Apple announces major changes to its EU app store

Apple announced plans to open up its App Store in Europe to competitors in compliance with Europe's Digital Markets Act.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange.

00:03 Stocks were in the green to close out today's session.

00:05 The Dow closed up 243 points, the Nasdaq up fractionally, while the S&P 500 closed just

00:11 over half a percent higher.

00:13 Investors are reacting to a stronger than expected GDP report.

00:17 The U.S. economy grew at a 3.3 percent pace during the last few months of 2023, well above

00:23 Wall Street expectations.

00:25 Investors are looking ahead to Friday's PCE report.

00:28 The personal consumption expenditures will give investors a clearer picture of the state

00:32 of rising prices in the U.S.

00:35 In other news, Apple's walled garden finally has a crack in it as the iPhone maker announced

00:40 big changes to its App Store in Europe.

00:42 For the first time in the company's history, non-Apple affiliated developers will be able

00:47 to list and distribute apps in the company's App Store.

00:51 And in addition to being able to list their programs, Apple is also slashing the fees

00:55 that it takes from developers.

00:57 The move comes as European regulators continue to crack down on big tech.

01:01 Europe's Digital Markets Act, which takes effect in March 2024, is aimed at stopping

01:06 anti-competitive practices implemented by big tech companies.

01:09 It lists lots of big names, including Apple, Microsoft, Google and Amazon, as "gatekeepers,"

01:16 which restrict access to important platform services like advertising and search.

01:21 Apple, as you might expect, has pushed back on having to conform to the new legislation.

01:26 The company says the new rules could put users at risk for scams or fraud because apps that

01:30 don't go directly through the App Store are not reviewed by Apple itself.

01:35 Apple declined to say whether or not the changes made in European markets will be introduced

01:39 elsewhere.

01:40 That'll do it for your daily briefing.

01:42 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.

01:45 Thanks for watching.

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