CNBC | Monday, March 4, 2024 
Apple Fined Nearly $2 Billion by EU Over Music Streaming Competition 

London — The European Union leveled its first antitrust penalty against Apple on Monday, fining the U.S. tech giant nearly $2 billion for breaking the bloc’s competition laws by unfairly favoring its own music streaming service over rivals. Apple banned app developers from “fully informing iOS users about alternative and cheaper music subscription services outside of the app,” said the European Commission, the 27-nation bloc’s executive arm and top antitrust enforcer. “This is illegal, and it has impacted millions of European consumers,” Margrethe Vestager, the EU’s competition commissioner, said at a news conference. Apple behaved this way for almost a decade, which meant many users paid “significantly higher prices for music streaming subscriptions,” the commission said. The 1.8 billion-euro fine follows a long-running investigation triggered by a complaint from Swedish streaming service Spotify five years ago. The EU has led global efforts to crack down on Big Tech companies, including a series of multbillion-dollar fines for Google and charging Meta with distorting the online classified ad market. The commission also has opened a separate antitrust investigation into Apple’s mobile payments service. Apple hit back at both the commission and Spotify, saying it would appeal the penalty. “The decision was…Read more