Since iPhone is an opportunity that no developer would like to miss so we have seen a bumper start in App Store. 552 apps from day one is mind blowing while doling out applications for free can be understood if its based on some website but what about those apps which are not based on any existing web based community or site?

A company called Medialets now wants to jump in the iPhone frenzy by providing free ad supported applications in the Apple iPhone App store. Medialets will provide an interface between the developer and the advertiser so that developers can earn by adding advertisements in their applications. Medialets will also provide Medialytics, an analytics product to provide statsitics of iPhone app users to their developers. The company will collaborate with developers in creating ads in such a manner that it does not obfuscate the user.

The revenue will be shared by both Medialets and the developer with nothing left for Apple which might not amuse Steve Jobs since Apple receives 30% of revenues from whatever application that is sold on Apple App Store. The company asks for this share to cover up the hosting charges and branding.