Tech giant Apple is reportedly discussing with media agency and network executives about the possibility of selling advertising space on its Apple TV+ streaming service, maybe as early as next year.
The tech giant’s advertising chief Todd Teresi has led meetings with holding company executives to sell video advertising space, citing DigiDay, MacRumors reported.
Citing an anonymous source, the report claims Apple has not asked one agency’s network to put aside client dollars in the fourth quarter, suggesting the ad time could be available in early 2023.
As per the report, Apple is aiming to triple its ad revenue from $4 billion per year to double-digit figures by expanding its advertising to more apps and services, and Apple executives see TV+ as having untapped potential.
Currently, the company’s advertising spots are spread over display ads in its News and Stocks apps, as well as for apps in the App Store, across iPhone, iPad and Mac.
Apple also already generates revenue on Apple TV+ with commercials during MLB Friday Night Baseball streams, although those spots are sold by MLB, the report said.
In 2023, it will be the exclusive home of Major League Soccer for the next 10 years, with ad space and sponsorship deals shared by both Apple and MLS.
In May, it was reported that Apple’s senior vice president of services Eddy Cue had restructured services management to focus more on streaming and advertising.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)