This document discusses the value of emerging markets in the mobile ecosystem. It finds that 15 key emerging markets like China, India, and Brazil already account for more mobile subscriptions than the rest of the world combined. These markets are expected to generate 30% of global mobile data service revenues in 2010, growing to 36% by 2014. Mobile advertising spending is also expected to be highest in Asia Pacific developing regions like China and India by 2015. While perceptions are that monetization is much lower in emerging markets, data shows eCPMs are only about 5 times lower than Western Europe, not 10 times as expected. The size, growth, and lack of other ad channels in emerging markets will make them prime opportunities for the mobile ecosystem.

1. MOBILE WORLD CONGRESS
THOUGHT
LEADERSHIP
THE VALUE OF EMERGING MARKETS
IN THE MOBILE ECOSYSTEM SERIES
www.inmobi.com
14 - 17 FEB, 2011

2. INMOBI MOBILE WORLD CONGRESS
THE VALUE OF
EMERGING MARKETS
IN THE MOBILE ECOSYSTEM
THOUGHT LEADERSHIP SERIES:
DEFINING THE NEXT PHASE OF MOBILE ADVERTISING
13 February, 2011
As 2010 came to a close, it was clear that the debate over if “this will be the year of mobile advertising” ended with it.
Good riddance! Mobile advertising is clearly here to stay and it’s absolutely huge. Ad spending figures aside, consumers
have announced their intentions by flocking to mobile, and advertisers have no choice but to follow.
While the journalists and bloggers busily draft lists and make predictions, at InMobi, we decided to take a slightly
different approach. Rather than simply add to the noise, we took a step back and asked ourselves “what will define the
next phase of mobile advertising?”
We chose to develop a series of whitepapers and offer in depth analysis, for a select number of topics. For the series we
discuss three concepts that we think will define the next phase of mobile advertising. We invited partners in the industry
to collaborate with us, and invite you to join the conversation on twitter@inmobi or on our blog at
www.inmobi.com/inmobiblog.
James Lamberti
VP, Global Marketing and Research
InMobi
ABOUT INMOBI
InMobi is the world’s largest independent mobile advertising network. With offices on four continents we provide
advertisers, publishers and developers with a uniquely global solution for advertising. Our network is growing fast and
we now deliver the unprecedented ability to reach 194 Million consumers, in over 115 countries, through more than
U.S. $31.5 Billion mobile ad impressions monthly. We recently were selected as a 2010 AlwaysOn Global 250
Company to Watch in Silicon Valley.
InMobi is venture-backed with marquee investors including: Kleiner, Perkins, Caufield & Byers and Sherpalo Ventures.
The company has offices in London, San Francisco, Bangalore, Tokyo, and Singapore.
© 2011 InMobi. The Value Of Emerging Markets In The Mobile Ecosystem Page 1 www.inmobi.com

