Apple raises prices for streaming music and TV services

Apple on Monday raised the price of its music and video streaming services, the latest example of such products getting more expensive in recent months.

An Apple Music subscription for individuals will now cost $10.99 a month, up from $9.99, and a family plan supporting up to five people, $16.99 a month, up from $14 .99.

The Apple TV+ price will increase to $6.99 per month, up 40% from the previously $4.99 it cost, the company said.

In a statement to CNN Business, Apple (AAPL) said the change in the cost of Apple (AAPL) Music is “due to an increase in licensing costs, and in turn, artists and songwriters will earn more for streaming their music.” .

The company also said that Apple TV+ launched “at a very low price because we started with just a few shows and movies.” Since then, Apple has expanded its list of offerings and won the best picture award at this year’s Oscars for the film “CODA”.

But the new price increases could be the latest test of how much consumers are willing to spend on streaming products, at a time when rising inflation has more broadly driven up costs for Americans across a wide range of services.

In August, Disney announced that the price of the premium tier of Disney+ would jump from $3 to $10.99 a month, the biggest increase since the streaming service launched nearly three years ago. Hulu, which is majority owned by Disney, raised its subscription prices earlier this month.

Apple’s case also comes as macroeconomic pressures hit the tech sector especially hard, prompting companies to look for new ways to generate revenue. The company, which has seen its shares tumble nearly 18% so far this year, has increasingly relied on revenue from its subscription services to bolster its results in recent years as growth in iPhone sales has slowed.