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Apple says third-party app marketplace creators must have €1,000,000 'letter of credit' (9to5mac.com)
submitted 2 years ago by to c/technology@lemmy.world
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[–] 24 points 2 years ago (5 children)

I don't expect the EU to fine Apple enough that it might actually hurt them, but if we suppose the regulators wanted to, is there anything to stop them?

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  • [–] 26 points 2 years ago* (4 children)

    The highest GDPR fine was 1.2 billion. As far as I know nothing is stopping the EU from imposing higher and higher fines with continued breach of guidelines there, and I would expect these fair market regulations to work similarly.

    Also for reference, that fine was against meta, who had 34 billion in revenue in 2023. So that fine cost them around 3% of their global revenue, which I'm sure is tolerable, but definitely approaching the point of hurting.

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  • [–] 20 points 2 years ago (3 children)

    The highest GDPR fine was 1.2 billion.

    This isn't the GDPR but the DMA. That said, fines there are even steeper, 10% of global revenue for the first offence, 20% for repeated offences.

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  • [–] 8 points 2 years ago (1 child)

    This is what I hoped to see. Apple's at actual risk of harm (or pissing off its shareholders) by messing with the EU.

    Here in the States, our regulatory departments are entirely captured so there's little to stop corporate anti-competitive shenanigans.

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