3. INMOBI MOBILE WORLD CONGRESS
THE VALUE OF
EMERGING MARKETS
IN THE MOBILE ECOSYSTEM
THE VALUE OF EMERGING MARKETS IN GLOBAL
Emerging markets continue to garner much media attention. But is it all just hype? The industry is still questioning whether
emerging markets are really valuable. The common misperception in the developed world is that the U.S., UK, France,
Germany, Japan, Australia, and Singapore, still represent the vast majority of revenues in the mobile ecosystem. Most
people in developed markets find emerging markets interesting and exotic, but don’t believe they are actually very valuable.
In order to help establish the real value of emerging markets InMobi has used the latest market data from Informa Telecoms
& Media. We combined their research on Mobile Data Services Revenues & Growth with our InMobi Network Data report,
to form a more complete picture of the emerging mobile ecosystem. Together our research demonstrates that emerging
markets are not just hype. Globalization is in fact real, and emerging markets are positioned to become the most important
mobile media markets in the world.
1
Informa Telecoms & Media estimates that the global mobile data services market , including mobile advertising, was worth
U.S. $224 billion in 2010. Over the next four years the market will increase to U.S. $340 billion in 2014.
With limited growth prospects in developed countries, the emerging markets represent high growth areas and are becoming
a key focus for the mobile industry including: mobile operators, handset manufacturers, infrastructure vendors, as well as the
data services platform, advertising and technology vendors. It’s our belief that these emerging markets will soon eclipse the
developer world and represent the vast majority of the global mobile ecosystem. Why? Because mobile adoption in the
developed world is happening at blistering pace and the sheer scale of these markets will soon dwarf that of developed
markets.
FIGURE 1. MOBILE DATA SERVICES REVENUES BY REGION, 2008-2014
160
Mobile Data Services Revenues (US$ bil.)
Asia Pacific
140
North America
120
100 Western Europe
80 Eastern Europe
60
Latin American
40
Middle East
20
Africa
0
2008 2009 2010 2011 2012 2013 2014
DATA SERVICES ARE PROJECTED TO GROW OVER 14% ANNUALLY THROUGH 2014.
GLOBAL MOBILE DATA SERVICES REVENUES, 2008 - 2014
(US$ bil.) 2008 2009 2010 2011 2012 2013 2014 CAGR (%)
Global Total 175.2 200.8 224.1 248.0 276.8 307.0 240.8 14.2%
Source: Informa Telecoms & Media
1
Informa Telecoms & Media defines mobile data services, also referred to as value-added services, as all mobile
services except voice calls. Mobile messaging, including P2P SMS, is also considered to be a mobile data service.
© 2011 InMobi. The Value Of Emerging Markets In The Mobile Ecosystem Page 2 www.inmobi.com

4. INMOBI MOBILE WORLD CONGRESS
THE VALUE OF
EMERGING MARKETS
IN THE MOBILE ECOSYSTEM
FIFTEEN EMERGING MARKETS HAVE SIGNIFICANT SCALE IN MOBILE
Today fifteen emerging markets account for more mobile subscriptions than the rest of the world combined and this trend
will continue over the next five years. These markets are China, India, Indonesia, South Africa, Nigeria, Egypt, Turkey,
Israel, Saudi Arabia, Brazil, Mexico, Argentina, Russia, Poland and Ukraine. Due to the sheer volume of mobile
subscriptions in these markets, and continuing mobile penetration, they offer substantial investment opportunities for the
telecom and advertising industries.
FIGURE 2. MOBILE SUBSCRIPTIONS IN THE 15 GROWTH MARKETS
ALREADY REPRESENT MORE USERS THAN THE REST OF THE WORLD.
Mobile Subscriptions Growth, 2008-2014
15 Growth Markets Rest of World
3,500
3,000
Subscriptions (mil.)
2,500
2,000
1,500
1,000
500
0
2008 2009 2010 2011 2012 2013 2014
Note: Figures refer to year-end estimates Source: Informa Telecoms & Media
Market data from Informa Telecoms & Media indicates that these 15 emerging markets generated around 30% of mobile
data services revenues in 2010, globally. With the revenue contribution expected to continue increasing over the next
four years. In 2014, these 15 markets are expected to account for close to 36% of the global mobile data services
revenues.
The key driver of mobile data services growth in emerging markets is the increasing availability of low-cost feature-rich
mobile phones. Mobile Internet and multimedia-capable handsets are now available for under U.S. $50 in most
emerging markets. When we combine low fixed-Internet penetration with availability of these low-cost Internet-capable
devices, strong adoption and increased usage of mobile data services, the logical outcome fuels the underlying growth
that is projected in these developing economies.
© 2011 InMobi. The Value Of Emerging Markets In The Mobile Ecosystem Page 3 www.inmobi.com

