MySpace co-founder Chris DeWolfe is bullish on the mobile advertising market, but says ad agencies and corporate sponsors haven’t figured out to dial into it.

Speaking at the Reuters Media Summit, DeWolfe outlined MySpace’s mobile efforts, such as its Blackberry application. He said the company was targeting more download applications for mobile devices. He said he saw big opportunities in the mobile-based advertising sector once there’s some standardization.

We think the future of mobile is more advertising based. But the marketplace on the advertiser side has not quite caught up to the inventory out there… It’s relatively undeveloped, but we think it’s a market that will grow.

He said countries like Japan were ahead of the curve in mobile advertising, but that it will take the U.S. a couple of years to catch up.

We’re generating revenues right now on the mobile side from advertising and will generate more next year. … It’s a function of whether the agencies and brands coming up with standardized ad units and are making investments to do that.

So far there’s been enough inventory on the MySpace side, but not enough advertisers with creatives that have wanted to jump in or a critical mass of Web sites that they’ve wanted to reach. But we’ll see more demand and its a function of educating the marketplace.