-2618

Kathy.Zhu@

YangLiu

EquityAnalyst

+8522239-1911

Yang.Liu@

EddyWang,CFA

EquityAnalyst

+8522239-7339

Eddy.Wang@

JoanneLau

ResearchAssociate

+8523963-1592

Joanne.CY.Lau@

TomTang

EquityAnalyst

+8523963-1860

Tom.Tang@

LydiaLin

EquityAnalyst

+8522239-1572

Lydia.Lin@

ChinaInternetandOtherServices

AsiaPacific

IndustryViewAttractive

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

2

MorganStanley|RESEARCHASIAPACIFICINSIGHT

KeyCharts

Exhibit1:Almonetizationhasthreeroutesacrosstwohorizons

2030EEARNINGSBRIDGE2040EMATURESTATEFINANCIALEXPRESSION

Stillembeddedinincumbentrevenue;noseparateAITAM.

eCPM/RPM/wallet

ShareoftheRmb318bnadvertisingpool.

ShareoftheRmb1.26tngrossAl-atributedcommissionpool+workflowservices.

Grosspool/embeddeduplift

3TRANSACTION

CLOSURE/

COMMERCIALOS

GMV/capturerate/takerate

Gross-to-netcapture

PredictiveAlimprovesmatching,conversion-value

prediction,biddingandautomationoninstalledinventory.

EarlymigrationfromattentionintoSearch,assistantandcommercesurfaces.

orders,referralsandhandoffs;mostvalueexistingcommercerevenue.

grossAl-mediatedCommercialactivity×revenue

2CANDIDATE-SETISURFACE-MIX

UPGRADE

Al-attributedGMV×nettakerate+workflowfees

Existing-surfacerevenue×Al-drivenyielduplift

-Cannibalisation-incentives

-partnersharing

Earlyattributedremainsinside

1EXISTNG-COREYIELDUPLIFT

×Platformcaptureshare

=Netplatformrevenue

(controlojourney)

Trackbysurface

perquery/action

SourceMorganStanleyResearch

Exhibit2:AlintentmonetizationTAM-fromcandidate-setadvertisingtotransactionclosure

Monetizationlayer

2030E

(Rmbbn)

2040E

(Rmbbn)

Whatthemerchantpaysfor

Candidate-setadvertising

10

319

newcommercialinventoryinAISearchandagenticinterfaces

Al-attributedtransactioncommissions

281

1,241

transactioncommissionswhereAlinfluencecanbe

connectedtoclosed-loopgrossmerchandisevalue(GMV)

TotalAlintentmonetization

291

1,560

Advertisingpluscommissions;additiveonlywhentheyareseparatemerchantpayments.

SourceMorganStanleyResearch

MorganStanley|RESEARCHASIAPACIFICINSIGHT

Exhibit3:Monetizationdensityriseswithcommercialintentandoutcomevisibility

User-timepool(bnmin/day)OAttention-ledoSearch-ledoTransaction-led

200

Douyin

175

150

125

Tencent/WeChat

75

Kuaishou

50

Alibaba*

Meituan

JD.com*

Weibo

BaiduSearch

PDD

100

5

50

2

20

SourceCompanyData,QuestMobile,MorganStanleyResearch

*Wecalculate2025advertisingrevenuedivdedbytheannualDAUtimepoolfortthemarkeigdensity.Whereaplatfom'sdisclosedrevenuescopeincludesoommission,wemarkthebubblewithadashedoutine

Exhibit4:TencenthastworeinforcingAlmonetizationlevers

PREDICTIVEAlIAIM+

liftsROlandyieldacrosseveryring

AlAgent

selection一execution

WeixinSearch/WeixinAl

VideoAccounts

Official

Accounts

WEIXIN

identity·socialgraph

1Pcontext

Moments

MiniProgramAds

MiniShops

SourceMorganStanleyResearch

ATTENTIONORIGINATON

CANDIDATE-SETCONTROL

TRANSACTON/EXECUTON

SURFACE-MIXUPGRADE(densityrisesoutward)

