Apple increased the subscription prices of Apple Music and Apple TV+ today for the first time.
Effective immediately, Apple Music now costs $10.99/month, up from $9.99/month. That makes Apple Music more expensive than Spotify and Amazon Music Unlimited. Notably, Spotify’s stock has surged on the news and is currently up around 7%.
In a statement, Apple said Music prices are going up due to “an increase in licensing costs”, adding that artists and songwriters will earn more money.
Apple TV+ now costs $6.99/month. That’s up from $4.99/month. While still cheaper than rival offerings, Apple has significantly less content than its competitors. In light of these changes, the Apple One subscription is also more expensive now, increasing $2/month to $16.95.
The company says that Apple TV+ is getting more expensive because it was initially introduced “at a very low price” due to a limited amount of shows and movies. Now, Apple says the service 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.”
Will you still keep your subscriptions after the price hike? Let us know in the comments![via Bloomberg]