According to the latest data and corresponding forecasts from BIA/Kelsey, social media advertising revenues will grow from $3.8 billion in 2011 to $9.8 billion in 2016.

If so, that activity will represent a compound annual growth rate of 21 percent.

BIA/Kelsey’s U.S. Local Media Forecast (2011-2016) suggests that the local segment of U.S. social media advertising revenues will similarly grow from $840 million in 2011 to $3.1 billion in 2016.

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On the heels of Facebook’s recently revised regulatory filing, which indicates that the company remains uncertain of how to best monetize mobile, the social networking giant is making it clear that mobile remains a top priority.

“In March 2012,” Facebook stated in its amended prospectus last, “we began to include sponsored stories in users’ mobile News Feeds. However, we do not currently directly generate any meaningful revenue from the use of Facebook mobile products, and our ability to do so successfully is unproven.”

In other words, Facebook still doesn’t know how to make the most money possible from its nearly 500 million registered mobile users.

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Facebook has whipped up unprecedented interest in a Wall Street IPO.

As the world’s top social network gets ready for its big debut, the company has continued to tackle tough questions regarding if and how Facebook will successfully monetize mobile in the future.

“In March 2012,” Facebook stated in its amended prospectus this week, “we began to include sponsored stories in users’ mobile News Feeds. However, we do not currently directly generate any meaningful revenue from the use of Facebook mobile products, and our ability to do so successfully is unproven.”

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Although mobile may be all the rage among social media users, will this burgeoning trend actually work to the detriment of Facebook’s business model?

This week, Mark Zuckerberg and company revealed that growth in the number of mobile users on Facebook is expanding rapidly. But this user base is, which is exposed to fewer ads on the small screen, is tough to monetize. And that “may negatively affect our revenue and financial results.”

In an amended regulatory filing obtained by CNBC, Facebook says that the number of people logging into Facebook “is continuing to grow more quickly than the number of ads delivered.”

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As it turns out, Facebook still has some cash left over following it gargantuan recent $1 billion purchase of Instagram.

This week, Facebook – which is poised to go public and begin trading within days on the NASDAQ exchange – has confirmed its acquisition of Glancee, a social location app.

Financial terms of the deal weren’t made public.

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This week, Color – the hugely video-broadcasting app for iOS and Android – confirmed an exciting new partnership with Verizon.

In short, the updated app will dramatically improve the quality and delivery of videos it captures.

“Today,” writes founder Bill Nguyen on the Color Blog, “we’re formally unveiling our relationship with Verizon and a small down payment on the future. With their help, we’ve added audio to our LIVE video exclusively on the Verizon network. We’ve doubled the frame rate on our videos so our friends and family can see more moments more clearly. We did all this in less than two months.”

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comScore on Monday heralded the launch of Mobile Metrix 2.0 – its next generation mobile behavioral measurement service.

And the findings, as always, are of great interest to the mobile, web, and social media communities.

Among smartphone users age 18 and older accessing from iOS, Android and RIM smartphones, Google Sites ranked as the top property with nearly 94 million unique visitors, representing 96.9 percent of the mobile audience.

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