Moreexplicitintent·morestructured/executablesupply

Strongeroutcomevisibility·deeperexecutionrights

Broadermonetisationperimeter

PREDICTIVEAl/AIM+(Within-surfaceyielduplift)

Richersignals·matching·conversion-valuepredictionbidding/pacing

HigherROlandbidconfidence→highereCPM/RPM,

retentionandwalletshare

MORGANSTANLEYRESEARCH3

4

AsiaPacificInsight

ExecutiveSummary

ThisisthesixtheditionoftheChinaAdvertiserSurvey,conductedfromMay18toJune2,2026,among100Chinesecompaniesthroughonlineandtelephoneinterviews.

PrevioussurveyswereconductedinJune-July2020(150companies),December2021-January2022(175companies),March2023(166companies),April2024(102companies)andFebruary-March2025(102companies)

WhereisAIadoptiontoday–andhowdoesittranslateintoplatformrevenueandTAM?

Adoptionisbroadbutremainsconcentratedinproductivityandcampaignexecution.In2025,74%ofadvertisersusedAIforcontentgenerationand62%forcampaign

management,whileproduct-feedoptimizationandgenerativeengineoptimization(GEO)remainedatonly9%and5%.CreativeAIdeliversthefirst-orderproductivitygain,whilepredictiveAIandcampaignautomationprovidetheclearernear-termplatform-

monetizationpaththroughbettermatching,conversion-valueprediction,biddingandyield.

Outcome-linkedoptimizationisgainingtraction;fullclosed-loopexecutionisthenextscalingstep.50%ofadvertisersreportimprovedROIand46%bettercustomerhand-offs.Furtherprogresslikelydependsonconnectingthesepointsolutionsthroughsecuredata,systemintegrationandcredibleattribution.

Through2030,AIshouldliftincumbent-platformearningsmainlythroughembeddedgainsandbudgetreallocation.AmongAIusersandintenders,72%reportnochangetototaladvertisingbudgetdollarsbutreallocationwiththeexistingadvertisingbudgetand74%reportmoreconcentratedcross-platformspending.WeestimateRmb291bnofgrossAI-mediatedTAMincludingadvertisingandAI-attributedcommissions.Thisexcludes

predictive-AIyieldandconversiongainsonexistinginventory,whichremainembeddedinincumbent-platformrevenue,andshouldnotbereadaswhollynet-newindustryrevenue.

By2040,agenticAIshouldbecomeamaturemonetizationlayeracrossboth

standaloneagentsandincumbentplatforms.Asplatformsembedagentsacross

discovery,decision-making,andtransactionexecution,weestimategrossAI-mediated

advertisingrevenueofRmb319bnandgrossAI-attributedtransactioncommissionsof

Rmb1.24tn.Thesearemature-stategrosspools,notwhollynet-newindustryrevenue;netexpansionwillbelowerafterlegacy-revenuecannibalization,incentivesandpartner

sharing.Accordingly,2040isascenarioanchorratherthanapreciseadoptiondate.

AsiaPacificInsight

Whocapturestheeconomics?

Modelqualityisaninput;valuecapturefollowscontrolofthecommercialjourney.

Fourlinkedcontrolpointsmatter:whooriginatesdemand,whodeterminesthe

candidateset,whoexecutesthetransactionandwhoretainsoutcomedataandwrite-backrights.Theattentionoriginatorcreatesorcapturesdemandandmonetizesprimarilythroughbrandandperformanceadvertising,withpotentialreferraleconomics.The

candidate-setcontrollerdetermineswhichproductsormerchantsreceiveserious

considerationandcanmonetizesponsoredplacement,leads,costperacquisition,affiliateorreferraleconomics.Thetransactionclosercontrolsexecutionandobservable

outcomes,anchoringcommission,paymentsandmerchant-servicerevenue.Thesearerolesratherthanfixedplatformcategories;oneecosystemmayspanallthree.

StandaloneAIhasanadvantageattheentrypointbecauseitcanaggregatecross-domainintentandshapetheshortlistbeforeusersenteracontent,Search,orcommerce

platform.

