Apple reduces its cut of App Store purchases for smaller developers

Apple said it will reduce its take of app sales from 30 percent to 15 percent for some smaller developers. The tech giant has come under criticism for fees that drive up app prices and put smaller companies at a disadvantage. Apple CEO Tim Cook said the tech giant was cutting its percentage "to help small-business owners write the next chapter of creativity and prosperity on the App Store, and to build the kind of quality apps our customers love.”