Mobile epitomizes the shift in power to consumers, who have grown accustomed to controlling the kind of media they consume, how they consume it, when they consume it, and how they share their experiences through it. While the enormity of options available might seem overwhelming, it presents a rare opportunity for advertisers to communicate directly with the intended audience through sophisticated targeting, to precisely measure the impact of individual campaigns, to positively persuade the consumer to buy, and finally, to achieve the elusive nirvana of tying the purchase back to the advertising campaign in a scientific manner. Mobile advertising presents a unique opportunity to the media ecosystem not only to make traditional media more accountable but also to reinvent interactive advertising in the most fundamental way. Mobile ad networks play the important role of a broker between advertisers and publishers. The ad ecosystem has evolved over the last 12 months. In this report we will take a look at the value chain, the evolution and the players, and discuss some emerging themes in this segment.