📈 Apple crunched.

The EU fines Apple $2 billion

Apple doesn’t want you to know that it’s 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.

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Apple hit with landmark $2 billion EU antitrust fine

The EU has fined Apple €1.84 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 EU’s competition commissioner and digital chief, said Apple had “abused its dominant position” as a distributor of music streaming apps. “This is illegal and it has impacted millions of European consumers,” she said, adding the fine amounts to 0.5% of Apple’s worldwide annual turnover. Apple said app developers “compete on a level playing field” 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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