Apple TV+ raises rates for fourth time in four years

Apple has raised the monthly subscription price for its Apple TV+ streaming service to $14.99, an increase from the previous $12.99. The annual subscription rate has also seen a rise, now costing $119 per year, up from $99.

Furthermore, the monthly cost for Apple One bundles, which combine Apple TV+ with services like iCloud storage and Apple Music, has been adjusted to $21.95, an increase from $19.95.

This marks the fourth price adjustment for Apple TV+ in the past four years. Launched in 2019 as Apple TV+ at $4.99 per month, the service has expanded its content library.

The price increases follow a recent $1 monthly rise for Apple Music, attributed to licensing costs. Apple's services division reported $30.7 billion in revenue for its most recent third quarter, showing 12% year-over-year growth.

This pricing strategy aligns with trends in the streaming industry, as competitors like Netflix and Peacock have also implemented rate increases. The announcement of these price hikes precedes a significant product event scheduled for September 9th at Apple's Cupertino, California campus.

New iPhones and Apple Watches are anticipated at this event, alongside potential new product innovations. This will be the first major product launch under CEO John Ternus, who assumes leadership on September 1st, with Tim Cook transitioning to executive chairman. Services have been identified as a key focus area during Cook's tenure.