Apple is facing a record fine of tens of billions of dollars: what the EU is accusing it of
Apple faces a huge fine in Europe for restricting competition in the App Store.
The fine could reach 10% of annual revenue, which could exceed tens of billions of dollars, Bloomberg reports.
It all started with a complaint from Spotify, a music service that accused Apple of imposing a mandatory 30% commission and banning the use of third-party payment systems. This led to an increase in the cost of subscriptions for users.
In response to the complaint, the European Commission filed charges against Apple in the spring of 2021 for violating antitrust laws and restricting competition. Regulators believe that the company’s conditions lead to higher prices for customers, defining them as unnecessary.
European regulators are preparing to make a decision on Apple, which may set new standards for competition in app stores. The decision is expected to be announced early next year and, in addition to the fine, the EU may force Apple to abandon restrictions on third-party payment systems.
