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Renowned tech giant Apple has made the decision to increase prices for its Apple TV+ streaming service in the UK and worldwide. The monthly cost has been raised by £1, resulting in a new price of £9.99 per month, while the annual subscription fee remains at £89. This adjustment represents a doubling of the original monthly subscription price that was set when the service was first launched in the UK back in November 2019.
Existing subscribers will have a grace period until 30 days after their next renewal before they are required to pay the higher price, with the new rate being immediately effective for new users. While Apple does not openly disclose the exact number of individuals subscribed to Apple TV+, estimates suggest there are approximately 25 million paid subscribers and an additional 50 million who access the service through promotions in 2022.
Industry experts anticipate that Apple’s decision to raise prices follows a similar trend seen in the traditional pay TV sector, where annual price increases are a common practice among streaming services. Paolo Pescatore, a technology analyst at PP Foresight, asserts that viewers can expect continued price hikes as streamers aim to diversify their content offerings. As competition in the streaming market intensifies, Apple must effectively communicate the unique value proposition of its service compared to its rivals in order to maintain its position in the industry.
Apple’s move to increase prices for Apple TV+ marks the first adjustment in nearly two years, contrasting with the annual price hikes implemented by other major streaming platforms like Netflix. With various streaming services raising prices over the past year, including Disney+ and Paramount+, consumers are faced with a plethora of options to choose from, each with their own unique characteristics and pricing structures. The evolving landscape of the streaming industry presents numerous opportunities for providers to attract new audiences through compelling content and strategic acquisitions, ultimately reshaping the way viewers engage with entertainment media
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