Mobile advertising network Millennial Media today filed for an IPO, underscoring the emergence of increased marketing to on-the-go consumers.
According to its filing with the Securities and Exchange Commission, Millennial reported $69.1 million in revenue during the first nine months of 2011, an increase of 137 percent over the same period in 2010. It had a net loss of $417,000 during the first nine months of 2011.
If the Baltimore, MD-based company’s Q4 earnings are consistent with the earlier quarters, it would be on track to record $93 million in revenue for the entire year. Brand clients like Porsche, Patagonia, Jeep, Fox Home Entertainment, Benjamin Moore, and Samsung have helped Millennial achieve the staggering growth.
Millennial sells ads on mobile websites and apps. Its biggest competitors include Google, Apple, and InMobi.
With a company focused on mobile ad sales hitting Wall Street, it’s another sign that digital marketing is growing up rapidly. In October, Google CEO Larry Page said his company’s mobile revenues would hit $2.5 billion by the end of 2012. During September, InMobi picked up a $200 million round of funding from Softbank.
Millennial opened an office in the U.K. in 2010 and started operating in Singapore during late 2011; the company said it plans to further expand its international operations. It had 190 employees as of Sept. 30, 2011.