Increasing smart phone penetration, growing consumption of the mobile internet, and concurrent increases in ad inventory should spur 49.3% annual growth in local mobile ad spending through 2017, according to a new forecast from BIA/Kelsey. That would bring local mobile ad spend from $1.2 billion last year all the way to $9.1 billion in 2017. While remaining a fraction of the total local media equation, mobile’s share of the pie would grow from 0.9% last year to 6.1% at the end of the forecast period.
The other local media that make up the forecast include radio, TV, newspapers, Yellow pages, and online/interactive.
Looking further at the growth forecast, BIA/Kelsey predicts local mobile ad spend to almost double this year to $2.3 billion, before growing by another 70% in 2014. Growth rates will then slow, though remain greater than 25% for the following years. Read the rest at MarketingCharts.