Apple Cuts iAd Rates In Half, And It’s Still Too High

steve jobs iad

[credit provider=”Associated Press”]

Apple is cutting the price of its iAds by as much as 70%, Adam Satariano at Bloomberg reports.Apple was originally charging $1 million for an iAd buy. It was pricey, but some brands wanted to be associated with Apple.

Looks like brands don’t care anymore, or the ads just aren’t working, because Satariano says Apple is now offer iAds for $500,000.

If an agency signs up for multiple iAd campaigns, Apple is offering $300,000 per campaign.

Even at that price advertisers aren’t biting. Google and others offer similar ad packages for much less.

No matter how pretty Steve Jobs thinks iAds are, it seems like the next best thing is good enough in the world of advertising.

Or, as Rob Norman, CEO of GroupM North America, tells Bloomberg, “We’d all like to stay at the Four Seasons, but not if it costs $150,000 a night.”

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