SUBSCRIBE

CATEGORIES

EU to hit Apple with antitrust charge this week – source

imageStock Markets12 minutes ago (Apr 27, 2021 02:40PM ET)

(C) Reuters. FILE PHOTO: A 3D-printed Apple logo is seen in front of a displayed European Union flag in this illustration

By Foo Yun Chee

BRUSSELS (Reuters) – EU antitrust regulators are set to charge iPhone maker Apple (NASDAQ:AAPL) this week with blocking rivals on its App Store following a complaint by music streaming service Spotify (NYSE:SPOT), a person familiar with the matter said on Tuesday.

The move, the first EU antitrust charge against Apple, could lead to a fine as much as 10% of Apple’s global revenue and changes in its lucrative business model.

Reuters was the first to report about the imminent EU antitrust charge in March.

Sweden’s Spotify took its grievance to the European Commission in 2019, saying Apple unfairly restricts rivals to its own music steaming service Apple Music.

It also complained about the 30% fee levied on app developers to use Apple’s in-app purchase system (IAP).

The EU competition enforcer, which has four Apple investigations including the Spotify complaint, declined to comment.

Apple referred to its March 2019 blog following the Spotify complaint, which said its App Store helped its rival to benefit from hundreds of millions of app downloads to become Europe’s largest music streaming service.

EU to hit Apple with antitrust charge this week – source

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.