apple inc AAPL increased the prices of its monthly and Content Services on an annual subscription basis in the United States.
What happened: The price hike means Apple TV+ and Apple Music will now cost more, as will the bundled services in the Apple One services. reported CNBC.
Apple Music subscribers now pay $10.99 per month, compared to $9.99 they previously paid.
The TV+ subscription now costs $6.99 per month while it used to cost $4.99 per month.
Apple One with arcade gaming service is now $16.95 instead of $14.95. The bundle also offers cloud storage.
“The move to Apple Music is due to an increase in licensing costs, and in turn, artists and songwriters will earn more for streaming their music,” Apple said in a statement, according to CNBC.
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Why it matters: Apple Music now costs more than the competing offering Spotify Technology SA JOB.
While Apple’s subscription video-on-demand competitors have also increased prices recently, TV+ is still cheaper than Disney+ and Netflix Inc NFLX Services that cost $7.99 and $9.99 per month respectively. The ad-supported version of Netflix would be priced similarly to Apple TV+.
Meanwhile the Tim cook-led company last week announced new Apple TV 4K hardware in two configurations with a starting price of $129.
Apple watcher Markus Gurmann greeted the Price drop and segmentation of the device.
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