Alexis Madrigal has doubts:
By the iron laws of the universe, where the people spend time, advertising dollars will follow. But there is another possibility, of course. It could be that advertising is simply inimical to the smartphone experience. In a great post at Monday Note, investor Jean-Louis Gassée explores this hypothetical and comes away convinced. The screens are too small and people are too distracted to pay any attention to the ads on their phones. And the seeming virtues of location-based ads don't seem that way to the people who'd be receiving them.
(Chart by Derek Thompson)