It has been widely reported that Apple has cut its iAd advertising prices, amid rising competition and limited take-up of the platform.
According to a report by Bloomberg, iAd rates have been cut by as much as 70 per cent since the platform launched in July last year. Initially, it cost companies such as Citigroup and JC Penney $1m (£630,000) to run campaigns on the platform; now rates are more like $300,000, according to Bloombergs unnamed sources.
Officially, Apple has cut the minimum campaign price to $500,000, with the lower figure available to clients who sign up for multiple campaigns, says Bloomberg. 
The iAd platform delivers advertising via applications to Apples devices – the iPad, iPhone and iPod touch. Developers make money by hosting iAds in their apps, but ad network Mobclix told Bloomberg that Apple only shifts 5-15 per cent of its ad space.
