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The estimates show Google leading the pack, taking in $1.4 billion in 2012 in mobile ad revenue, or about 55% of the entire market.
The No.2 company, Pandora, has 2012 mobile revenues estimated at $226 million. Apple is estimated at $75 million and Facebook at $72 million.
The numbers contain some contradictions: They don't include an estimate for Velti, one of the major mobile ad players, which has revenues of more than $50 million per quarter (making it bigger than Twitter, by eMarketer's count).
Nor does the report explain how it calculated Facebook's mobile revenue at just $72 million, when the company said on its Q2 earnings call that it made about $500,000 per day from mobile—running at roughly $182 million a year. Even if that run-rate only applied to the second half of 2012, Facebook's mobile ad revenue would be at least $91 million.
Similarly, Millennial Media takes in $33 million per quarter, suggesting annual revenue of at least $120 million—but eMarketer has it down as selling just $84 million this year.
The numbers do underline one major factor, however: That no matter how you slice it, Pandora now owns one of the biggest mobile ad businesses on the planet.
Disclosure: The author owns Facebook stock.
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