Apple v. Epic Injunction – Has The Market Overblown Another App Store Legal Risk?

Morgan Stanley

• The US App Store is $11B of revenue, or 3.0% of total Apple revenue and ~7.5% of total Apple EPS. We see this as the worst-case revenue at risk.

• In reality, only 20% of iPhone owners are 'extremely likely' to pay outside the App Store, while others require a 35% pricing discount to do so.