EmbeddedAIstartsclosertomonetizationbecauseitisalreadyconnectedtoproprietarycontent,advertiserdemand,structuredmerchantsupply,campaigntools,checkoutandattribution.Integratedplatformscanthereforecapturemorevalueperjourney,while

openagentsmayinfluenceabroadersetofjourneysbutretainlesseconomicsateachhandoff.

Overtime,thequestionbecomesless“AIagentsversusexistingplatforms”andmorehowvalueisdividedacrossanincreasinglyagenticcommercialstack.Horizontalagentscancapturesponsoreddiscovery,leadandreferraleconomicswhentheycontrolthe

candidateset;commerceandserviceplatformsretainmorecommission,paymentand

merchant-serviceeconomicswhentheycontrolinventory,checkout,fulfilment,attributionandoutcomewrite-back.Incumbentsthatagentifyboththeconsumerentrypointandtheexecutionloopshouldcapturethehighestvalueperjourney.

Weexpecttheoutcometobeshared,butclosed-loopcontrolraisesthecaptureceiling.Oursurveyshowsthat47%ofadvertisersbelieveAI-createdvalueissharedacrossparticipants,whileplatformsarethelargestsinglebeneficiaryat37%.

Thedurablebeneficiariesshouldbethosethatcontrolarecurringread–decide–

execute–write-backloop.Platformsretainanadvantageinmediaexecution,transactions,andoutcomedata,whileindependentsoftwareandagenciesremainrelevantincross-

platformorchestration,measurement,governanceandintegration.

MorganStanleyResearch5

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AsiaPacificInsight

Exhibit5:AIvaluecaptureriseswithcontrolofthecommercialjourney

Candidate-SetControl

SponsoredPlacement/Lead/Referral

Standalone/horizontalAI

Doubao;Qwenapp;Yuanbao;DeepSeeketc

Entry

Broad,cross-domain

intent

Core

Shapestheshortlist

Partner

APIs/merchanthandoff

Limited

Withoutpersistentoutcomerights

Attention-ledplatforms

Douyin/Kuaishou;WeChat/VideoAccounts;etc

Core

Ownsthesession

Build

Search/Agent

Selective

Nativeshoporhandoff

Build

TransactionandCRMloop

Search-/Agent-ledincumbentsBaiduSearch;WeixinSearch;TaobaoSearch

IntententryExplicitqueries

Core

Retrievalandranking

Build

Lead/CPA/checkout

Build

Attributionandoutcomedata

Transaction-ledplatforms

Taobao/Tmall;Meituan;JD/PDD;etc

Moveupstream

Discovery

Build

AIcomparison/recommendation

Core

Supply,checkout,

fulfilment

Extend

Service,CRMandrepurchase

OutcomeWrite-Back

CommercialOS/MerchantServices

PlatformStartingPointRepresentativeSurfaces

TransactionClosure

Commission/Payment

AttentionControlAdvertising

Source:MorganStanleyResearch

Whichplatformsarebestpositioned?

AIshouldamplify,ratherthanreset,existingadvantages.OurkeyOWsareAlibaba,TencentandMeituan;ourkeyUWsareBaiduandWeibo.

•Alibabaistheclearesttransaction-ledbeneficiarybecauseTaobao/Tmallcombinesdiscovery,structuredsupply,checkout,merchantrelationshipsandobservable

outcomes.

•TencentcombinesprotectedcoreadvertisingyieldwithupsidefromconvertingsocialandcontentattentionintoexplicitintentthroughSearchandAgents,andthenlinkingthatintenttoMiniPrograms,MiniShops,paymentsandCRM.

•Meituanbenefitsfromhigh-frequencylocal-servicedemand,transactionclosureandmeasurablemerchantoutcomes.

•BaiduretainsvaluableintentandAIcapabilities,butshoulddemonstratethatAI-nativemonetizationandconversiongainscanoutgrowlegacySearch

cannibalization.

