Apple (AAPL) has raised the prices of some of its subscription services including Apple TV Plus. The price rise will take place in the U.S., as well as some international markets. One of the services that will see increased rates is its streaming service Apple T.V. Plus. The move from Apple follows several other streaming platforms including Netflix which recently increased its rates.
Apple announced the change in plan rates on its website. Apple TV+ will now cost $9.99 and its annual package will now cost $99. Its earlier price was $6.99 and annual package was $69. In 2022, its monthly subscription rate was $4.99.
Apple is also increasing the subscription rate of Apple One to $37.95. This high end Premier monthly bundle package has been used by several families to lower costs.
Apple has also increased its Arcade price to $6.99 and its News+monthly subscription to $12.99. Apple has not yet mentioned an increase in the subscription prices of Apple Music or its subscription plans for its fitness services.
New subscribers will have to pay these rates from Wednesday, while existing subscribers will see the hike in prices when they renew their subscriptions.
All these services are part of what Apple terms its services businesses. It is the second most lucrative division following the iPhone one, which is the flagship of the tech giant.
Apple has an active base of 2 billion devices. These services monetize this base and immensely add to the profit of the Cupertino tech giant.
Subscription prices for streaming services have been increasing across platforms. In 2023, Warner Bros Discovery (WBD), Disney+ and Hulu, and You Tube TV hiked the cost of their subscription plans. Netflix increased its subscription rates last week and Apple increased it on Wednesday, October 25.
Consumers have noted the increase in subscription rates and have started canceling some plans. Antenna said that 6 percent of overall subscribers canceled plans last month. The September cancelations have been the highest recorded rate.
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