Apple's new App Store update increases maximum price points $10,000
The update is considered one of the most significant changes to the App Store in years
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Apple released 700 new price points and tools this week that will remove restrictions on what developers can charge their customers on the App Store.
After settling a class-action lawsuit last year, the smartphone company promised to bring changes to the App Store centered on boosting developer capabilities. According to Bloomberg, before Apple implemented these changes, developers were limited to 100 potential price points.
Previously, price ranges had a minimum of 49 cents for subscriptions and 99 cents for apps, while the max price an app could charge was $999.99. Under Apple's Tuesday update, the minimum price in the United States is 29 cents, with a maximum charge of $10,000.
"These newly announced tools, which will begin rolling out today and continue throughout 2023, will create even more flexibility for developers to price their products while staying approachable to the hundreds of millions of users Apple serves worldwide, and in turn help developers continue to thrive on the App Store," the company said in a press release.
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App Store will allow developers to increase the maximum prices for customers. (AP Photo/Kathy Willens, File / AP Newsroom)
Apple states that developers will be able to control the price of their products across 45 currencies across 175 storefronts. Moreover, the App Store will give developers the option to define prices per storefront with plans to roll out this pricing system to all other apps by Spring 2023.
The company will also allow developers to adjust prices by local territory, although the store does now allow them to change pricing based on tax and foreign currency adjustments.
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"The App Store’s commerce and payments system offers developers an ever-expanding set of capabilities and tools to grow their businesses, from frictionless checkout and transparent invoicing for users to robust marketing tools, tax and fraud services, and refund management," Apple noted.