Apple Charging More for Apple TV+, Apple Music, and Apple One
October 26, 2022 at 9:32 p.m.
The Apple services you love are about to get more expensive. Apple announced price hikes affecting three streaming services — Apple TV+, Apple Music, and Apple One. The iPhone maker’s subscription fee increases come at a time of historically high inflation in the United States and economic turmoil in much of the world.
Apple TV+ will now cost $6.99 — a two-dollar increase. The company raised Apple Music’s monthly fee by a dollar, making it $10.99. Apple One, a bundle of multiple services, including Apple TV+ and Apple Music, will now cost $16.95. The Apple One family plan costs $22.95, up from $19.95. The new prices are already in effect and live on Apple’s website and devices.
Apple’s services emerged as a way to overcome dwindling iPhone revenue. For several years, Apple only offered content as purchases and rentals in the iTunes store. Recently, Apple’s development of streaming services like Apple Music and Apple TV+ now rival established competitors like Spotify and Netflix, although Apple still has some catching up to do.
The iPhone maker has a considerable advantage, with over a billion Apple devices in use today. Apple can sell Apple Music, Apple TV+, and other services to every customer through its various operating systems. If you own an iPhone, you will see offers for Apple Music, Apple TV+, and other services. Given customers’ brand trust, they’re likely to subscribe.
Price hikes are often the kiss of death for subscription services. Netflix and others have seen their stocks tank after smaller price increases. Apple blamed the hikes on rising music licensing costs. With the success of Apple TV+ movies like CODA and added content, the company felt confident that a two-dollar price hike wouldn’t upset customers.