The future of mobile advertising (m-advertising) is expected to rely on mobile devices, enthusiastic advertisers and consumers. However, current madvertising literature has studied this phenomenon quite narrowly, focusing only on one perspective at a time. This empirically grounded paper aims to give a more multidimensional view on m-advertising, which simultaneously takes into account both retailers and consumers. It presents both qualitative and quantitative data collected from a real-life experiment of m-advertising. The empirical findings of this study describe the current challenges and possibilities in madvertising. They indicate that the technological hype round m-advertising has overshadowed the other important element of m-ads: the content.