They laughed Steve Jobs’s team out of the room…In early 2009, Apple’s founder wanted to give app developers a way to make money by allowing them to sell ads.Keep in mind, most Americans didn’t even own a smartphone at the time. Mobile ads were the Wild West.But Jobs demanded his team get the world’s best brands to sign multimillion-dollar deals.The first advertising agency execs they visited literally giggled as they made their pitch.Ads on a tiny phone screen? Are you serious?Apple’s ad team eventually met with Citibank, which bought the first ever App Store ads. The team phoned up Jobs to tell him about the $1 million contract.Jobs wasn’t impressed and told them: “I didn’t say a million dollar deal… tell them we’re not taking it unless its $10 million.”This was the starting line for one of the decade’s biggest disruptions.Jobs got exactly what he wanted.Citibank signed the first $10 million contract. And the growth of ads on smartphones has been relentless ever since.According to top media agency Zenith, companies will spend over $220 billion on mobile ads this year.Longtime RiskHedge readers know a tectonic shift completely flipped the ad industry on its head over the past decade.Before the internet took off, we…
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