Spotify (NYSE:SPOT) stock is getting a boost on Wednesday as it prepares to add in-app purchases to its list of services for customers.
This comes as the European Union (EU) prepares to put into effect its Digital Markets Act (DMA) law in March. This law is designed to allow for more competition among big tech companies.
In the case of Spotify, it opens the floodgates for in-app purchases. That includes the ability to buy audiobooks through the streaming service.
This is a major win for SPOT stock investors, as it gives the company a new source of revenue. Even better is that Spotify will get to avoid Apple’s (NASDAQ:AAPL) restrictive App Store rules. That also means Spotify can more freely advertise its offerings to users of its app.
What’s Next for SPOT Stock?
Spotify may still have to deal with trouble from Apple after adding in-app purchases. The company was forced to allow app installs directly from developers in the United States. However, it has still been pushing for a percentage of revenue even without those apps being installed through the App Store.
Apple may try to do the same with apps in the EU. If that happens, it could cause more problems and legal battles between the smartphone giant and app developers — Spotify included.
SPOT stock is up 2.5% as of Wednesday morning.
Investors on the lookout for more of the most recent stock market stories will want to stick around!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
