Apple fined 2 billion dollars!

The European Commission has imposed a 1.8 billion euro (2 billion dollar) fine on the US-based technology giant Apple for "abusing its dominant position in the App Store" following a complaint by the Swedish-based music streaming and podcast service provider Spotify.

EU Commissioner for Competition Margrethe Vestager stated, "For a decade, Apple abused its dominant position in the market for the distribution of music streaming apps through the App Store. They did so by restricting developers from informing consumers about alternative, cheaper music services available outside the Apple ecosystem."

According to a report by Bloomberg, Apple intends to appeal the fine, stating that regulators have ignored the realities of a competitive and rapidly growing market.

Apple's revenue reached 119.6 billion dollars in the quarter ending December 30, 2023, while iPhone sales increased by 6 percent to 69.7 billion dollars.

Spotify filed a complaint against Apple in 2019, alleging monopolistic practices. According to Spotify's claim, Apple was creating unfair competition by steering users toward its own music streaming platform, Apple Music.