Strategy Analytics believes by not leveraging subscriber data in mobile advertising, operators are missing a strategic opportunity to play a role in the growing $100 Billion mobile advertising ecosystem. Transparency, precision and verifiable audience data across multiple platforms (mobile, broadband, TV) are critical attributes which operators should promote. This report defines the opportunities and challenges for MNOs and provides recommendations on how they should proceed in this sector. We categorize operators in this report, which include Sprint, SingTel, Telefonica, Telenor, Sprint and Verizon as either, Transformers, Ad-Tech Players, Data Providers, or Cry Babies based on their approach.