Apple has announced the launch of its iAd mobile advertising platform.
The news came during Apple CEO Steve Jobs' keynote address at the World Wide Developers Conference (WWDC) in San Francisco,
Steve Jobs said iAd would "combine the emotion of television advertising with the interactivity of television advertising".
According to Jobs, iAd has already managed to sign up deals with huge enterprises including Disney, Nissan, Citi, Unilever, AT&T, Chanel, GE, Liberty Mutual, State Farm, Geico, Campbells, Sears, JC Penny, Target, Best Buy, Direct TV and TBS, confirming deals worth $60 million.
Experts believe that the platform will provide stiff competition to Google's online advertising services.
The Apple CEO predicted that the iAd would be handling nearly 48 per cent of total mobile advertising in the United States by December.
Apple announced that 60 per cent of revenues collected from the new advertising service would be paid to the advertisers via iTunes Connect.
iAd is available as part of the new iOS 4 software update and will be available on the iPad, iPhone 3G, 3GS and the new iPhone 4 as well as later iPod Touch models.