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The EU fines Apple $2 billion
Apple doesnât want you to know that itâs cheaper to subscribe to Spotify directly rather than through the App Store. The lack of transparency has cost it $2 billion in a whopping fine. More proof, if you needed it, that European regulators do not f*ck about.
The lowdown
Featured story
Apple hit with landmark $2 billion EU antitrust fine
The EU has fined Apple âŹ1.84 billion ($2 billion) for breaking its competition laws, in its first ever antitrust penalty on the tech giant. The European Commission said Apple prevented rival music streaming services such as Spotify from telling iPhone users that they could subscribe more cheaply outside the App store.
Margrethe Vestager, the EUâs competition commissioner and digital chief, said Apple had âabused its dominant positionâ as a distributor of music streaming apps. âThis is illegal and it has impacted millions of European consumers,â she said, adding the fine amounts to 0.5% of Appleâs worldwide annual turnover. Apple said app developers âcompete on a level playing fieldâ in the App Store, and plans to appeal the fine.
Apple is also facing antitrust pressure in the US. Executives met with the Justice Department ($) last week in a last-ditch effort to persuade the agency not to file a suit, according to Bloomberg. Antitrust enforcers say Apple has put limitations on its iPhones and iPads to prevent rivals from competing.
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when youâre giga-long crude oil futures but accidentally take delivery
â Conks (@concodanomics)
11:06 PM ⢠Mar 2, 2024