Apple TV+ subscribers will now pay $9.99 monthly as the streaming platform discreetly implemented a $3 per month increase in its premium subscription rate, according to reports from various sources.
Forbes reported that the company decided to elevate the monthly rate of its premium Apple TV+ service from $6.99 to $9.99.
Additionally, the pricing structure for its Apple One plans, which encompass services like Apple Music and Apple Arcade, has been modified: the individual package now costs $19.95 per month (up from $16.95), the family package is priced at $25.95 (previously $22.95), and the premier package comes in at $37.95 (previously $32.95).
This price hike places Apple TV+ among the latest streaming platforms to adjust their monthly fees in 2023, following suit with the likes of Netflix, Disney+, Hulu, and HBO Max, as the competition in the streaming industry continues to intensify.
When streaming services initially flooded the market, they offered enticing 30-day free trials and relatively affordable pricing.
This coincided with the pandemic, which fueled a surge in demand for entertainment, making it a golden era for streaming companies.
For instance, Apple TV+ was available for a mere $4.99 per month, while Disney+ charged just $6.99 monthly.
However, since last year, the costs of monthly subscriptions have steadily risen. In 2023, reports indicate that the top 10 streaming platforms increased their rates by an average of 10%.
A significant challenge lies in the fact that media companies are grappling with the transition from once-profitable but not-lining business models, such as traditional television channels, to on-demand streaming services, many of which are still operating at a loss.
Regrettably, these price hikes are occurring at a time when the world and consumers are contending with inflation, the looming possibility of a global recession, and rising unemployment rates.
What may not be widely known is that, despite these price increases, many streaming platforms are still bleeding losses. In 2022, Netflix, for the first time in over a decade, lost 200,000 subscribers.
This shift in sentiment has now placed a premium on profitability.
For instance, Netflix recently increased the cost of its premium plan, featuring 4K Ultra HD video and the ability for four simultaneous streams, from $19.99 to $22.99 per month.
Furthermore, Netflix eliminated its most budget-friendly ad-free subscription plan in July, aiming to encourage customers to opt for its cheapest plan with ads priced at $6.99 per month, its standard plan at $15.49, offering up to two simultaneous streams, or its premium plan at $22.99.
Hulu, having raised its prices in October of the previous year to $14.99 for the ad-free option and $7.99 for the plan with ads, decided to increase its rates again in August.
This time, the ad-free version went up to $17.99, while the ad-supported plan remained at $7.99, or $9.99 when bundled with Disney+.
In a similar vein, Disney+ modified its pricing structure earlier this month, with the ad-free premium version now costing $13.99 per month, marking a $3 increase from its previous price of $10.99.
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