Apple raises Apple Music subscription prices for the first time

Today, Apple officially announced an increase in the price of Apple Music subscriptions, the first time Apple has raised the price of the service.

With the increase, Apple Music's individual monthly fee has gone up from $9.99 to $10.99, the monthly family fee has gone up from $14.99 to $16.99, and the annual individual fee has gone up from $99 to $109.

After this price adjustment, the Apple Music subscription service has surpassed the cost of competitors such as Spotify, which directly led to Spotify's stock price jumping 9.4% at one point, the biggest one-day increase in nearly three months.

In addition to Apple Music, Apple also raised the subscription prices for Apple TV+, a video subscription service, and Apple One, a package service that covers both.

The monthly fee for Apple TV+ has increased from $4.99 to $6.99, while Apple One has increased from $14.95 to $16.95.

According to Apple's official statement, the price increase of Apple Music is due to the rise of licensing costs; while the price increase of Apple TV+ is to bring more original programs and movies to subscribers.