The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

Apple hit with more than $1.95B E.U. antitrust fine over music streaming

by admin March 5, 2024
March 5, 2024
Apple hit with more than $1.95B E.U. antitrust fine over music streaming

The European Commission, the European Union’s executive arm, on Monday hit Apple with a 1.8 billion euros ($1.95 billion) antitrust fine for abusing its dominant position on the market for the distribution of music streaming apps.

The commission said it found that Apple had applied restrictions on app developers that prevented them from informing iOS users about alternative and cheaper music subscription services available outside of the app.

Apple also banned developers of music streaming apps from providing any instructions about how users could subscribe to these cheaper offers, the commission alleged.

This is Apple’s first antitrust fine from Brussels and is among one of the biggest dished out to a technology company by the E.U.

The European Commission opened an investigation into Apple after a complaint from Spotify in 2019. The probe was narrowed down to focus on contractual restrictions that Apple imposed on app developers which prevent them from informing iPhone and iPad users of alternative music subscription services at lower prices outside of the App Store.

Apple’s conduct lasted almost 10 years, according to the commission, and “may have led many iOS users to pay significantly higher prices for music streaming subscriptions because of the high commission fee imposed by Apple on developers and passed on to consumers in the form of higher subscription prices for the same service on the Apple App Store.”

The fine will ramp up tensions between Big Tech and Brussels at a time when the E.U. is increasing scrutiny of these firms.

Last year, the commission designated Apple among other tech firms such as Microsoft and Meta as “gatekeepers” under a landmark regulation called the Digital Markets Act, which broadly came into effect last year.

The term gatekeepers refers to massive internet platforms which the E.U. believes are restricting access to core platform services, such as online search, advertising, and messaging and communications.

The Digital Markets Act aims to clamp down on anti-competitive practices from tech players, and force them to open out some of their services to other competitors. Smaller internet firms and other businesses have complained about being hurt by these companies’ business practices.

These laws have already had an impact on Apple. The Cupertino, California-based giant announced plans this year to open up its iPhone and iPad to alternative app stores other than its own. Developers have long-complained about the 30% fee Apple charges on in-app purchases.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Bitcoin approaches new all-time high after surpassing $65,000
next post
Appia Announces Maiden Rare Earth Mineral Resource Estimate of 6.6 Million Tonnes Indicated Grading 2,513 ppm TREO and 46.2 Million Tonnes Inferred grading 2,888 ppm TREO at the PCH Ionic Adsorption Clay Project in Goias, Brazil

Related Posts

U.S. added 818,000 fewer jobs than thought, adding...

August 23, 2024

Peloton announces Ford exec, founder of Apple Fitness+...

November 2, 2024

Driverless cars immune from traffic tickets in California...

December 31, 2023

Sixteen Nobel Prize-winning economists warn a second Trump...

June 27, 2024

Retirees ‘stunned’ as market turmoil over tariffs shrinks...

April 7, 2025

How immigrants are helping boost the U.S. job...

April 8, 2024

Collapsed crypto exchange Mt. Gox is about to...

July 4, 2024

Some local Teamsters groups announce Harris endorsements after...

September 21, 2024

John Deere to abandon Pride festival sponsorships following...

July 18, 2024

Reddit targets international users for ad growth, teases...

November 28, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,457)
    • Investing (3,654)
    • Politics (4,912)
    • World (4,762)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved