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It's here and it's possible. However there are a couple of things to take into consideration if you are looking at a US based market instead of a Euro based market.
In the US, cell carriers don't offer the same sort of billing options and delivery that Euro does. You can't bill someone 5 pounds for a picture and have it charged to their mobile bill.
The US carriers don't really want adult material on their networks, and many of them make it difficult to delivery content they have not approved, and when you can deliver it, they make it clear to the consumer that it's not something they have approved.
The US market is also not going to evolve like the Euro market has, IMO.
Mobile content delivery is possible and profitable in the states today, if you look at it as an auxillary product that you can use to add value to your existing business, or potentially a fantastic marketing tool for your existing business.
I'd be happy to introduce you a company that does have US billing and delivery right now, keep in mind they won't blow smoke up your ass about how you can make a billion bucks in the states with it. Their non-adult company does game and application development for companies like Jamdat and Sony Ericson, so they are very knowledgeable when it comes to the technology, the billing and its limititation.
ICQ me at 101 696 19 if you want me to hook you up with them to talk. They have an office here in LA and another in Prague.
I should also mention they have an added audiotext feature they've developed that can also net you a few more dollars on the bottom line, if you've got the right kind of content.
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