Inserts Ads Into iTunes Video today started offering its creators a way to insert dynamic ads into video podcasts distributed through iTunes.

Blip isn’t the first company to offer such a service. VoloMedia and Kiptronic both insert ads into QuickTime videos.

The news was announced at a Beet.TV Online Video Summit in New York this morning. These podcast-friendly ads use DoubleClick’s DART platform, but can only support clickthrough when the viewer is watching video within iTunes on a computer. Ads inserted into videos won’t be clickable when watched on other devices like an iPod or an Apple TV.

The ads are dynamic, so they can be updated to reflect new campaigns or targeted to reach particular audiences. Examples of ads can be found here and here (both launch iTunes).

Blip says it distributes more than 37,000 actively updated web shows and that it served more than 51 million videos in September. CEO Mike Hudack told the panel today that 15 to 18 percent of its traffic comes from downloads, most of that through iTunes. Video podcast advertising on iTunes is available to users immediately, but only works with ads sold directly by creators or blip (not ad networks).

Disclosure: VoloMedia advertises on the GigaOM network, and NewTeeVee uses blip for video hosting.