While the global economy crumbles, mobile games have finally hit the hockey stick. US revenue from mobile games is expected to nearly double this year compared to 2010 thanks to a growing base of users on game-friendly Smartphones, easy to access apps, new revenue streams from advertising/in-app purchasing and a boom in the supply of quality mobile games.

And in-app purchasing has had a stellar 12 months. The concept is relatively new to mobile games with Apple launching the ability 10/15/2009 and Android announcing support 3/29/2011. Free to download “Freemium” games offer paid in-game upgrades for additional health or ammo, skipping levels, speeding up game play or other game-enhancing functions. While just a concept a few years back, it has caught on fast. For instance last quarter Glu Mobile generated $7.7 mil. in Freemium Smartphone sales, up from just $328K in the same quarter last year.