Apple TV Plus is raising its price again, just one year after its last hike.
Last year, Apple's streaming service increased its monthly subscription fee for the first time since it launched, from $4.99 to $6.99. Now, Apple TV Plus is getting even more expensive at $9.99 per month, an increase of over 40%. The annual subscription is also going up, from $69 to $99.
And the TV streaming service isn't the only one. Apple is also raising prices on other services, including Apple Arcade, Apple News Plus and the Apple One bundle.
The new rates are already in effect for new subscribers. For existing subscribers, the price hikes will go into effect on their next renewal date.
“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.
“Since launching four years ago, Apple TV+ has made history for streaming services by crossing major milestones in a short span of time, thanks to its extensive selection of award-winning and broadly acclaimed series, feature films, documentaries, and kids and family entertainment.”
Streaming is getting more expensive
Apple TV Plus is hardly alone in raising prices. Every major streaming service has increased rates in the past two years, as the industry has experienced setbacks in subscriber growth and revenue generation. All of them have introduced multiple ways to make their streaming services profitable, including price hikes.
Netflix recently increased the cost of some of its plans. Disney Plus instituted one in early October that was previously announced. Paramount Plus and Peacock also raised their fees this year.
Netflix, Disney Plus and Max rolled out ad-supported options, while Amazon is planning to run ads on Prime Video. When that goes into effect next year, Apple TV Plus will be the only major streamer that doesn't have an ad-supported plan. But perhaps not for long — Apple may be exploring the video advertising business.
Even deep-pocketed Apple can't support a money-losing streaming service forever. Apple spends a lot of money on high-profile movies and shows, like the recent Martin Scorsese film Killers of the Flower Moon (which reportedly had a budget between $200 to $250 million). The company also plunked down a significant amount for the rights to MLS games.
Cutting the cord was supposed to be our cheap future, but it's certainly not cheap anymore.