The Mobile Internet Report Key Themes*

Global Mobile Internet Ecosystem Revenue + Users –
1.5B+ Users, Each Spending ~$270 per Year* by 2013E
08-13E
C2007E C2008E C2009E C2010E C2011E C2012E C2013E CAGR
Global Mobile Internet Revenue ($B) $195 $237 $284 $336 $392 $449 $509 17%
Y/Y Growth -- 22% 20% 18% 17% 14% 13%
Global Mobile Internet Revenue ex. SMS ($B 103 141 187 238 294 351 411 24%
Y/Y Growth -- 37% 32% 28% 23% 19% 17%
Global Mobile Internet Users (MM) 385 543 728 941 1,156 1,356 1,528 23%
Y/Y Growth -- 41% 34% 29% 23% 17% 13%
*
Global Internet Revenue Per User ($) $268 $260 $257 $253 $255 $259 $269
Y/Y Growth -- -3% -1% -1% 0% 2% 4%
Mobile Data Access Revenue ($B) $167 $200 $237 $276 $317 $358 $401 15%
Y/Y Growth -- 20% 18% 16% 15% 13% 12%
Share of Total 86 84 83 82 81 80 79
SMS Revenue ($B) $92 $96 $98 $98 $98 $98 $98 0%
Y/Y Growth -- 4% 2% 0% 0% 0% 0%
Share of Data Access 55 48 41 35 31 27 24
Non-SMS Data Revenue ($B) $75 $104 $139 $178 $219 $260 $303 24%
Y/Y Growth -- 39% 34% 28% 23% 19% 17%
Share of Data Access 45 52 59 65 69 73 76
Mobile Online Commerce Revenue ($B) $21 $27 $34 $42 $51 $59 $68 20%
Y/Y Growth -- 30% 26% 24% 20% 17% 15%
Revenue per User ($/year) $54 $50 $47 $45 $44 $44 $45
Mobile Paid Services Revenue ($B) $6 $8 $10 $13 $17 $20 $24 25%
Y/Y Growth -- 35% 30% 28% 25% 22% 20%
Revenue per User ($/year) $15 $15 $14 $14 $14 $15 $16
Mobile Advertising Revenue ($B) $1 $2 $3 $5 $8 $11 $15 50%
Y/Y Growth -- 50% 60% 60% 55% 40% 35%
Revenue per User ($/year) $3 $4 $4 $5 $7 $8 $10
Note: * Excluding SMS spending, Source: Morgan Stanley Research. 388