The antitrust complaint Spotify filed against Apple has merit and could pose a financial risk to Apple, says a note from KeyBanc Capital Markets.
Apple's revenue from services like the App Store and Apple Music are more important for the company than ever as iPhone sales have slowed.
Apple takes a 30% cut of revenue from most App Store transactions, and even takes a slice from your monthly Spotify Premium fee if you subscribe via the iOS app. Ek says this makes it difficult to keep Spotify Premium priced competitively with Apple Music. Apple also requires app makers to use the App Store for all transactions, and limits the ability of developers to point users at outside payment portals.
"We believe the most significant financial risk to Apple would come from a forced requirement to allow first party and other third party payment processing from within apps," the note read."This would create competition for subscription and in-app payments that would likely drive the current 30% rate Apple collects down substantially."
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