Apple must pay a fine of over $2 billion for violating European Union antitrust regulations. The IT giant has been fined 1.8 billion euros by the EU, marking the first-ever penalty of this magnitude. Based on our previous story, Apple anticipated paying a fine, but the acceptable amount revealed on Monday exceeded expectations. Apple is being fined two billion dollars for preventing Spotify from informing iPhone users about alternative, less expensive methods to subscribe to its streaming services outside the App Store.
In a press conference, Margrethe Vestager, the EU’s competition and digital director, stated that Apple had been using its dominant position by distributing music streaming apps through its App Store.
She stated that the IT giant must permit music streaming developers to engage openly with their users.
She mentioned that the amount imposed on Apple was influenced by both the company’s financial strength and the damage caused to millions of European users by Apple’s actions.
Apple announced on Monday that it plans to challenge the EU verdict.
Spotify stated that the EU verdict and punishment conveyed a clear message that no corporation should have the authority to dictate how other companies engage with customers.
The European Union is a strict regulator of internet companies and has developed the Digital Markets Act, which will be implemented on Thursday in 2022. This would ensure that all major technology companies adhere to regulations while benefiting small and medium-sized developers.
Apple has encountered a succession of problems recently. It recently lost a legal dispute with medical device manufacturer Masimo. The SpO2 sensor in some Apple Watch models was found to violate Masimo’s patents.
Apple just revealed that it has discontinued its long-standing confidential Project Titian. Apple was developing a self-driving electric car but has halted the project and reassigned some of the crew to its AI division. The company anticipates terminating the remaining staff.
Apple continues to be a leading firm in both the American and global markets while facing challenges. The company’s recent quarter saw sales of almost $120 billion and a net profit of $34 billion.
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