Breaking: Apple, EU finalizes charge sheet over music service after Spotify complaint

Ivan Brian FXStreet

The EU is to finalize a charge sheet against Apple after a complaint by Spotify according to two people, Reuters reports. Apple may receive the charge sheet by the summer according to one of the people familiar with the matter according to the Reuters exclusive.

Apple currently is the subject of four cases by the EU, all opened in June 2020.

Reuters reports that the Spotify complaint revolves around the fact that Apple unfairly restricts rivals to Apple Music. Spotify launched the complaint in March 2019.

Market Reaction

Shares in Apple are trading at $122.95, up 0.7% in Thursday's regular session.

Shares in Spotify are trading $297.77, down 0.8% on Thursday. Reuters is also carrying a report saying users are reporting problems with Spotify on Thursday. Reuters cities downdetector.

The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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