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Forecast: Local Mobile Ads to push $6 by 2016
Look for strong growth in the US local, mobile ad sector. That, according to a new forecast from BIA/Kelsey. According to the forecast local mobile ad revenues will grow to $5.8 billion (2016); that is up from $664 million in 2011. The 54% CAGR in local mobile only underscores the predicted growth in the overall mobile sector.
According to experts overall mobile ad revenues will increase from $1.62 billion (2011) to $9.92 billion by 2016.
"Growth drivers include smartphone penetration, location data, ad targeting innovation and advertiser evolution to utilize these factors for higher-performing mobile local ad campaigns," said Michael Boland, Program Director, Mobile Local Media, BIA/Kelsey. "New mobile ad formats will also drive demand including Facebook's quickly evolving options like sponsored stories and app install ads - currently accounting for 14% of Facebook's revenues and quickly growing."
Local and small businesses will be part of the growth cycle, as well. According to the latest Local Commerce Monitor from BIA/Kelsey, nearly 15% of local businesses have mobile websites now with just over 20% planning to add mobile functionality in the next year.
More than 230 million Americans used mobile devices in September (comScore); 119.3 million owned smartphones, which are helping to push more consumers into the mobile marketplace. Smartphones and tablets are being used in-store to compare prices, before shopping excursions to research products and to buy products. With so many people using mobile to engage with brands and content it makes sense for advertisers to use mobile to engage.
Half of consumers are downloading apps and using mobile browsers while 36% are using social networking apps/sites.
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