Apple Raises Prices For Apple Music And TV+

Apple Raises Prices For Apple Music And TV+

In the latest instance of streaming items becoming more expensive recently, Apple increased the cost of its music and movie streaming services on Monday. Individual Apple Music subscriptions are now $10.99 per month (up from $9.99), and family plans that may accommodate up to five people are now $16.99 per month (up from $14.99).

According to the company’s announcement on Monday, the cost of Apple TV+ will rise to $6.99 per month from its current price of $4.99, a 40% increase. Apple (AAPL) explained the price adjustment to CNN Business in a statement, claiming it was “due to an increase in licencing fees, and as a result, artists and songwriters will receive more for the streaming of their music.”

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As a result of starting with only a few TV series and movies, the company also claimed that Apple TV+ was released “at a very low price.” Since then, Apple has increased the range of products it offers, and this year, the film “CODA” won the Oscar for best picture.

But given that rising inflation has more generally increased expenses for Americans across a wide range of services, the new price increases may be the most recent test of how much consumers are ready to spend on streaming items.

Disney said in August that the premium tier of Disney+ would cost $3 more per month, or $10.99, marking the highest price rise since the streaming service’s introduction almost three years prior. Disney owns a portion of Hulu, and earlier last month it increased the cost of subscriptions.

Apple’s price rise also comes at a time when the tech industry has been particularly hard hit by macroeconomic factors, forcing businesses to look for alternative sources of income. Apple, whose stock has lost roughly 18% of its value so far this year, has progressively relied on subscription service revenue to boost its bottom line in recent years as the pace of iPhone sales has slowed.