Google Inc co-founder Sergey Brin stated this week that advertising on social networking sites like Facebook and MySpace is going better, but was still not just right.

“In general, it’s been improving but we still have a long way to go,” Brin told reporters on the sidelines of a conference in Jerusalem to mark Israel’s 60th anniversary. “Things have been going well this year…it’s hard to predict where social networking will come out.” Google Chief Executive Eric Schmidt said in January the company was facing problem making inroads selling advertising into what is at present the newest market on the Internet.

Brin stated it would take little time to find the most excellent formula to improve the social networking advertising business, to expand the right technology and to teach advertisers and users. “People are expecting overnight to wake up to a miracle… but these things take time,” he added.

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