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Haven't worked in mobile since '07. I'm sure it's all different. What I experienced then was that most of the money went to the SMS aggregator, the carrier, and the company providing the mobile solution for "one's" needs. So if you're not one of the three mentioned, or some other middle-man, I'd do some research and due diligence, even if you're not doing SMS / MMS, and just want a mobile website model.
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