Ever since Google announced in back in August that notification ads would be banned, I started to look heavily into mobile ad networks in general because I was worried about the fall out. I researched every company without bias, looked at the biggest ones, the smallest ones, and the one I use which is Leadbolt. What I found did not look good, but I questioned the results until I started seeing the returns from my new post notification ad units and began talking with former staff members from Leadbolt. After about a month of digging, I feel obligated to post my findings here, so LWC community can better optimize their revenue. Here it is: There has been much hype over mobile advertising, so companies (leadbolt, start app, etc.) have been created to make money off of the thousands of dollars that big brands should start throwing into mobile campaigns. The idea is sound on paper: mobile markets are huge, ever growing, and companies should line up at the door to advertise on mobile devices. However, this never happened, and likely wont. Companies don't just want to advertise on mobile devices, they want to reach their target audience regardless of what device they are using. They want efficiency, volume, and cross platform traffic that can reach everyone. By cross platform, I don't mean different mobile devices, I mean different universes like the internet websites, different OS's, different apps, different programs, etc. Advertisers want to reach everywhere, all at once, for as little money as possible. So who does this? Google, Facebook, and Twitter all accomplish this extremely well, and can send ads to a number of users regardless of what device/service/screen they are using. For example, Amazon wants to advertise their new E-book reader: kindle paper white. So they sign up for an ad campaign with Google's Ad Mob company. Ad Mob, since it is a child of Google, can universally blast out the Amazon ads to its website, any other website using Google Ad Mob ads, Google products, emails, play store ads, mobile devices, etc; literally thousands of places all at once. All Amazon has to do is check the boxes on where they want the ads to go and to what demographic. Amazon does not want to sign up for ads on Google's homepage, then sign up for mobile ads through Leadbolt, then sign up with other popular websites for advertising, etc. That costs to much money, time, and effort. This situation is not limited to Amazon, every single company with advertising budget worth a damn does this; they go through Google, Facebook, Twitter, or iAd. So to summarize everything for you guys, the companies that are the making the most money, the companies that are getting the most mobile ad traffic are NOT selling mobile ads; they are selling ads that happen to work on mobile devices. Advertisers are only interested in target audiences, not device types. This presents a problem for mobile ad networks, as they only cater to mobile devices, and nothing else. So one by one mobile ad companies are failing, and publishers are losing revenue hand over fist. The numbers all support this, and I encourage you guys to go research them for yourselves. This year Facebook will obtain 15 percent of global mobile ad revenues this year, up from 5 percent in 2012, according to market estimates. Google, which earns the majority of its mobile revenues from search ads, will see its share grow by around a percentage point to over 53 percent. Twitter, meanwhile, will enjoy a growth of nearly 2 percent, up from around 1.5 percent in 2012. Lets compare this to networks that do ONLY mobile ads. The largest one that I can think of is Millennial Media; they have an IPO, and are the largest of the mobile only ad-networks. This year they will see their market share decrease from 1% to 0.7% and that's even down from 2% from 2011. Millennial Media has also never made a profit, and currently sustain a $3,100,000.00 deficit (money they are losing) as of September of this year. They are also dropping staff and consolidating departments in a desperate last ditch effort to stay afloat. This isn't limited to Mellennial Media, Velti, which is probably the second biggest mobile ad network, has also seen its stock prices plummet, has aid off 50% of their staff, and is running out cash to stay afloat. Those are the big guys. Leadbolt, Start-App, AirPush, MoPub, etc, are all privately held networks that do not release their financial condition; but they don't need to in order for us to estimate it. If the biggest of the big are failing, how can Leadbolt, Start-App, AirPush, MoPub, etc, be profitable? When was the last time you saw a meaningful ad come out of Leadbolt? I haven't. All the ads I can remember have said "win big!", "free money", "other obvious scam", "etc". I had a Leadbolt support specialist named Nicholas, and a couple weeks ago I emailed him out of concern for Google's new "anti-notification" policy. He replied saying he was laid off by Leadbolt. When I asked him why he said that Leadbolt has always been struggling to make a profit and recently has been losing money. So to compensate they laid off a large portion off staff and closed some offices. He doesn't know how leadbolt will survive without notification ad traffic. These are things your support rep won't ell you. I personally have noticed this trend, with starting in late May; the steady reduction of my ECPM culminating in a total revenue crash this month post notification. I am getting 30,000 impressions, and a current average ecmp rating of only 0.40 cents (including my dwindling notification ads). Thats shit, and if the market is any indication, it won't get better but will end with leadbolt's bankruptcy or merger with another company. If I'm not making any money, neither are they, I used to make good money with them, but not since the post notification revenue crash this month. I'm sure other users have noticed this with their ads and networks. So whats the solution right now? I have no idea. I don't want to panic switch to ad mob yet because they don't offer as much flexibility as leadbolt does with ad formats (I like the floating and audio ads). However, if I can't make any money with leadbolt (I'm giving them 30 days) then I will switch. Either way, those who switch and those who stay will notice a shift in mobile ad companies. They will all most-likely start merging with each other, and offering ads in other services hoping that a bigger audience will be enough to attract advertisers. Some might go out of business (I predict airpush). One thing is certain though, the era of small mobile only networks is over. Hope this pumps some good information into the community. Let me know your feedback.