Spotify Technology S.A. (SPOT) is exhibiting notable movements in its premarket performance today. The stock is currently priced at $222.88, reflecting a significant change from its previous close.
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With a trading volume of 16.31K, it’s clear that investor interest is heightened in the early hours. The price has experienced a change of $4.27, representing a 1.95% shift, indicating a positive momentum as the market prepares to open.
This shift in Spotify’s stock could be indicative of broader market trends or specific company-related news, making it a focal point for investors and market analysts alike.
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In recent reports, Spotify has openly criticized Apple’s response to the European Union’s latest tech regulations. The music streaming service called Apple’s approach to the EU’s Digital Markets Act (DMA) “nothing short of a sham.” As part of the DMA’s upcoming changes, app developers will, starting in March, have the option to bypass Apple’s in-app payment system, which is known for taking up to a 30% cut. Despite this, Apple will still impose a “core technology fee” amounting to 50 euro cents annually for each user account.
Spotify’s contention stems from Apple’s reluctance to fully embrace the DMA’s guidelines. They suggest that Apple’s newly proposed terms are merely a thinly veiled attempt to maintain the current system. If Spotify chooses to keep its app within the App Store and integrate its payment system, it would be subject to a 17% commission under these new terms.
Apple, on the other hand, insists that the new terms are fair, stating that they allow developers to maintain existing arrangements if they prefer. According to Apple, the changes would result in the majority of developers—over 99%—paying the same or less than they do now.
Nevertheless, Apple could face serious consequences if its adjustments to the App Store’s operations fail to satisfy the EU’s incoming mandates.
