Mobile Internet is becoming a reality and rapidly penetrating everyday life. Mobile Internet business models shift over a span of time. An emerging business model trend in the mobile Internet is vertical integration by carriers and leading service providers. In order to identify a model to analyze the feasibility of vertical business models, the author analyzes the lessons in the past and proposes an evolution model for mobile Internet business. From this perspective, the author discusses mobile-specific technical and behavioral factors impacting vertical integration of the mobile data services.