•Weiboremainsmorestructurallyexposedbecauseofweakintentandlimitedtransactionclosure.

MorganStanleyResearch7

AsiaPacificInsight

Exhibit6:Keytakeawaysonthemainplatforms

Company

Rating

Surveykeytakeaway

Ourqualitativeview

Alibaba

OW

Taobao/Tmall'snetspendscoreimprovedfrom-3in2024to+55in2026;AI-toolusersreportc.10ppthigherperceivedROI.

Clearesttransaction-ledbeneficiary:closed-loopoutcomedatasupports

CMRrecoveryandlonger-termcommissionandmerchant-workflowupside.

Tencent

OW

WeChat's2026netspendscoreis+26;66%foundTencent'sAItoolshelpfuland72%plantousethem.

Coreyieldisprotected;thelargerupsidedependsonintegratingAIM+,Search,VideoAccounts,MiniShops,paymentsandCRM.

Meituan

OW

Meituan'snetspendscorerosefrom+9in2024to+55in2026,despiteonly2%averageAI-capabilitymindshare.

Transactionclosure—notstandaloneAImindshare—isthemoat;AIaddsmedium-termad,commissionandmerchant-serviceupside.

Kuaishou

EW

Kuaishou'snetspendscorefellfrom+15in2024to-24in2026;live-commercefellto34%ofshort-videoadbudgetsfrom43%.

AIgainsarebeingcompetedawayversusDouyin;weakcoreadvertisingande-commerceoffsetKlingoptionality.

Baidu

UW

AmongrespondentswhousedandfoundBaidu'sAItoolshelpful,71%reportedmeasurableROIuplift;BaiduSearch'sspendbalancewas

still-13.

Weseeefficacy-to-walletgap,andAI-nativemonetizationhavetooutgrowlegacySearchcannibalizationbeforethethesisimproves.

Weibo

UW

Weibo'sspendbalanceremainednegativeinallthreesurveywavesanddeterioratedto-39in2026.

Weakintentandlimitedoutcomecontrolmakewalletlossstructural;AIefficiencyaloneisunlikelytoresetshare.

Source:AlphaWise,MorganStanleyResearch

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AsiaPacificInsight

1.HowAIischangingadvertising:frommodelcapabilitytocommercialcontrol

Keytakeaways

AI’scontrolboundaryisexpandingfromassetproductiontomediadecisioning,outcomeoptimizationandcommercialexecution.In2025,74%ofadvertisers

usedAIforcontentgenerationand62%forcampaignmanagement,versus53%foranalytics,33%forCRM,17%forcustomerservice,andsingle-digitadoptionin

product-feedoptimizationandAIdiscoverability.

Modelleadershipalonedoesnotdeterminevaluecapture.AdvertiserscontinuetoallocatebudgetsprimarilyonROI,reachandtargetability;AImatterswhenitimprovestheseoutcomesandexpandsplatformcontrolovercommercial

decisioningandmeasurableoutcomes.

Thenexttransitionisfrompointtoolstooutcome-linkedworkflows.

Advertisersalreadyreportbenefitsbeyondcreativeproductivity—includingROI,customerhandoff,repeatpurchase,andconversion—butdatasecurity,tool

relevance,outputreliability,andsystemintegrationcontinuetoconstrainend-to-endexecution.Anddecisionrightsandoutcomevisibilitysetthecaptureceiling.

Modelqualityisanecessaryinput,butnottheendpointofplatformmonetization.

AdvertisersstillallocatebudgetsprimarilyonROI,reachandtargetability—citedby86%,61%and51%ofrespondents,respectively—whilegeneralAIcapabilitiesrankatonly5%.

AIadvertisingisthereforebetterunderstoodasanexpandingcontrolboundarythanasasinglemodelorproductshift.

PlatformsareexpandingAI'scontrolboundaryacrosstheadvertisingworkflow

AIadvertisingisevolvingthroughaseriesofconnectedlayersratherthanthroughasingleproductshift.Generativetoolsfirstlowerthecostofproducingandtestingcontent.

