"It's the recreation of the Internet, it's the recreation of the PC (personal computer) story and it is before us -- and it is very likely it will happen in the next year," he told a panel at the World Economic Forum.
DAVOS, Switzerland (Reuters) - The arrival of a truly mobile Web, offering a new generation of location-based advertising, is set to unleash a "huge revolution," Google Inc <GOOG.O> Chief Executive Eric Schmidt said on Friday.
"It's the recreation of the Internet, it's the recreation of the PC (personal computer) story and it is before us -- and it is very likely it will happen in the next year," he told a panel at the World Economic Forum.
Current estimates for mobile advertising are cautious, with consultancy Forrester predicting revenues of under $1 billion by 2012.
But Schmidt said this figure was too low and failed to take into account the fact the mobile Web was reaching a tipping point.
!ADVERTISEMENT!Google aims to be a prime mover by bidding for coveted airwaves to launch an open U.S. wireless network, pitting it against established telecommunications players. The move will take the Silicon Valley-based company well beyond its core Web search and online advertising franchises.
Some analysts are worried at the high costs involved but Schmidt said he was confident location-based advertising -- which could, for example, direct hungry travelers to nearby restaurants -- would be "a very, very good business."
Content providers, already struggling in the modern world of music and film downloads, are less convinced that mobile Internet is a minefield.
"It is not going to be easy to hang on the price of content," said Howard Stringer, chief executive of Sony Corp <6758.T>.
For full coverage, blogs and TV from Davos see: http://uk.reuters.com/news/globalcoverage/worldeconomicforum2008
