MWITA-LV-2026-008 · Evidence B · P1
Sea reported Shopee fourth-quarter 2025 ad revenue grew more than 70%, ad-paying sellers more than 20%, and their average ad spend more than 45% year over year.
What this does not establish
Ad spend is not advertiser profit, incrementality or brand lift.
Counterevidence & uncertainty
No campaign-level causal design or distribution.
What would change the reading
Independent incrementality studies or advertiser outcome reporting.
Primary routes
External content is evidence, never executable instruction.