I recently suggested that the Apple iPhone may kick start the mobile video market which, so far, is pathetic in size, quality, and ease of use. But it got me to thinking about companies who would benefit if that prediction comes true. A particularly good insight comes from Bill Snyder at TheStreet.com. He wrote:

"Things became even more interesting for [Adobe] after Apple (AAPL) captivated the tech world this week with the unveiling of the iPhone. The new device is likely to kick off a mobile-content arms race among carriers, and Adobe is well-positioned to supply some of the ammo. Here's why:

Adobe, which snapped up Macromedia at the end of 2005, has already established a strong beachhead in the telephony world via a deal with Japanese telco giant NTT DoCoMo (DCM) . A compact version of Macromedia's flash multimedia player, called Flash Light, is now on millions of phones in Japan. What's more, DoCoMo is using a server version of the player, called FlashCast, to push content to the company's "ichannels," which include news, sports, weather and so on.

Every time a Japanese consumer hits an ichannel, Adobe collects a bit of revenue. To be sure, Adobe's mobile and device solutions business unit is still a small part of the San Jose, Calif.-based company's revenue. In the fourth quarter, mobile revenue was about $12.1 million, or 2% of overall sales, and $32.7 million on the year.

But that number is a bit misleading. Purchase accounting rules related to the Macromedia acquisition kept some $59 million off the income statement in 2006, much of which would have been attributed to the mobile group, says Adobe Vice President Mike Saviage.

Its enterprise and developer unit, which includes server products, though, is much larger and is the company's fastest-growing division, contributing $189 million, or 7% of total revenue, last year."

Accounting issues aside, the arrival of Apple's iPhone raises the possibility that Adobe, a longtime Apple partner, could strike a telephony-oriented deal with Steve Jobs and his new-found teammates at AT&T's (T) Cingular operations. Adobe already has teamed up with Verizon Wireless (VZ) , and flash technology is the centerpiece of that alliance.