Netflix Inc. (NFLX) is no longer allowing users to pay for its streaming service through Apple Inc.'s iTunes service, according to an update of the FAQ, or frequently asked questions, on its site. "We no longer support iTunes as a method of payment for new members," the company says. "Existing members who currently use iTunes as a method of payment can continue to do so." Apple has a 15% charge on in-app subscriptions that it will now no longer receive, with Netflix instead pushing customers to its own website for billing and payments services. Netflix shares were down 3.5% premarket, but have gained 33% in the last 12 months, while the S&P 500 has fallen 7%. Apple shares (AAPL) were down 2%, with all 30 Dow components moving lower.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 02, 2019 09:45 ET (14:45 GMT)
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