Apple raises prices for Music, AppleTV+ services
The price changes are due to an increase in music licensing costs, expanded selection of tv shows and films
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Apple on Monday hiked prices for Apple Music, its AppleTV+ streaming service and its Apple One bundle.
According to its website, Apple Music will now cost $10.99 per month, or $109 per year, for its individual plan and $16.99 for its family plan, up from $9.99 per month, $99 per year and $14.99 per month, respectively. AppleTV+ will cost $6.99 per month, or $69 per year, up from $4.99 per month and $49.99 per year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 228.02 | +3.02 | +1.34% |
The Apple One bundle for individuals will increase from $14.95 to $16.95 per month, while the family bundle will increase from $19.95 per month to $22.95 per month and the premier bundle will increase from $29.95 per month to $32.95 per month.
Apple One includes TV and Music subscriptions, Apple Arcade, and iCloud storage ranging from as low as 50 gigabytes to as high as 2 terabytes. The Apple One Premier plan also includes News+ and Fitness+.
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An Apple spokesperson told FOX Business that the price change for Apple Music is due to an increase in licensing costs.
"In turn, artists and songwriters will earn more for the streaming of their music," the spokesperson said. "We also continue to add innovative features that make Apple Music the world’s best listening experience."
In this photo illustration the Apple Music logo and app is seen displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) | Getty Images
Meanwhile, the price increase for AppleTV+ comes as the company added content to the streaming service since its launch in 2019.
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"We introduced Apple TV+ at a very low price because we started with just a few shows and movies," the spokesperson said. "Three years later, Apple TV+ is home to an extensive selection of award-winning and broadly acclaimed series, feature films, documentaries, and kids and family entertainment from the world’s most creative storytellers."
The company has not disclosed AppleTV+'s subscriber numbers.
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Apple's pricing changes come as Netflix is preparing to roll out a $6.99 per month ad-supported streaming tier in the U.S. and 11 other countries starting Nov. 3. In addition, the company plans to start monetizing account sharing in early 2023.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 847.05 | +23.09 | +2.80% |
| DIS | THE WALT DISNEY CO. | 113.54 | -1.54 | -1.34% |
Meanwhile, Disney+ will roll out a $7.99 per month ad-supported tier on Dec. 8.