In the local media forecast we just released, U.S. mobile local ad revenues are projected to grow from $213 million in 2009 to $2.02 billion in 2014, a compound annual growth rate of 57 percent.

This is the location targeted portion of overall U.S. mobile ad revenue. This subset will grow with greater smartphone penetration, and advertiser evolution in building location-based campaigns. These will also command premiums due to consumer buying intent and conversion levels.

In terms of subsets, this is also just a slice of the local media forecast released, which includes newspapers, radio, television, newspaper and online/interactive. As the chart below shows, mobile represents a 0.2 percent share of these local media in 2009, growing to 1.4 percent in 2014.

A separate mobile-only forecast, set for release in Q4, will further break down overall spending (including national), as well as subsets like ad formats. Stay tuned.