This paper proposes a framework for structuring the Mobile Internet industry by discussing the different definitions of Information and Communication Technologies (ICT) and Information and Communication (infocom) — industries. The model identifies five different segments inside the industry — networks, devices, operating systems, content services and applications, and support services and regulation. The relations between these segments, and their linkages to the end-user are discussed. Further, different roles in the market are identified, and value network analysis is used to describe the diverse relationships between them. Some examples of market phenomena are brought forward, as well as future prospects. Finally, the development phase of the mobile Internet market is discussed in the context of two countries, Finland and Japan.