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Study: Mobile ad spending surges, led by tech companies

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Baltimore—Advertising expenditures on mobile devices rose dramatically in the third quarter compared with the same period last year, with the greatest growth coming from technology, consumer package goods and financial services companies, according to a new study by mobile advertising network Millennial Media.

According to the company's most recent Scorecard for Mobile Advertising Reach and Targeting (SMART) report, technology companies increased their expenditures on mobile banners, rich media and video formats by 687% in the third quarter compared with the year-earlier period. Consumer package goods companies increased mobile ad spending 378%, while spending by the financial services sector—which tops all verticals in mobile advertising expenditures—soared 356%.

The company's SMART report is based on campaign and network data from Millennial Media customer mobile ad campaigns. The company did not release actual dollar amounts for those campaigns.

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