5. INMOBI MOBILE WORLD CONGRESS
THE VALUE OF
EMERGING MARKETS
IN THE MOBILE ECOSYSTEM
FIGURE 3. EMERGING MARKETS REVENUE GROWTH WILL OUTPACE THE REST OF THE WORLD
Mobile Data Revenues, 2008-2014
15 Emerging Market Rest of World
250
219
203
200 188
172
158
US$ Billions
144
150 129
122
104
100 89
77
67
57
46
50
2008 2009 2010 2011 2012 2013 2014
Source: Informa Telecoms & Media
THE RAPID GROWTH OF MOBILE DATA SERVICE USAGE IN EMERGING MARKETS
SMS has historically been the preferred service for deploying mobile data services in emerging markets, but this will change
in the coming years and is particularly true given the increasing availability of 3G services in developing markets. For
example, India has recently launched 3G and continues to rollout the technology across multiple carriers in the region.
InMobi network data trended over the past x months clearly shows the impact on mobile advertising of 3G competition in
the 2nd largest consumer market in the world. Similar trends are occurring in the other emerging markets as well.
China and India had nearly 334 million mobile Internet users by the end of 2010, Informa believes that this number will
grow to around 730 million mobile Internet users by 2014. This shows the huge potential for mobile Internet advertising
growth in the Asia Pacific developing region.
What does this mean for Mobile Advertising?
Informa Telecoms & Media believes that the total global mobile advertising market was worth U.S. $3.5 billion in 2010.
Over the next five years, the market is expected to grow significantly and generate revenues of over U.S. $24 billion in
2015. In 2015, the largest share (around 31%) of mobile advertising revenues is expected to come from the Asia Pacific
developing region, driven by strong growth in China and India.
These projections are further supported with InMobi’s network data. In January 2011, InMobi received 31.6 billion ad
requests, up from 6.8 billion a year prior, growing 4.5 times over in 12 months. This growth is among both smartphones
and advanced phones, with smartphones increasing at a faster rate. Smartphones now represent 36% of global ad
requests, up from 13% a year ago.
© 2011 InMobi. The Value Of Emerging Markets In The Mobile Ecosystem Page 4 www.inmobi.com

6. INMOBI MOBILE WORLD CONGRESS
THE VALUE OF
EMERGING MARKETS
IN THE MOBILE ECOSYSTEM
FIGURE 4. SMARTPHONES CONTINUE TO PENETRATE THE MARKET GLOBALLY AND GAIN SHARE.
IN JANUARY 2011, SMARTPHONES REPRESENT 36% OF GLOBAL MOBILE AD IMPRESSIONS.
35.0 B Global InMobi Smartphone Impressions Growth
30.0 B
25.0 B
20.0 B
15.0 B
10.0 B
5.0 B
.0 B
Jan ʻ10 Apr ʻ10 Jul ʻ10 Oct ʻ10 Jan ʻ11
Source: InMobi Network Data, January 2010 – January 2011
When analyzing ad requests by region, emerging markets command a significant share of this ecosystem.
Fifteen emerging countries represent 48% of all global impressions and continue to grow.
FIGURE 5. THE 15 EMERGING MARKETS ALREADY REPRESENT NEARLY HALF OF THE INMOBI NETWORK.
InMobi Network Share of Impressions - January 2011
Emerging Markets 48%
Rest of World 52%
Source: InMobi Network Data, January 2011
© 2011 InMobi. The Value Of Emerging Markets In The Mobile Ecosystem Page 5 www.inmobi.com

