The first smart phone was released in 2002 under the name of Simon. While “smart,” Simon was not the technologically advanced cell phones we think of today. It wasn’t until 2007 when the first iPhone was released that the smart phone world truly exploded. Many people don’t remember anything before the now trusted names of iPhone and Android.
The development from Simon to the current iPhone we have today means many things for consumers, businesses, and most specifically in this case, advertisers. When looking at what the future of mobile advertising has in store, research is predicting an incredible incline in the coming years. Cell phones are no longer seen as a simple communication device for calls and texting. With the growth of mobile games, mobile apps, and mobile shopping, advertisers are seizing the opportunity to target consumers like never before.
A recent study done by BI Intelligence discovered mobile advertising spend will rise to nearly $42 billion by 2018, a 43% increase from 2013. This bump will make it the fast growing digital advertising medium. This is resulting in a few key takeaways, as defined by the report:
- Display and video will be the fastest-growing mobile ad formats
- With search and social media still the largest share of the mobile ad revenue
- Mobile programmatic ad revenue will increase from 6% to 43% of the mobile display-related shares
- In-app mobile ads are now performing much better than mobile web ads