Apple Hiking Prices For All Of Its Services
Apple will increase the price of all its subscription services $1-$2 effective immediately.
Apple is widely known for its iPhone, iPad, watch, air tag, tv, and a lengthy list of other products within the world of electronics. Many Apple consumers who own one or more of these products are familiar with its video and music streaming services which come with a monthly subscription fee. As the costs associated with pretty much everything have gone up with the recent inflation, Apple has also announced effective today, its streaming services will too have a rate increase.
This news being shared by CNN Business has disclosed in the latest example of rising costs and streaming products and services becoming more expensive, that Apple also has, effective immediately, raised the prices of its video and music streaming services. A statement from Apple directly to CNN Business said the change in Apple music’s cost is “due to an increase in licensing costs, and in turn, artists and songwriters will earn more for the streaming of their music”. The company has also stated that Apple TV+ was initially introduced to its consumers at a very low price because it began with limited movies and shows.
The latest of these price increases by Apple could just be the latest test of exactly how far consumers are willing to go to keep their current streaming services active and current during a timeframe where inflation has everyone on their toes with strict financial budgets. An Apple Music subscription for individuals has gone up $1 raising the cost from $9.99 to $10.99 per month. The Apple Music family plan will now cost consumers $16.99 per month instead of the previous $14.99.
The rise in costs for Apple streaming services does not just impact Music, as the price of Apple TV+ will increase from $4.99 to $6.99 which is a 40% cost increase. Let’s not forget that the tech giant already spiked the monthly subscription costs for Disney+ back in August of this year with a $3 increase pushing it to $10.99 per month. This would be the largest increase in the Disney+ streaming service since it first launched over three years ago.
Apple’s increase in monthly subscription costs comes as macroeconomic pressures are hitting the technology sector hard, which is pushing other companies, including Apple, to scramble for new and improved ways to generate more revenue. This past year, Apple watched its stock decline nearly 18% and is betting on income from the subscription services to boost the company’s bottom line before year-end numbers are finalized.
Current subscribers will receive notifications of the planned price increases with a thirty-day grace period prior to the video or music streaming services renewing at the new rates. The tech giant has an advantage compared to its competitor streaming services, as it provides far more features than the others. Making it less likely Apple consumers will walk away from their current streaming services with a few dollars a month increase to their subscriptions.
