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For the first time, Apple is raising its prices for subscriptions to Apple Music and Apple TV+. Let’s start with Apple Music which trails only Spotify worldwide in the number of overall users, but is ahead of it in some countries. In the states, Apple is raising the price for an individual Apple Music subscription by 10% taking the monthly cost from $9.99 to $10.99.
Apple is raising subscription prices for Apple Music, Apple TV+, and Apple One
The Apple Music family subscription, which includes as many as six separate accounts, is now $16.99 following a $2 or 13.3% hike. Spotify, Apple’s chief rival, is keeping its price unchanged at $9.99 per month for an individual plan (following a two-month free trial) or $15.99 per month for a family plan for up to 6 members. The annual subscription price for an individual goes from $99 to $109.
Apple raises the price of an Apple Music subscription
The price hikes also impact the pricing of the Apple One bundle plans. The individual plan, which includes Apple Music, Apple TV+, Apple Arcade, and 50GB of iCloud+ storage, is now $16.95/month which is $2 higher or 15% more than the $14.95 per month that Apple previously charged. The Family plan which includes Apple Music, Apple TV+, Apple Arcade, and 200GB of iCloud+ storage is now $22.95/month for an increase of $3 or 15%.
The Premier Apple One package which includes Apple Music, Apple TV+, Apple Arcade, a whopping 2TB of iCloud+ storage, Apple News+, and Apple Fitness+ is now $32.95/month, a $3 or 10% increase.
The price increases should help the revenue of Apple’s services unit grow
Apple still offers promotions to those buying its devices. For example, those purchasing a new iPhone, iPad, Apple TV 4K, or Mac receive three free months of Apple TV+; six months of Apple Music is free with the purchase of certain AirPods earbuds, Beats headphones, or HomePod speakers.
The price increases, assuming that only a small number of existing subscribers cancel their subscriptions, should help boost Apple’s services revenue which hit $68 billion in fiscal 2021. This figure has tripled over the last six years.
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