Mobiles are now an essential part of our day to day activities. With the growth of mobiles, lots of new mobile applications are rolling out these days. Now one can monetize these mobile applications with Google Adsense. Google announced beta launch of AdSense for Mobile Applications which allows developers to earn revenue by displaying text and image ads in their iPhone and Android applications.
See the below example image showing targeted advertising in Android and iPhone applications.
Check out this short video of Howard Steinberg, Director of Business Development at Urbanspoon, discussing his experience with AdSense for Mobile Applications.