Spotify Teams Up With European Companies For Regulatory Action Against Apple

  • Music streaming service Spotify Technology S.A. SPOT joined other media firms like Deezer to urge the European Commission to punish Apple Inc AAPL for anti-competitive and unfair practices.
  • They jointly wrote to the European Union antitrust regulator's Executive Vice-President Margrethe Vestager for prompt action against Apple for the welfare of the consumers, Reuters reports.
  • Spotify has for years accused Apple of abusing its influence by exploiting its App Store rules to suppress competition.
  • In 2022, Spotify CEO Daniel Ek reportedly spoke with competition commissioner Margrethe Vestager regarding Apple's "anti-competitive conduct," citing other regulators' harsh actions, including in Japan, the Netherlands, and South Korea.
  • Spotify raised antitrust complaints against Apple in various countries, alleging Apple's 30% App Store commission forced Spotify to "artificially inflate" its prices.
  • Most of the Big Techs, including Meta Platforms Inc Inc AMZNAlphabet Inc GOOG GOOGLfaced regulatory flak for exploiting their influence to suppress smaller players.
  • Price action: AAPL shares traded higher by 0.97% at $137.26 on the last check Wednesday.
  • Photo Via Company
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Posted In: GovernmentNewsRegulationsTechMediaBriefsEurasia
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