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Venture capitalist Mary Meeker presented her annual analysis of Internet trends Wednesday at the D10 conference, and among the dozens of charts is this one showing the steep imbalance between where people spend their time and where advertisers spend their money:

Notice that print media captures much more than its fair share of ad spending, while the Internet and especially mobile are lagging. A print optimist might read this as a sign that newspapers and magazines remain a more appealing medium to advertisers despite shrinking audiences. But Meeker argues it's inevitable that ad dollars follow eyeballs, “it just takes time.”

We've already seen that phenomenon with the Internet, where total ad spending surged past declining newspaper print ad revenue.

The next question is, when will mobile revenue catch up? While mobile audiences are growing fast, they currently yield less revenue per user than the desktop Web:

Overall mobile media revenue is growing fast, a good sign, though most of the growth is led by consumer spending on specific apps, rather than advertiser spending.

Earlier: Poynter's Rick Edmonds breaks down Meeker's math comparing time spent to ad spending | Local TV advertisers expect to spend more on social media and mobile marketing (Poynter)