Steve Jobs on Apple iAd: "Most of this mobile advertising really sucks"

Apple CEO, Steve Jobs unveiled the "iAd" mobile advertising system on Thursday. It's being called "a new kind of mobile ad," according to Jobs.

The new iAd mobile ad system was presented along side a preview of the iPhone operating system, which will offer new features including iAd, iBooks and some multitasking features.

iAd vs Google: The new ad turf war begins

For a mere $275 million, Apple made the acquisition of mobile ad network Quattro Wireless, which specializes in in-app advertising.

The Quattro deal followed on the heels of Google's $750 million bid for rival mobile ad network AdMob.

Even though Apple is a newbie in the area of mobile advertising, Steve Jobs had a few words typically straightforward thoughts about it, "Most of this mobile advertising really sucks, and we thought we might be able to make some contributions."

Jobs predicted delivering 10 ads per day per mobile device, adding up to Apple serving 1 billion ads per day by the end of the year. Apple estimates that users spending 30 minutes per day using apps.
The presentation of iAd on Thursday showed how the in-app ads work. Steve Jobs gave examples by showing in-app ads for "Toy Story 3," Nike and Target. The actual ads seemed to work like mini-apps within apps with a slew of interactive options. Almost like a user isn't really viewing an ad at all.
The Toy Story ad gives users choices to view video clips and theater locations. Users that click on a Target ad will be able to create a shopping list within the app.
Will Apple iAd be fierce competition for Google? Time will tell, but with iPhone and iPad users cropping up like wildfires, it may just give Google a run for its money.

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