Apple TV+ increases subscription price by 30%

Apple TV+ recently announced that it will be increasing its subscription price by $3, bringing the new monthly cost to $12.99. This change is part of a trend among streaming services, as production costs rise and companies feel the pressure to increase profits. Apple TV+ first launched in 2019 at $4.99 a month, offering quality shows and movies as a perk for Apple product users. Over time, the price has increased, with the most recent jump being from $6.99 to $9.99 in October 2023.

Despite the price hike, Apple TV+ is not changing its annual price of $99.99 or the cost of bundling the service with other Apple offerings through Apple One. The streaming platform, which is part of Apple’s larger services category, brought in $27.4 billion in revenue in the third fiscal quarter of the year, marking a 13% increase from the previous year.

Although Apple TV+ has received critical acclaim for shows like “The Studio” and “Ted Lasso,” it still remains smaller compared to other streaming competitors. Analysts have noted that Apple TV+ has been losing money, but it is seen as part of Apple’s broader push into services to complement its hardware business. Apple has made significant commitments to manufacturing in the U.S. recently, pledging an additional $100 billion in domestic manufacturing.

While Apple has not disclosed the exact number of Apple TV+ subscribers or the reasons behind the price increase, the move reflects the changing landscape of the streaming industry. Unlike some other platforms, Apple TV+ does not offer an ad-supported version of its service, maintaining a subscription-based model.