According to the U.S. Scorecard for Mobile Advertising Reach and Targeting (SMART) report from Millennial Media, portals and directories led all mobile advertising verticals in mobile advertising spend during Q4 2009.
Download the S.M.A.R.T. pdf here.
Interestingly, Millennial Media also reports the US Mobile web audience decreased slightly to 66.6 million users during Q4 2009.

