While all else in your article is accurate, this line is the exception. The revenue of the top 4 US operators is ~300 billion and mobile advertising hardly qualifies as a rounding error.

Existing mobile ad networks such as AdMob and Millennial are simply re-purposing fixed web ads such as banners for the mobile screen, which completely ignores the unique aspects of mobile and drives value to low levels. If you consider the CPMs and related trends associated with mobile advertising, it’s easy to see that — as presently constructed — there’s no meaningful opportunity for network operators, handset manufacturers or other industry players.