Apple will be the next major target in the latest United States crackdown on Big Tech, IAC CEO Joy Levine predicted on CNBC Friday.
Levine said on “Squawk Box” that he believes “Apple’s next, and I think Apple is, in many ways, worse than Google,” which was discussed this week at a meeting with the state attorney general. The group filed suit. The AG alleged that the Alphabet entity abused its power over app developers through its Play Store on Android.
Apple has “forced companies into the system,” said Levine, whose firm operates Internet properties like Angie’s, which have apps on Apple’s App Store. “They have a monopoly, there’s no way around it. And the fees are exorbitant, and it flows to everyone.”
Apple has strongly defended its policies, saying that money from commission fees goes to maintaining and securing the App Store in a way that ultimately benefits app makers.
The US attorney general “got it right” with his new lawsuit against Google, Levine said, speaking with CNBC’s Julia Burstyn from Sun Valley, Idaho, where last year’s event was canceled due to the coronavirus. And the media CEOs returned for an impressive annual convention. Universal pandemic.
Representatives for Apple and Google did not immediately respond to requests for comment.
Attorney generals for 36 states and the District of Columbia, coming from both sides, are challenging Google in an antitrust lawsuit. The case is the fourth antitrust lawsuit filed against Google by government officials in the past year.
In a blog post addressing the new suit, Google said the action disregards the likes of Google’s Android and the company’s Play Store.
Regulators are the same after Apple, which is also facing legal challenges and allegations of unfairly taking large deductibles from developers for payments made through its apps by customers, and alleging that the company is being deducted by its rivals. Supports its own app on built app.
IAC and Expedia President Barry Diller told CNBC in May that Apple “disgustingly” overcharges companies that have apps on the iPhone maker’s App Store. Apple charges a commission rate of 30% on in-app transactions for large companies and 15% for some smaller developers.
The lawsuit against Google is the latest in a string of challenges against major tech players, with President Joe Biden also set to sign a new executive order aimed at corporate consolidation and reforming antitrust laws.
“I think the world could use the competition. I think the world could now use some rules around the scale of these businesses, with a lot of power concentrated in very few hands,” Levine said, adding that the rules This is a difficult task to enforce. They often favor the incumbent. “It would be good for innovation, if they can fix it.”
The CEO doesn’t believe the antitrust law will affect IAC’s ability to expand, however, adding that the company has spun off all of its larger companies, including Match Group and Vimeo, and that it is “getting new business into new areas”. focused on reconstruction.
Looking ahead, Levine said that IAC’s incubator is setting its vision on blockchain and smart contract development, calling the technology a “new, exciting wave of change.” The blockchain, which stores data in blocks that are then chained together, is the digital ledger behind cryptocurrencies like bitcoin. NFTs, or non-fungible tokens, are smart contracts that uniquely authenticate digital assets.
“I think we’ll probably develop the incubator to focus exclusively or significantly on things that involve blockchain and smart contracts,” Levine said. “New companies will form and new ideas or approaches to things will form, and I think we want to start experimenting there.”