Apple TV+ hikes subscription for third time in three years

Apple has announced yet another increase in the monthly subscription fee for its streaming platform, Apple TV+. Starting Thursday, the cost will be set at $12.99 in the U.S. and other markets. Current subscribers will see this new pricing take effect 30 days after their next renewal date, while new users can begin at this rate following a 7-day trial period. This adjustment marks Apple’s third price increase since 2023, when the monthly fee was raised from $6.99 to approximately $9.99. The previous hike occurred in 2022, when the cost was lifted from $4.99. Despite being one of Apple’s most popular services, the company has not disclosed specific viewership numbers. According to a report from The Information, Apple TV+ is facing a substantial deficit, losing over $1 billion annually, even as subscriptions surged toward 45 million. Apple is not alone in this trend; several streaming services have also raised their prices this year to support new content production or enhance returns on investment. Notable competitors like Netflix and NBCUniversal's Peacock, along with music streaming service Spotify, have similarly adjusted their rates. In a bid to expand its reach, Apple recently made its streaming service available on Android devices, potentially attracting a broader audience. This strategic move follows the successful release of its top-grossing film, "F1: The Movie."