Apple Fined $2 Billion by EU for Breaking Competition Laws

💰Apple has been hit with a nearly $2 billion fine by the European Union for breaking competition laws.

🎧The EU claims that Apple prioritized its own music streaming service over rival apps, such as Spotify.

📱Apple's App Store rules have been criticized for requiring all apps to go through their process, which includes a 30% cut of revenues.

🔍Spotify filed a complaint against Apple, stating that they were at a disadvantage due to the App Store rules.

🌐The fine is the first major penalty under the new digital markets act legislation and is meant to show that big Tech cannot get away with monopolistic behavior.

What was the reason behind the fine?

—The European Union fined Apple for prioritizing its own music streaming service over others and disadvantaging rival app, Spotify.

Is this the first penalty against Apple by the EU?

—Yes, this is the first fine imposed on Apple by the European Union.

What does the digital markets act legislation entail?

—The digital markets act legislation includes provisions for fines and aims to regulate the behavior of big Tech companies regarding competition and monopolistic practices.

Is Apple planning to appeal the fine?

—It is expected that Apple will appeal the fine and fight the decision in court.

Could the fine increase in the future?

—Yes, if Apple fails to comply with the legislation in the future, the fine could potentially increase.

00:00Apple has been fined nearly $2 billion by the European Union for breaking competition laws.

00:22Apple's App Store rules require all apps to go through their process and take a 30% cut of revenues.

01:35The fine is the first major penalty under the new digital markets act legislation.

02:38The European Union claims that Apple prioritized its own music streaming service over rivals like Spotify.

02:57Spotify filed a complaint against Apple, stating that they were at a disadvantage due to the App Store rules.