I’ll go ahead and fuel the blog rumor mill started by Valleywag that Google CEO Eric Schmidt joined the Apple board of directors recently to help Apple move into online advertising, and one way in which they’ll do that is by running Adsense ads on some of their web properties, including the iTunes store.
This definitely would not surprise me from Google’s point of view, as the Apple properties are a great audience and Google has made many recent moves to try and lock up advertising relationships such as their Fox/Myspace, Intuit, and AOL deals. It would be a large source of high quality volume for Google, something that they’d love to have their hands on.
From Apple’s point of view, if it’s true I’m a bit surprised that they’d outsource this to Google. It seems like Apple’s properties would be coveted by advertisers so Apple could have a strong direct sales force. Maybe Apple doesn’t feel that it’s their core competency, so if Google gives them a huge revenue share than maybe it’s just easier to have it be done with. Either way, it’s interesting.