Apple and Google are facing a class action on behalf of Aussie consumers, who say their market power is affecting prices.
👉 Background: Apple has recently come under fire for its strict App Store payment rules (remember the Fortnite saga?)
👉 What happened: Essentially, Apple had forced companies to use its payment system for in-app purchases - or get banned. Google also had similar practices. Now, these two companies are facing a class action.
👉 What else: But interestingly, it ain't app developers or regulators coming at Apple or Google - it's users. Consumers reckon this conduct has led to higher prices for them, and they want regs to crack down on their market power.
💡Scrutiny of big tech’s market power has been present for years now, but it’s never been greater than it is right now.
💡Apple's under investigation in the US, EU, Japan, Oz and India. Google's facing proceedings in the US, EU and India. Why all the fuss now? Well, regulators are realising that the policies of Apple and Google’s app stores are creating a monopoly - the thing they hate the most.
💡Monopolies take out competition, which leads to higher prices for consumers. So the outcome of this case in Oz could have some serious ramifications for Apple and Google.
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