Spotify's CEO Slams Tech Titans Apple And Google, Calls For Swift AI Regulation Overhaul

Spotify Technology's SPOT CEO Daniel Ek has reportedly voiced his concerns over the rapid evolution of artificial intelligence and the dominance of tech giants like Apple Inc. AAPLand Alphabet Inc. GOOG GOOGL. 

Ek emphasized the dynamic nature of AI development but raised concerns that current regulations would become outdated because of the pace at which the technology was transforming, according to a news report by the Financial Times, citing an interview.

Ek expressed exasperation with Apple and Google's overwhelming control over internet access globally. 

"I find it insane that two companies essentially control how over four billion consumers access the internet around the world. Not only are they dictating the rules, they also compete directly downstream with those providers," Ek told the Financial Times.

Also Read: Spotify Reigns Supreme In Music Streaming Wars, But Apple And Amazon Close The Gap

He advocated for the U.K. to seize the opportunity to demonstrate agility and leadership in establishing fair digital market practices, especially in the post-Brexit era. 

Businesses competing directly with Apple were forced to pay commissions on in-app sales, the report added. "That's where it becomes anti-competitive," EK said, as noted by the Financial Times.

Ek is urging EU legislators to implement the Digital Markets Act (DMA) in its entirety and is also supporting the enactment of the Open App Markets Act in the US, the report added.

Also See: Spotify's Mobile App Momentum and Margin Focus To Surge in Q3, Analyst Says

Price Action: SPOT shares are trading lower by 1.02% to $156.50 premarket on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.