Apple hikes music & TV+ prices for the first time since launch

Apple Inc. raised the prices for its music and TV+ services for the first time since launch owing to rising licensing costs. The move could give rivals an advantage in the intensely competitive streaming market.

With immediate effect, Apple Inc raised the monthly cost of Apple Music for individuals from $9.99 to $10.99, making it more pricey than services from Amazon and Spotify. After the announcement, Spotify experienced its greatest intraday jump in nearly three months, rising as much as 9.4% to $97.07.

Plans offered by Apple


Apple will continue to charge less for its TV+ video subscription than rivals like Netflix Inc. and Warner Bros. Discovery Inc.

The standard Apple One package goes up $2 to $16.95, while Apple TV+ will cost $6.99 instead of $4.99.

Apple is raising the cost of its TV+ annual membership from $49 to $69 and its annual music plan from $99 to $109.

Family-friendly Apple One bundles will now cost $22.95 instead of $19.95.

The Premier plan, which includes News+, Fitness+, and more storage in addition to Arcade, Music, and TV+, will now cost $32.95.

Apple's current push into streaming is a part of a larger initiative to increase service revenue. From less than 10% in 2015, that segment now accounts for roughly 25% of the company's sales in the June quarter.

1. Will the artists make more money due to the increase in Apple's plans?
   According to a statement from Apple, artists and composers will now make more money due to the price increase in music.
2. Will Apple's competitors raise their prices too?
   Later this year, the price of Disney+, the company's flagship program, will increase by 38% to $11.