Apple fined $2 billion in EU antitrust case — why Apple music empire is under fire
Apple fined $2 billion by the EU for violating antitrust rules with its handling of music streaming apps.
Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, March 4.
Full Video Transcript Below:
REMY BLAIRE: I’m Remy Blaire - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a solid week on Wall Street with the Nasdaq notching a new record high. It comes as investors reacted to better than expected quarterly earnings reports and inflation data which met analyst expectations. This week investors are turning their attention to the labor market with the heavily anticipated February jobs report out Friday.
In other news - Apple has been hit with a $2 billion antitrust fine by the EU. The European Commission claims the iPhone maker “abused its dominant position as a supplier of music streaming apps.
The Commission says Apple prevented other streaming services, like Spotify, from telling iPhone users about potentially cheaper ways to subscribe to platforms outside of the App Store. Before changing the amount it charges for selling on its App Store in January, Apple forced third party sellers to pay a 30 percent fee for purchases made using its in-app payment system.
Of its decision to levy the fine against Apple, the European Commission said consumers did not have "a free choice as to where, how and at what prices to buy music streaming subscriptions.”
Apple responded by saying the Commission failed to “to uncover any credible evidence of consumer harm, and ignores the realities of a market that is thriving, competitive, and growing fast.” The fine is among the largest ever handed down to a technology company by the European Union.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
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