cash pileThere has been some debate about whether developers can make serious cash from the advertising in their iPhone applications. In fact, Steve Jobs suggested that Apple created its iAd program as a way to address the lack of lucrative, high-quality ad programs.

However, iPhone, iPod Touch, and iPad developer MobilityWare said it’s doing just fine with startup Greystripe‘s mobile ad network. Specifically, the company said that in June, it made $298,308 across its 17 applications, including Word Warp, Solitaire, and Blackjack.

I’m guessing that’s on the high side for both companies, especially Greystripe (why highlight it otherwise?), but it’s still a sign that with enough hits, advertising can bring in real revenue. If MobilityWare can make that much every month, it would make around $3.6 million this year. That’s comparable, for example, to what popular app developer Smule made from its paid apps in 2009.

Speaking of iAds, Greystripe recently piggybacked on reports that some advertisers are unhappy with the slow iAd creation process by promising a five-day turnaround for rich media ads, compared to the eight to 10 weeks reported with Apple.

Greystripe has raised $17.6 million in four rounds of funding, most recently $2 million from Peacock Equity. It currently serves ads in more than 2,500 applications.

[image via Flickr/stopnlook]