Jim Cramer's Reaction to Apple's App Store Cutting Fees

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Apple  (AAPL) - Get Report announced Wednesday that it is cutting the fees charged to developers who sell software and services on the App Store by 50% in a move that will take effect in January 2021.

The company will charge a 15% commission for "small" developers who produce up to $1 million in annual revenue, down from the previous fee of 30% it charged all developers.

Apple said that the move is designed to "accelerate innovation and help small businesses and independent developers propel their business forward with the next generation" of apps on its platform.

Jim Cramer weighs in on what it means in the video above. 

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