iOS e-reader developer iFlow has decided to shut up shop following Apple's move to impose a 30 per cent cut on in-app purchases.
Announcing that the firm would shut down on the 31st of May, the makers of iOS e-reader app iFlow Reader said that BeamItDown Software apologised for the closure saying that it was not possible to sell books at a loss.
"We bet everything on Apple and iOS and then Apple killed us by changing the rules in the middle of the game," they wrote.
"This is a very sad day for innovation on iOS in this important application category. We are a small company that thought we could build a better product. We think that we did but we are powerless against Apple’s absolute control of the iOS platform."
The firm explained that Apple's requirement of paying 30 per cent of the selling price of any ebook was greater than the gross margin from book publishers due to the 'agency model' of enforced pricing.
"We put our faith in Apple and they screwed us. This happened even though we went to great lengths to clear our plans with Apple because we did not want to make this substantial investment of time and money blindly."
The firm said Apple would have known the change was on the cards since Apple iBooks was already in development.
"We never really had a chance."