Apple is planning to expand its advertising business through preinstalled iPhone apps, according to Bloomberg.
The Palo Alto company currently generates about $4 billion in annual revenue from its ad business, but wants to grow the segment into the “double digits.”
The reports detail that Apple’s move would reach other devices, including Maps, Books, and Podcasts. Apple has tested search ads in Maps, which could display recommendations when you search for restaurants, stores, or other nearby businesses, trying to compete with the segment’s giant Google Maps.
Currently Apple displays ads in some apps and recently announced plans to expand ads in the App Store.
The Bloomberg report observed a “notable uptick” in the company’s recruiting efforts for its ad platform, which was highly visible at the Cannes Lions advertising festival in June.
Apple is the world’s largest company by stock market value, at $2.7 trillion, accounting for 7.3% of the S&P 500.
In Apple’s most recent earnings call, CEO Tim Cook noted the company’s ads business experienced some Covid-related difficulties.