Apple Inc. (NASDAQ:AAPL) has announced a price increase for its prime services, namely Apple TV+, Arcade, and Apple One, with immediate effect on Wednesday.
What Happened: Apple TV+ monthly subscription prices have been raised from $6.99 to $9.99. The yearly plan also increased its prices from $69 to $99, following a previous hike in October 2022, reported CNBC.
The bundled package Apple One, a popular choice among families for accessing Apple’s services at a discounted rate, is also getting pricier, with its premium package now priced at $37.95 per month.
Additionally, Apple’s Arcade and News+ monthly subscriptions will now cost $6.99 and $12.99, respectively. Notably, Current subscribers will face these increased prices 30 days later, at their upcoming renewal date.
On Wednesday, an Apple spokesperson told CNBC, “The subscription prices for Apple TV+, Apple Arcade, Apple News+, and Apple One will increase in the US and select international markets beginning today.”
These services form a crucial part of Apple’s revenue, generating $21.21 billion in its fiscal third quarter and making it Apple’s second-largest business after the iPhone.
This indicates Apple’s strategy to monetize its active two billion devices through subscriptions, streaming TV, warranties, ads, payment services, and other such products.
Why It Matters: These price hikes follow similar trends in other major media companies, like Walt Disney Co.’s (NYSE:DIS) Disney+ and Netflix Inc. (NASDAQ:NFLX).
Earlier this month, Netflix increased prices for certain streaming plans in the U.S., U.K., and France.
In the U.S., the premium ad-free plan now costs $22.99, whereas in the U.K., it’s now priced at 17.99 pounds. In France, the premium plan has been adjusted to 19.99 euros.
Moreover, a major overhaul of the Apple TV app is reportedly on the cards as part of the upcoming tvOS software update in December. This move aims to consolidate its video services and strengthen its position in the streaming market.
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