EU Fines Apple $2 Billion for App Store Antitrust Violation

Brussels levied a historic fine of 1.84 billion euros ($2 billion) against Apple (AAPL.O) on Monday, marking the tech giant’s first-ever antitrust penalty from the European Union.

The fine stemmed from Apple’s alleged prevention of Spotify (SPOT.N) and other music streaming services from informing users about payment options beyond its App Store. The European Commission’s decision, prompted by a 2019 complaint by Swedish music streaming service Spotify regarding Apple’s 30% App Store fees and restrictions, deemed Apple’s actions as creating unfair trading conditions.

Apple has criticized the EU decision and announced plans to challenge it in court. However, pending a ruling from the Luxembourg-based General Court, Apple must pay the fine and adhere to the EU’s directive, a process that could span several years.

Source: Reuters