(a) Mobile usage > 50% of total internet usage (b) Mobile advertising ~ 25% of total internet advertising

Gap between (a) and (b) represents a ~$25B+ opportunity (slide 16).

Last few years, mobile ads have been propped up by VC funded companies buying installs. This means the opportunity is primarily for brands.

Why do you think it has been so slow? There seem to be enough mobile platforms to advertise on. Are the ad units too expensive for brand awareness campaigns? Or maybe that's wrong and inventory is limited and the platforms aren't charging enough? Maybe large companies are just slow?

I guess I'm trying to understand what shape this opportunity takes. Is it for new platforms to emerge? Existing platforms to sign more customers or charge more for their ad units? Novel ad exchanges to make it easier for companies to advertise on mobile?