It was only a matter of time before Facebook responded to users' requests and built its own ad network.

According to Re/code, the social network will unveil its highly anticipated mobile ad network during its F8 developer conference later this month.

Facebook declined to comment on the matter, but Re/code reports that Facebook will deliver highly targeted ads all over the Web, not just on its site. This could be a useful and lucrative tool if you're looking for receptive consumers, given that Facebook knows all sorts of personal tidbits about its users, such as their hometown, alma mater, and offline pursuits.

The advantage for Facebook itself is clear: Brands are willing to pay big money to reach the right customers. Re/code reports that in the last three months of 2013, mobile ads generated $1.24 billion for Facebook, or 53 percent of the company's overall ad revenue. 

Expect ads of the "app-install" variety, which prompt users to download an app or continue to engage with one they've previously downloaded, Re/code reports.

Note, however, that Facebook isn't the only tech titan on the mobile-ad bandwagon. Twitter has linked MoPub, the mobile-ad exchange it purchased last September, with its ad-buying platform so customers can push ads to a range of properties. And Google, the dominant player in the space, still offers AdMob as a way to monetize mobile apps. A number of smaller players, including Hunt and Millennial Media, are competing in this market as well.

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