Apple(US:AAPL) Sou Hu Cai Jing·2025-06-06 04:13Core Insights - Apple's recent report indicates that the App Store ecosystem is projected to generate $1.3 trillion in revenue and sales in 2024, with over 90% of this revenue going directly to developers without paying any commission to Apple [1][3]. App Store Revenue Structure and "Apple Tax" Controversy - The commission Apple collects is limited primarily to digital goods and services, which account for $131 billion, approximately 10.11% of the total revenue [3]. - Physical goods and services represent the largest share at $1.01 trillion, making up 78.3% of the total [3]. - In-app advertising revenue is reported at $150 billion, constituting 11.58% of the total [3]. - Apple's commission policy employs a tiered structure, where developers earning over $1 million pay a 30% commission, while small and medium developers pay a reduced rate of 15% [3]. - In China, the App Store ecosystem's sales reached 3.76 trillion yuan in 2023, with the commissionable digital goods and services making up only 3.85% [3]. - More than half of the Chinese developers paying commissions qualify for the 15% reduced rate, and large game developers often have an effective commission rate below 20% [3]. Global Regulatory Pressure and Policy Adjustment Trends - The "Apple Tax" faces unprecedented regulatory challenges globally, with 18 countries and regions initiating over 20 regulatory actions, including investigations, legislation, and lawsuits [4]. - The European Union has taken significant steps, imposing a €1.84 billion fine on Apple in March 2024 due to its dominant position in the music streaming market, leading to adjustments in commission rates [4]. - The U.S. courts have ruled against Apple's restrictions on developers directing users to external purchase links [4]. - Japan plans to implement new tax regulations in April 2025, requiring Apple to collect a 10% consumption tax on transactions for non-Japanese developers [4]. - Other countries, including Azerbaijan, Peru, and Slovakia, are also adjusting tax policies that will affect developers' actual earnings [4]. Implications of Regulatory Actions - Regulatory bodies believe that limiting the "Apple Tax" will enhance fairness in the digital market and promote competition [5]. - While lowering fees and reducing restrictions on third-party payments may impact Apple's profitability, it is expected to foster innovation and provide users with more choices, benefiting developers [5]. - Apple maintains that the App Store offers essential channels, ecosystems, and tools for developers to launch products, attract users, and generate profits, justifying its commission structure [5].