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Apple is raising rates for its Apple TV+ and Apple Music streaming services and this was announced on Monday, Oct. 24. This new price hike simply shows that streaming products worldwide have gotten more expensive in recent months.
According to CNN Business, the service rate of Apple TV Plus will go up by 40%, which translates to $6.99 per month, which previously only cost $4.99. A subscription to Apple Music will also increase from $9.99 to $10.99 per month for the individual plan. The family plan where five members of the household can enjoy the service is now $16.99 per month from $14.99.
Apple said that changes in Apple Music’s rates were caused by the increase in licensing costs and global inflation. Also, with the new policies and rates, artists and songwriters can now earn more for the streaming of their music.
As for AppleTV+, the tech firm suggested that increasing the subscription prices is a natural process. It explained that the initial price was only an introductory rate, and it was very low because AppleTV Plus was launched with just a few shows and movies. Today, its offerings have been expanded, and subscribers can enjoy selections from a wide range of multi-awarded shows and films.
“We also continue to add innovative features that make Apple Music the world’s best listening experience,” CNBC quoted Apple as saying in a statement. “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.”
Meanwhile, experts said that these new price increases would also serve as a test to know how much consumers are willing to spend on streaming services. This is important because this is a time when everything, especially food and necessities, is no longer cheap.
It was further noted that the latest price increase in Apple’s TV and music streaming subscriptions comes amid the macroeconomic pressures that have struck the tech industry especially hard. This event forced companies to find and set up new ways of generating revenue.
