Apple TV+ (AAPL) has announced a significant price increase, raising its monthly subscription to $12.99 in the United States and other markets. This adjustment, which took effect on Thursday, represents the service’s first price hike since 2023. According to the company, current subscribers will see the new rate applied 30 days following their next renewal date, while new members will be charged $12.99 after their standard seven-day free trial concludes. Notably, the annual subscription plan will remain at its current price point.

This move is part of a broader trend across the streaming industry, as platforms seek to fund expansive original content libraries and improve their financial returns. In recent months, competitors including Netflix, Peacock, and even music service Spotify have implemented similar price increases in various global markets.

Despite being one of Apple’s most popular services, the company does not publicly disclose specific viewership numbers for Apple TV+. However, a report from The Information earlier this year indicated that while subscriptions have surged toward 45 million, the streaming division continues to operate at an annual loss exceeding one billion dollars.

The price revision arrives as Apple expands the service’s availability, including a recent launch on Android devices, and capitalizes on major content successes like its highest-grossing theatrical film, “F1: The Movie.”