Is Apple Cutting iAd Advertising Prices?

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It's being reported that Apple is cutting prices on their iAd service. iAd was announced in 2010 as one of the Tentpole features. Steve Jobs introduced it as an interactive ad format for mobile devices running on iOS.

Last year, the service cost the major companies $1 million and up to run advertising campaigns on the service. However, many of the companies have left iAd in favor of other services. Now, we're hearing that Apple has reduced the rates. They've gone down from that $1 million to $300k. That's a huge discount, and shows that Apple may be losing on that front.

According to Bloomberg's report, even those rates haven't convinced some agencies. Many are going with Google's AdMob, which reaches users across more devices.

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