What is Facebook's Aggregated Event Measurement (AEM) and how is it different from Apple's PCM?

Facebook's Aggregated Event Measurement framework is designed to provide web-to-web and app-to-web measurement in a way that is compliant with Apple's tracking policies. Functionally, it is very similar to Apple's Private Click Measurement (PCM) framework — both essentially provide a similar level of functionality as what SKAdNetwork allows for app-to-app campaigns. Notably, neither of them yet support the common web-to-app conversion path.

Facebook has not shared much about the technical details of AEM, and it's not clear if it makes use of PCM behind the scenes, or is simply a very similar solution.

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