Campaignautomationthenappliespredictivemodelsacrosstargeting,bidding,asset

selection,budgetsandpacing.Data-loopoptimizationconnectsmediadecisionswith

customer,productandtransactionoutcomes.Atthebroadestperimeter,aCommercialOScoordinatesdiscovery,transactionhandoff,customerservice,retention,andrepurchase.

OursixthAlphaWiseChinaAdvertiserSurveysuggeststhatadoptionisconcentratedprimarilyinthefirsttwostages.Componentsofthedatalooparebeginningtoemerge,whileend-to-endcommercialexecutionremainsanearlydirectionoftravelratherthanthecurrentindustrystate.

Theeconomicimpactalsochangesbystage.Advertiserscapturecreative-productivitygainsfirst.PlatformmonetizationbecomesmoredirectasAIgainsdecisionrightsovermediaspendandlearnsfrommeasurableoutcomes.

MorganStanleyResearch9

AsiaPacificInsight

Exhibit7:PlatformmonetizationrisesasAImovesfromassetproductiontodecisionrightsandoutcomecontrol

WhatAIcontrols/first-ordervalue

Stage1

Creativeefficiency

Assetproduction

74%contentgeneration

Assetcreationandvariation;lowerproductioncostandmoretests

Lowerentryfriction;largerassetpool

Stage2

Campaignautomation

Mediadecisioning

62%campaignmanagement

Bids,budgets,placementandpacing;higherROASandconsistency

Morespendunder

automateddecisioning

Stage3

Data-loopoptimisation

Conversionandoutcomedata

53%analytics;33%CRM;17%service

Conversion,attributionandcustomerfollow-up;higherbidconfidence

HigherROASandbid

confidenceifloopsclose

Stage4

CommercialOS

Transaction,serviceandrepurchase

9%productfeed;5%GEO

Candidatesets,livesupplyandtransactionactions;lowerpurchasefriction

Widerrevenueperimeterifexecutionscales

Selected2025adoption

Platformmonetisation

Controlboundary

Capability

Stage

Source:AlphaWise,MorganStanleyResearch

Stage1:Creativeefficiency–broadadoption,withadvertiserscapturingthefirstbenefit

GenerativeAImarketingtoolsarescalingquicklybecausetheyreduceproductiontime

andcost,expandthenumberofassetsthatcanbetestedandrequirerelativelylimited

systemintegration.InourAlphaWisesurvey,74%ofadvertisersusedAIforcontent

generationin2025,73%plantospendinthisareain2026and76%expectfastercreativegenerationandgreaterassetvariationtoremainamajorsourceofvalueoverthenexttwotothreeyears.

Theimmediatebenefitishigherproductionefficiency.Platformscanalsobenefitindirectlyiflowerentrybarriersbroadenadvertiserparticipationorifalargercreativepool

improvesmatching,butcreativeadoptionalonedoesnottranslateone-for-oneintoplatformrevenue.

Stage2:Campaignautomation–aclearernear-termplatformmonetizationpath

PredictiveAIimprovesretrieval,clickandconversionprediction,andconversion-valueestimation.Campaignautomationappliesthesegainsacrosstargeting,bidding,budgets,assetselection,placementandpacing.ExamplesincludeTencent'sAIM+andKuaishou'sUAX,twoautomatedcampaign-managementtools.

In2025,62%ofrespondentsusedAIforcampaignmanagement;57%plantospendinthisareain2026.Moreimportantly,74%expectgreaterautomationandlessmanualcampaignoperationtobeamajorsourceofAI-drivenvalueoverthenext2-3years.Comparedwithcreativegeneration,campaignautomationhasaclearerlinktoplatformmonetization

becauseitbringsalargershareofmediaspendingunderplatformdecisioning.

Stage3:Data-loopoptimization–earlyadoption,butthebasisformoredurabledifferentiation

Atthisstage,AIconnectstofirst-partydata,productfeeds,pricing,inventory,transactiondata,customerrelationshipmanagement(CRM),customerserviceandattribution.Theobjectiveshiftsfromimprovingacampaignmetrictooptimizingandlearningfroma

businessoutcome,increasingtheimportanceofattributionandwrite-backrights.

