With its eye on the burgeoning mobile advertising market, Internet giant Google said Monday that it will buy the AdMob mobile advertising network for $750 million in stock.
San Mateo, California based AdMob places ads for clients such as Ford Motor, Coca-Cola and Procter & Gamble on many mobile phone platforms – most notably the iPhone.
Google, which is pushing aggressively into the mobile market via its Android mobile phone operating system, popularized online advertising with pay-per-click search ads. The company says AdMob will bring more mobile choices for its advertisers.
“We believe that great mobile advertising products can encourage even more growth in the mobile ecosystem,” Google said in a blog post announcing the deal.
AdMob focuses on display ads on mobile Web browsers and advertising within apps on smartphones.
The mobile advertising market is in its infancy. Forrester Research estimates revenue at $391 million for 2009 and projects growth to $1.2 billion by 2014.