Popular streaming service hikes price for some users
Apple is raising the monthly cost of Apple TV+ by $3, marking the streaming service's first price increase in nearly two years.
Starting Thursday, Apple TV+ will cost $12.99 a month, up from $9.99, for new U.S. subscribers and certain international markets. Existing customers will see the increase to their bills 30 days after their next renewal date, according to the company.
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The price of the annual subscription for Apple TV+ remains the same, as does the cost of Apple One – a bundled subscription service that brings together several services including Apple TV+, Apple Arcade and more.
The tech giant most recently raised the price of Apple TV+ in October 2023.
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"Since its launch, Apple TV+ has expanded its deep library of hundreds of exclusive Apple Originals, with thousands of hours of premium programming across genres and brand-new releases weekly – all ad-free," Apple said.
While Apple TV+ hosts popular shows such as "Severance" and "Ted Lasso," the streaming service has trailed competitors like Netflix and Disney+ in subscriber numbers, Reuters reported.
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Apple TV+ is estimated to have reached around 40 million subscribers by the end of 2024, according to a Visible Alpha poll of five analysts. Meanwhile, Netflix had more than 300 million in the same time period, Reuters reported.
The iPhone maker is losing over $1 billion annually on Apple TV+, The Information reported in March.
In a move to boost subscribers, Apple expanded its streaming service to Android phones earlier this year, Bloomberg News reported.
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Peacock similarly raised the cost by $3 of its premium plus plans and ad-supported plans in July.