Adoptionremainsfragmentedratherthanfullyclosedloop:53%usedAIforanalyticsorstrategyin2025,33%forCRM,privatetrafficorrepurchaseoperationsand17%for

customerserviceorchatbots.Thesefiguresmeasureuseofindividualtoolsratherthanend-to-endintegrationacrosstheworkflow.

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AsiaPacificInsight

Stage4:CommercialOS–alonger-termdirection

Atthefurthestendofthestack,platformscouldconnectdiscovery,creative,campaignmanagement,productfeeds,transactionhandoff,customerservice,CRM,privatetraffic,repurchaseandmeasurement.Theplatformwouldthencoordinateabroadercommercialworkflowratherthanmonetizemediaalone.

Currentadoptionremainslimited.Product-feed,catalogue,priceandinventory

optimizationwasusedby9%ofrespondentsin2025andisplannedby8%in2026;GEO,AIdiscoverabilityandsponsoredAIplacementsstoodat5%and7%,respectively.We

thereforeseetheCommercialOSasalonger-termdirectionratherthanthecurrentindustrystate.

Exhibit8:ContentgenerationandcampaignmanagementrankasthetwomostwidelyadoptedAImarketingcapabilities

AIMarketingCapabilities:Spentin2025vs.PlannedtoSpendin2026

(TotalSample)

Contentgeneration(text/image/video)Adcampaignmanagement

Analytics/strategyCRM/privatetraffic/repurchaseoperations

Customerservice/chatbotsSocialmediamanagementLivestream/digitalhumanMediamonitoring

Productfeed/catalog/price/inventoryoptimizationSEO/GEO/AIdiscoverability/sponsoredAIplacementsNoneoftheabove

73%

74%

62%

57%

55%

53%

38%

33%

30%

17%

Spentin2025

28%

10%

PlantoSpendin2026

19%

16%

15%

8%

8%

9%

7%

5%

2%

1%

Source:AlphaWiseSurvey,MorganStanleyResearch

Exhibit9:Advertisersexpectcreativegenerationand

campaignautomationtoremainthemainAIvaluedriversoverthenext2–3years

TopAI-DrivenValueOpportunitiesinMarketinginNext2–3Years

76%

74%

60%

FastercreativegenerationandmoreassetvariationGreaterautomation/lessmanualcampaignoperationMoreprecisetargeting/audienceexpansion

42%

23%

8%

Strongercustomerservice/CRM/privatetrafficfollow-upBettermeasurement/attribution/closed-loopoptimizationBettersearch/GEO/AIdiscoverability

6%

6%

Betterproductfeed/catalog/price/inventoryoptimizationStrongerbrandsafety/compliance/governance

Source:AlphaWiseSurvey,MorganStanleyResearch

Theeconomicread-throughisasymmetric.GenerativeAIexpandsthesupplyofassetsandlowersparticipationcosts.Astheassetpoolgrows,themarginalvalueshiftstowardspredictionandallocation:whichcreativeisshown,towhom,atwhatbid,withwhich

budgetandagainstwhichoutcome.Creativeadoptionisthereforeanimportant

participationindicator;campaigndecisioningandoutcomeconnectivityarethemorerelevantvariablesforplatformmonetization.

Advertiserbenefitsalreadyextendbeyondproductivity

Contentgenerationshowstheclearestadvertiserbenefit:64%citeimprovedcontent-productionefficiencyormoreassetstested.Thenextmostcommonresponsesare

improvedROIat50%andbettercustomerinquiryhandlingandpre-andpost-sales

handoffat46%,followedbyincreasedrepeatpurchasesat41%andimprovedconversionratesat38%.

MorganStanleyResearch11

AsiaPacificInsight

Exhibit10:Improvementsincontentgeneration,ROIand

customerserviceareadvertisers'topthreeAI-relatedbenefits

64%

BusinessBenefitsofUsingAI-PoweredAdvertisingTools

I