"...Fox Broadcasting is producing one minute length "mobisodes" of its thriller "24" in Europe and may do the same next month in the US."
Link. The revenue model is pay-per-download. The market driver is that phones are not great interfaces for stuff you would watch on a TV. I have two comments.
First, I don't think the economics of this are compelling. Producing a mobisode is gonna be fairly costly (requiring new edits, etc), while the gains are largely incremental (relatively small mkt size). A subscription model with new mobisodes of your favorite soap every day, however, is a different ball game. Second, technology is shifting the primary market driver - thinking about watching your fav show on a PSP is suddenly not that unattractive.