Apple Inc. (NASDAQ: AAPL) announced Wednesday a new program that reduces the App Store commission to 15% for small businesses earning up to $1 million per year.
The company said it's making the move to help accelerate innovation and support for small businesses and independent developers to propel their businesses forward with the next generation of apps on the App Store.
The new App Store Small Business Program will benefit the majority of developers who sell digital goods and services on the store, with a reduced commission by Apple on paid apps and in-app purchases, according to Cupertino.
“Small businesses are the backbone of our global economy and the beating heart of innovation and opportunity in communities around the world. We’re launching this program to help small business owners write the next chapter of creativity and prosperity on the App Store, and to build the kind of quality apps our customers love,” said CEO Tim Cook.
Apple shares were trading down slightly at $119.37 at last check Wednesday.
The stock has a 52-week range between $137.98 and $53.15.
Apple CEO Tim Cook. Courtesy photo.
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