We’ve known that mobile ad network Millennial Media more than tripled revenue in 2010 from 2009 and achieved profitability. But we didn’t know how much the mobile ad network brought in, until now. In the recent 2011 Inc 500 list, Millennial revealed that it saw $47.8 million in 2010 revenue, up over 3,000 percent from 2007 revenue of $1.5 million. And while we don’t know what Millennial’s net income is, we know the company is profitable.
Millennial is one of the largest remaining independent ad networks after AdMob was bought by Google and Apple acquired Quattro. There’s no doubt that many technology companies have eyed Millennial as an acquisition target, but the company has managed to remain independent despite the increased consolidation taking place in the mobile ad space.
In addition to Millennial’s independent ad network, the company also operates and manages private mobile ad networks for large media companies and conglomerates that have multiple apps and sites, essentially powering a self-service ad network for these companies. And Millennial has a deal with a “prominent internet media company” (but declines to name the company) that has completely outsourced its mobile advertising to Millennial.
For basis of comparison, AdMob reportedly had a $100 million revenue run rate when it was acquired in 2009, which could have put its actual revenue at $40 million (AdMob split its revenues 60/40 with publishers). It’s unclear if Millennial’s $47.8 million in 2010 revenue is post-split.
Hopefully we’ll see more details of Millennial’s financials when the company files its S-1 for a public offering in the coming months. CEO and founder Paul Palmieri has had ambitions of taking the company public, and the timing may be right considering this seems to be the year of the tech company IPO. In May, Bloomberg reported that Millennial was talking to bankers about an IPO, which could come in the Fall or in early 2012 and would value the company at a whopping $700 million to $1 billion (AdMob was sold to Google for $750 million).
Considering how most companies refuse to reveal exact financials when they are private, it’s always interesting to see revenue numbers pre-IPO.