The companies claim the Internet Advertising Bureau has only been paying "lip service" to the booming market for in-game advertising, which is setting out to challenge the TV industry for revenue on the back of the growth of broadband- enabled consoles and PCs.
With more games now played live over the internet, ads no longer have to be burnt on to a disk, but can be updated regularly.
Ed Bartlett, vice-president of Europe for IGA Worldwide, said: "There has been lip service paid to the sector from people like the IAB, but the reality is they have different priorities and a different focus.
"They are not placed to do true justice to the sector. We have been talking with our competitors, our contemporaries and our peers, including games publishers. There is definitely a need for some form of trade organisation."
A meeting will be held soon to discuss forming a body, with a standard currency for selling ads on online games high on the agenda.