The mobile advertising business is puny. But don’t tell that to Google and Apple.

Advertisers are on track to spend only $1 billion globally on mobile advertising this year, compared to $45 billion on all online ads, according to Sandeep Aggarwal, analyst at Caris & Co. So it might surprise some people that Google and Apple are making a sizeable bet on mobile advertising. In January, Apple bought mobile advertising company Quattro Wireless for $275 million. In May, Google completed its purchase of Quattro rival AdMob for $750 million.

At Mobile World Congress in Barcelona in February, Google CEO Eric Schmidt announced that the company’s new rule is “mobile first,” aiming to ensure that every new Google product considers the mobile experience first and foremost.

Apple CEO Steve Jobs spent a decent chunk of his iPhone 4 presentation in June discussing the company’s new ad platform, iAd.

But despite the hype from these two tech giants, mobile has yet to capture the attention of advertisers for a number of reasons.

Continues at:  Apple and Google pray mobile ad pennies turn to gold – Aug. 26, 2010.

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