- Fortnite developer Epic Games elaborated on contracts Alphabet Inc's GOOG GOOGL Google allegedly signed with phone makers and other top video game companies to save $1.1 billion annually app store profit, Reuters reported.
- Google allegedly paid companies like Activision Blizzard Inc ATVI and phone makers for not preinstalling any other app stores, the Verge reports.
- In 2019, Google launched Premier Device Program to pay handset makers to retain Play Store's exclusivity. Google's Project Hug spent hundreds of millions of dollars on over 20 top developers in marketing and other benefits to keep them on the Play Store.
- The companies were embroiled in a legal clash since 2020 after Google opposed Epic Games' bypassing of Google's app store commission to launch Fortnite through its website.
- Google had even conspired with Epic Games' minority stakeholder Tencent Holdings Ltd TCEHY to acquire Epic Games.
- Apple Inc AAPL also remains embroiled in multiple lawsuits over app store dominance.
- Price Action: GOOG shares closed higher by 1.11% at $2,768.74 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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