7. INMOBI MOBILE WORLD CONGRESS
THE VALUE OF
EMERGING MARKETS
IN THE MOBILE ECOSYSTEM
Much of this growth in mobile advertising comes from emerging markets including India and Indonesia. In these emerging
markets, identifying and sourcing compelling content from publishers for mobile Internet display advertising and making
sure that the ads are relevant to a large audience despite the diverse cultural differences is a big challenge. Another issue
is to ensure the delivery of the ads on a large number of different devices, including legacy devices, feature phones,
basic handsets and smartphones.
Informa Telecoms & Media believes that mobile will become an integral part of the advertising mix of more and more
brands in the emerging markets over the next five years. Due to the high level of interactivity possible on mobile phones,
brands will increasingly depend on mobile advertising to boost customer retention and loyalty, and also to drive sales for
their business.
A Lack of Channels Options in Emerging Markets Will Make Mobile a Primary One for Advertisers
Another key factor that will influence the value of mobile advertising in developing markets relative to the established
economies is more subtle and amount to the classic business paradigm of the innovator’s dilemma. In developed markets,
there are several established media channels with nearly 100% consumer penetration and long entrenched businesses
built around these channels. These include TV, Print, Radio, Fixed Internet, and even Outdoor. With the onset of mobile,
despite its incredibly appealing media dimensions, major agencies and advertisers will be slow to move given the wealth
of other options in media. Said another way, there is no forcing function for rapid change. The exact opposite is true in
developing markets. Not only are there fewer channels overall, but those that exist have less penetration in comparison to
developed markets. In developing markets, mobile already offers better reach than existing media and the pace of
adoption along with composition of spend will be much higher in these regions as a result.
MOBILE ADVERTISING MONETIZATION BY REGION
Monetization of impressions in these emerging markets is a key factor to total ad revenues generated. It is apparent from
the InMobi network data that the inventory exists and consumer demand will increase, but how does monetization in
these emerging markets compare to developed mobile markets? The answer is not what many industry veterans would
guess. When analysing eCPMs across regions, InMobi data shows that Western European countries lead monetization,
followed by Africa, North America and Middle East.
FIGURE 6. ECPMS BY REGION, DO NOT VARY BY ORDERS OF MAGNITUDE. THE DELTA IS NOT NEARLY
AS GREAT AS MANY EXPERTS BELIEVE.
MOBILE eCPM INDEX BY REGION
44 Latin America
50 Eastern Europe
69 Asia Pacific
MIddle East 102
North America 120
Africa 152
W. Europe 239
50 100 150 200 250
Source: InMobi Network Data, January 2011
© 2011 InMobi. The Value Of Emerging Markets In The Mobile Ecosystem Page 6 www.inmobi.com

8. INMOBI MOBILE WORLD CONGRESS
THE VALUE OF
EMERGING MARKETS
IN THE MOBILE ECOSYSTEM
Looking at the data, we see that eCPMs range from Latin America on the low-end to Western Europe on the
high-end, where monetization in Western Europe is 5 times greater than Latin America. This contradicts common
perceptions in the industry, likely based on fixed PC web monetization, that Western Europe and US
monetization is 10 times higher than any developed markets. Over time, as advertisers perceived value of
mobile advertising increases, eCPMs in emerging markets will continue to grow and close the gap with Western
Europe and North America.
CONCLUSION
The sheer size and scale of emerging markets mobile user base combined with, the rapid growth of data
services and the lack of alternatives to for advertising channels all will create significant monetization
opportunities in emerging markets. These markets currently defined as “emerging” will soon constitute the
majority of mobile advertising revenues and redefinition of the term “emerging markets” will be in order.
Informa plc is the leading international provider of specialist information and services for the academic and
scientific, professional and commercial business communities. Informa has over 150 offices in more than 34
countries and employs 9,250 staff around the world.
Informa is the largest publicly-owned organiser of conferences and courses in the world with an output of over
10,000 events annually. Informa publishes over 2,500 subscription-based information services including
academic journals, real-time news and structured databases of commercial intelligence. Informa's book business
has more than 40,000 academic and business titles in print.
Informa's products are founded on high value content in a wide variety of subject areas. These range from the
arts and humanities through social sciences to physical science and technology; from the professional domains of
finance and the law through to commercial fields such as telecommunications, maritime trade, energy,
commodities, and agriculture. Informa Telecoms & Media delivers strategic insight founded on global market
data and primary research. We work in partnership with our clients, informing their decision-making with
practical services supported by analysts.
www.informatm.com
Twitter: @informatm
© 2011 InMobi. The Value Of Emerging Markets In The Mobile Ecosystem Page 7 www.inmobi.com