CNN – Apple on Monday raised the price of its music and video streaming services, in the latest example of streaming products getting more expensive in recent months.
An Apple Music subscription for individuals will now cost $10.99 per month, up from $9.99, and a family plan supporting up to five people is now $16.99 per month, up from $14.99.
The price of Apple TV+ will increase to $6.99 per month, a 40% increase from the $4.99 it cost previously, the company said Monday.
In a statement to CNN Business, Apple (AAPL) said the change in Apple (AAPL) Music’s cost is “due to an increase in licensing costs, and in turn, artists and songwriters will earn more for the streaming of their music.”
The company also said Apple TV+ was introduced “at a very low price because we started with just a few shows and movies.” Apple has since expanded its slate of offerings and won the best picture award at the Oscars this year for the movie “CODA.”
But the new price hikes could be the latest test of how much consumers are willing to spend on streaming products at a time when rising inflation has more broadly driven costs up for Americans across a wide range of services.
In August, Disney announced that the price of the premium tier of Disney+ would jump $3 to $10.99 per month, its largest price increase since the streaming service launched nearly three years ago. Hulu, which is majority owned by Disney, raised its subscription prices earlier this month.
Apple’s price increase also comes as macroeconomic pressures have hit the tech sector especially hard, pushing companies to scramble for new ways to generate revenue. Apple, which has seen its stock decline nearly 18% so far this year, has increasingly bet on revenue from its subscription services to bolster its bottom line in recent years at a time when iPhone sales growth has slowed.