Apple (AAPL) is raising the prices of some of its subscription services, including its streaming platform Apple TV+, in the US and select international markets beginning Wednesday.
The company announced the changes on its website, which revealed Apple TV+ will now cost $9.99, up from the prior $6.99. Apple TV+ originally cost $4.99 when it first launched in November 2019.
Apple Arcade and Apple News+ will each go up by $2 and $3, respectively, to $6.99 and $12.99.
As a result of the changes, Apple One, which bundles up to six Apple subscriptions for one monthly price, also saw its tiered prices increase.
The individual plan will now cost $19.95 a month, up from $16.99, while the family plan will be $25.95 — up from the prior $22.95. The premier plan went up by $5 to a new monthly price of $37.95.
Existing subscribers will see these price increases 30 days later, on their next renewal date.
Apple raised the prices on a slew of its subscription services last year, hiking the monthly costs of Apple TV+, Apple One, and Apple Music. Wednesday's announcement did not include price hikes to Apple Music or its fitness subscription plans.
"We are focused on delivering the best experiences possible for our customers by consistently adding high-quality entertainment, content, and innovative features to our services," Apple said in a statement provided to Yahoo Finance.
Apple reported strong services revenue in its latest quarter with sales up $21.2 billion, an increase of more than 8% year over year. The company's services segment includes businesses like Apple TV+, along with the App Store and Apple Music.
Apple does not report separate breakouts of its services components, nor does it reveal subscriber figures for Apple TV+; however, the company has consistently reiterated the importance of services — like streaming — to its future.
"Our customers are more engaged as we have more transacting accounts and paid accounts on the ecosystem," Apple CFO Luca Maestri said on the latest earnings call in August. "The subscriptions business is very healthy with growth of 150 million paid subscriptions just in the last 12 months. It's almost double to what we had 3 years ago."
Streaming prices have ballooned across the board as profitability becomes top of mind for the industry.
This year alone, Warner Bros. Discovery (WBD), Comcast's Peacock, Disney's Disney+ and Hulu (DIS), Alphabet's YouTube TV (GOOGL), and Netflix (NFLX) tiers have hiked prices.
Added up, the cost of these services now rivals the dreaded cable TV bundle of years past — the very thing that streaming set out to undo.
Consumers are taking notice, with subscribers canceling more of their plans to combat rising costs. According to a new report from Antenna, US subscribers are canceling streaming services at record rates with 6% of overall subscribers canceling plans in September — the highest recorded rate.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on Twitter @allie_canal, LinkedIn, and email her at [email protected].
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