Advertising, for whatever reason, has proven to be especially tricky when it comes to new media. We all known by now that MySpace and Facebook can't nail it, and the same appears to be true of advertising on mobile web. Critics say mobile web especially suffers because surfing the net on a cell phone, well, sucks.

Enter Admob, this Monday's success story. This California (where else?) mobile advertising start-up has been posting some pretty sweet results, reports VentureBeat. Admob is responsible for banner ads on mobile web sites for companies like ESPN and CBS. VentureBeat estimates that they're grossing about $42 million in annual revenues. Not bad, considering that this is a relatively new sector which has struggled. Given that the web mobile market is almost certain to take off in the next few years, Admob—which has a sizeable chunk of market share—could lead the way in what has the potential to be a massive new opportunity.

Anyone else have any thoughts about the direction of advertising on mobile web?