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Apple Fined Nearly $2 Billion Over Music Streaming

Shares of Apple (AAPL) are down 1% after the consumer electronics giant was fined €1.8 billion ($1.95 billion U.S.) by the European Commission for violating rules pertaining to its music streaming service.

In issuing the notice of its fine against Apple, the European Commission stated: that it “…found that Apple applied restrictions on app developers preventing them from informing iOS users about alternative and cheaper music subscription services available outside of the app.”

Apple has already taken steps to appeal the decision and fine from the European Commission.

The main beneficiary of the European Commission’s ruling is Swedish music streaming giant Spotify (SPOT).

Apple said in a written statement concerning the fine that “Spotify has the largest music streaming app in the world and has met with the European Commission more than 65 times during this investigation.”

For its part, Spotify has said that it was worried about Apple complying with the “Digital Markets Act,” the European law that aims to make the digital sector fairer.

It’s not known when Apple’s appeal of the ruling and fine will be heard in Europe.

Apple’s stock has risen 17% over the last 12 months to trade at $179.66 U.S. per share.