Apple Developing AI-Powered Ad Tool to Boost App Store Revenue
• Apple testing new AI-powered ad product similar to Google's Performance Max to optimize App Store ad placements
• Tool allows advertisers to input budget, CPA target, audiences, countries and AI decides best ad formats and placements
• Expected to officially launch in coming months to boost Apple's $7B ad business
• Could expand beyond App Store to News, Stocks, Maps, Books apps where Apple could add more ad placements
• Ad business on pace to hit $7B in revenue this year, up $1B YoY, mostly from App Store ads but making progress with MLS sponsorships, TV+ ad sales hires