Thanks to the rise of smartphones and tablets worldwide, mobile advertising revenue is also growing.
According to a new report from Gartner, revenue from mobile advertising is expected to hit $11.4 billion worldwide this year, up from $9.6 billion in 2012. And by 2016 worldwide mobile ad revenue is expected to reach $24.5 billion.
"The mobile advertising market took off even faster than we expected due to an increased uptake in smartphones and tablets, as well as the merger of consumer behaviors on computers and mobile devices," said Stephanie Baghdassarian, research director at Gartner. "Growth in mobile advertising comes in part at the expense of print formats, especially local newspapers, which currently face much lower ad yields as a result of mobile publishing initiatives."
Asia/Pacific countries will see the most revenue from mobile advertising ($4.3 billion), followed by North America ($3.2 billion), and Western Europe ($1.6 billion).
As people spend more time on their devices, ad inventory is being created "at a pace considerably faster than most advertisers can shift their spending to the medium," the report said.