Alternative Metrics, page-2552

I think the trend is definitely the most interesting thing, however I enjoy these theoretical discussions, so I'll throw a bit more information on my perspective: When I look at Sensor Tower data, the main proxy I am interested in, is new user growth. If one assumes user growth over time, is a material driver of share price performance (especially the reverse - if growth slows down, then that can often be painful for a stock that has been valued for it's growth potential, as it could be a signal of a natural saturation point).

So for example the below chart is really only useful for gauging new user growth in the US, and that is even assuming app downloads are a good proxy for new user growth (I haven't reviewed it in detail as I only casually look at this data, but I do note that many of the professional analysts use it in their valuations for this exact reason).

However each company has it's own nuances... for example the app may be more important to the core customer experience of the company, e.g. Klarna appears to lead downloads, but as previously pointed out is behind on Google Trend data... this could reflect core differences in the product and the importance of search vs app in that user experience.



What these charts don't provide is a view of ongoing engagement and interest beyond the install of the app, and to answer your question earlier, I'm not sure you'll get much out of the app download trends / app rankings or app ratings data to give you that "similarweb referral" view on Klarna. I'll have a think if I can think of any other way to achieve that, but nothing comes to mind at this point in time.

With Similarweb I think the most interesting story to see there is if AfterPay remains a valuable source of traffic and payments for large vendors on the platform, and customers continue to prefer this payment method beyond some initial honeymoon period, then it bodes well for a positive "merchant experience" which is important to maintain the NTM that is often cited as a risk with this stock.