Spotify Tries To Push iOS Update In EU Again, Gets Rebuffed By Apple Over App Store Terms
Portfolio Pulse from Ananya Gairola
Spotify Technology SA's attempt to update its iOS app in the EU was blocked by Apple Inc. due to non-compliance with App Store rules, specifically the new regulations under the Digital Markets Act. Apple requires apps to accept the terms of the Music Streaming Services Entitlement for EEA storefronts, which Spotify's update failed to do. This comes after Spotify reported a 20% year-over-year increase in revenue for the first quarter of 2024, with significant margin improvements.
April 25, 2024 | 6:43 am
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NEGATIVE IMPACT
Spotify's iOS app update in the EU was blocked by Apple, following Spotify's report of a 20% revenue increase in Q1 2024.
The rejection of Spotify's app update in the EU by Apple could negatively impact Spotify's user experience and growth in the EU market, potentially affecting its stock price in the short term. This comes at a time when Spotify reported significant revenue growth, making the timing of the rejection noteworthy for investors.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 90
NEUTRAL IMPACT
Apple Inc. blocked Spotify's app update in the EU, enforcing new App Store rules under the Digital Markets Act.
Apple's enforcement of new EU regulations by blocking Spotify's app update demonstrates its commitment to compliance but is unlikely to have a significant short-term impact on its stock price. The situation highlights regulatory challenges but doesn't directly affect Apple's financial performance.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80