Key Takeaways <\/p>\n
Alphabets (GOOGL) Google agreed to pay $700 million to consumers and states, and make changes allowing for greater competition in its app Play Store, according to the terms of an antitrust settlement disclosed Monday. <\/p>\n
Of the $700 million, $630 million will go into a consumer settlement fund and $70 million into a state fund, according to the settlement, which still awaits judicial approval. Eligible consumers are expected to get at least $2 each, and that may increase based on their spending in the Google Play Store between August 2016 and September 2023. All 50 states, alongside the District of Columbia, Puerto Rico, and the Virgin Islands, were part of the settlement. <\/p>\n
Google VP of Government Affairs & Public Policy Wilson White also outlined some changes to the company's app store in a blog post. Among these will be user choice billing, where developers can now show different pricing options within the app. The company is also looking to streamline \"sideloading,\" which is the installation of apps outside of the Play store. <\/p>\n
While Google said it was \"disappointed that the verdict did not recognize the choice and competition that our platforms enable,\" the changes will come into effect after formal court approval of the settlement. <\/p>\n
Google had reached a tentative settlement in September, but the terms were kept under wraps ahead of a trial between Google and Fortnite maker Epic Games. A California federal jury ruled in favor of Epic last week in a case alleging that Google's Play Store maintained illegal monopoly power. Google said it intends to appeal the ruling. <\/p>\n
Shares of Google parent Alphabet were up 0.5% at $136.42 per share as of about 10 a.m. ET Tuesday, and have gained over 53% in 2023 so far. <\/p>\n
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Alphabet's Google Agrees to Pay $700 Million in Settlement Over Play App Store - Investopedia<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Key Takeaways Alphabets (GOOGL) Google agreed to pay $700 million to consumers and states, and make changes allowing for greater competition in its app Play Store, according to the terms of an antitrust settlement disclosed Monday. Of the $700 million, $630 million will go into a consumer settlement fund and $70 million into a state fund, according to the settlement, which still awaits judicial approval. Eligible consumers are expected to get at least $2 each, and that may increase based on their spending in the Google Play Store between August 2016 and September 2023. Continue reading