Here's the latest reason why media outlets should ramp up their mobile strategies: Mobile advertising in local markets is expected to grow by 57 percent annually -- topping $2 billion within three years.

David Kaplan reports that BIA/Kelsey estimates local ads, as a portion of overall mobile advertising revenues, will increase from 44 percent in 2009 to 69 percent in 2014.

The local media -- especially in smaller markets -- have been protected from national advertising competition to some extent. It has simply been too expensive for big-time Web publishers to work with small advertisers and target hyperlocal customers.

Google changed that equation somewhat with the Web-based AdSense program, but GPS-enabled smart phones promise to take it to the next level. Without some suitable options from their local newspaper or broadcaster, Facebook, Google and Apple will be waiting in line to serve the needs of those local businesses.