Apple Raises Prices For Music, Apple One, And Apple TV+ subscriptions On A Monthly Basis.

Apple Raises Prices For Music and video streaming services on Monday is the latest example of streaming products increasing in price in recent months.

The monthly cost of an individual Apple Music subscription has increased to $10.99 from $9.99, and the cost of a family plan for up to five people has increased to $16.99 from $14.99.

Apple announced on Monday that the monthly cost of Apple TV+ would be raised from $4.99 to $6.99, a 40% increase.

Apple (AAPL) stated to CNN Business that the price hike is “due to an increase in licensing costs, and as a result, artists and songwriters will earn more for the streaming.

Additionally, Apple stated that Apple TV+ was initially introduced “at a very low price because we started with just a few shows and movies.

Since then, Apple’s product line-up has grown, and the company’s film “CODA” took home the best picture Oscar this year.

Rising inflation has generally driven costs up for Americans across a wide range of services, but the new price hikes could be the latest test.