According to BIA/Kelsey's "Annual U.S. Local Media Forecast, 2010-2015 Mobile Local Media," U.S. mobile local ad revenues are projected to grow from $404 million in 2010 to $$2.83 billion in 2015. Total U.S. mobile ad spending will grow from $790 million in 2010 to $4 billion in 2015. This makes locally targeted mobile ads 51 percent of overall U.S. mobile ad spending, growing to 70 percent by 2015. BIA/Kelsey defines mobile local advertising as that which targets users in specific locations or contains location-specific calls to action. Among the drivers of mobile ad revenue growth are smartphone penetration, mobile Web usage and related increases in ad inventory.

Source: An Analysis of the Importance of Commercial Local Radio and Television Broadcasting to the United States Economy, Woods & Poole Economics.