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@Xtel shared a photo from Flipboard. Media money moving into mobile. SUN VALLEY, Idaho (Reuters) - The traditional media industry may be under fire as the weak economy crushes advertising spending, but companies and investors are scrambling to stake out territory in the new world of mobile content.

Media money moving into mobile

Media conglomerates, hardware makers and telecommunications carriers are all eyeing the nascent wireless media market, spurred by smartphones like Apple Inc's iPhone and Research In Motion Co Ltd's BlackBerry. Highflying start-ups with strong mobile credentials, such as microblogging site Twitter, have increasingly become the subject of acquisition rumors even as their unproven business models mean a deal is unlikely at this week's Sun Valley media and technology conference organized by Allen & Co. Apps: The Newest Brand Graveyard. NEW YORK Standing before an overflow crowd of the crème de la crème of the advertising world in Cannes this summer, Nike global director of digital media Stefan Olander explained how the brand saw its mission as building community through applications.

Apps: The Newest Brand Graveyard

He highlighted a new initiative: the Ballers Network, a robust Facebook application built by digital shop R/GA for basketball players to find games and manage leagues. On its Web site, Nike promises it will "revolutionize the way players around the world connect online and compete on the court. " Publications - Show Me The Money: Facebook Tests Engagement Ads. Facebook Adopts New Metric for Widgets. Updated June 10, 2008 12:01 a.m.

ET In May 2007, Facebook Inc. invited software developers to create free software programs that members of the social-networking site could use to entertain and inform each other.