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What to with a shrinking market but make it even smaller. Literally. Not in terms of content, but advertising for products that people want.

NearbyNow is a company that allows publications and brands to better serve up product info and special offers through mobile apps. Instead of going through a magazine, users can now gain access to relevant products for them.

This includes a host of categories from electronics and fashion to sports and cosmetics, and from major brands like Nike or retailers like Sears. Users can then find brick-and-mortar retail locations or order online through their mobile phone.

For a younger market now growing up on cell phones as their preferred media, this could be the spark the magazine industry needs. Or an additional siphon of its ad revenue.

While not hurting as much as the publishing sector, the global mobile market has seen a recent decline of its own, with the number of handset units sold put at 269 million, down from 302 million the same time a year ago.

A decline in the market was expected earlier this year, yet smartphones saw a 12% increase in sales over the same time last year. This was partly due to the influence of the Palm Pre and iPhone 3G S.

It's predicted that the advertising spend for mobile phones will hit $1.3 billion, up nearly 18% this year over last, making the move to mobile product ads by brands more likely in the future.