eMarketer indicates that revenue from mobile video will triple from $436 million in 2009 to $1.34 billion in 2014. They also expect the number of mobile video viewers in the U.S. to reach 24 million this year.

However, direct downloads and subscriptions still comprise the vast majority of mobile video, with ad supported mobile revenue expected to reach $35.1 million.  Mobile video ads are expected to grow by 60 percent over the next five years, with base users growing at a rate of 22.8 percent.

Source: AdWeek {link no longer active}