Apple Raises Prices For Music and video streaming services on Monday is the latest example of streaming products increasing in price in recent months. The monthly cost of an individual Apple Music subscription has increased to $10.99 from $9.99, and the cost of a family plan for up to five people has increased to $16.99 from $14.99.
Apple announced on Monday that the monthly cost of Apple TV+ would be raised from $4.99 to $6.99, a 40% increase.
Apple (AAPL) stated to CNN Business that the price hike is “due to an increase in licensing costs, and as a result, artists and songwriters will earn more for the streaming of their music.”
Additionally, Apple stated that Apple TV+ was initially introduced “at a very low price because we started with just a few shows and movies.” Since then, Apple’s product line-up has grown, and the company’s film “CODA” took home the best picture Oscar this year.
Rising inflation has generally driven costs up for Americans across a wide range of services, but the new price hikes could be the latest test of how much consumers are willing to spend on streaming products.
Disney announced in August that the premium tier of Disney+ would increase in price by $3, to $10.99 per month. This represents the largest price increase for the streaming service since it first launched nearly three years ago. Disney, which owns a majority stake in Hulu, recently increased monthly fees for the service.
The tech industry has been hit especially hard by macroeconomic pressures, forcing businesses like Apple to look for innovative ways to increase revenue in the face of the price increase. In recent years, as growth in iPhone sales has slowed, Apple has increasingly relied on revenue from its subscription services to bolster its bottom line. This year, however, Apple’s stock has fallen nearly 18%.
New Prices For Apple Subscriptions
Prices for Apple’s streaming services will change as follows on Monday.
Apple Music Price
- Individual: $10.99 (previously $9.99)
- Family: $16.99 (previously $14.99)
- Annual: $109 (previously $99)
Apple TV+ Price
- Monthly: $6.99 (previously $4.99)
- Annual: $69 (previously $49.99)
Apple One Price
- Individual: $16.95 (previously $14.95)
- Family: $22.95 (previously $19.95)
- Premier: $32.95 (previously $29.95)
The Cost Of Streaming Continues To Rise.
Apple is the most recent company to increase the cost of its streaming service. The Walt Disney Company announced price increases for Disney+, Hulu, and ESPN+ back in August. Starting in December, the monthly cost of the current Disney+ plan will increase by $3, to $10.99.
At that time, Disney+ will roll out a $7.99 ad-supported tier. The price of ESPN+ has gone up to $9.99 per month as of August, and Hulu’s price went up at the beginning of this month as well.
Price increases for all Netflix subscriptions went into effect in January.
Its most popular Standard plan, which includes HD and split-screen viewing, is now $15.49 per month, up from the previous $9.99. Monthly payments of $19.99 are required for the Premium package.
Starting next month, for $6.99 a month, Netflix will offer a basic plan that is supported by advertisements.
How To Cancel Apple TV+?
How you cancel Apple TV is determined by how you signed up for the service. To manage your Apple TV subscriptions, visit tv.apple.com from any computer and select Settings > Subscriptions > Manage.
To access your account after signing up from an iOS device (iPhone, iPad), go to Settings and then tap your name. In order to power down Apple TV, go to the subscriptions menu. You can use the same method to terminate your Apple Music or Apple One membership.