Apple has announced that it will be increasing its monthly subscription fee for the Apple TV service, with new and existing subscribers set to face a $2 increase per month.

The tech giant said that the price hike is effective immediately, with existing subscribers being given one month’s notice before the change takes effect. For related coverage, explore our detailed analysis on Technology and Digital Systems.

Apple Hikes Prices Details and Timeline

Alongside the monthly plan, Apple has also raised the price of its Apple One individual plan The Apple One bundle includes Apple TV, Apple Music, Apple Arcade, cloud storage and other features.

The decision to increase prices comes as streaming inflation continues to be felt across the entertainment business. Other popular streaming services such as Peacock, ESPN, Prime Video, Netflix, and YouTube Premium have also hiked their subscription fees this year.

Apple has been differentiating its Apple TV service The platform also features live sports, with Apple recently acquiring the rights to Formula 1 in the U.S.

Apple Hikes Prices Next Steps and Impact

With the price increase, Apple is likely to be looking to maintain its market share and continue to attract new subscribers.

What will this mean for you? Check back soon for updates on how the changes will affect your subscription plans.

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Earlier this month Peacock raised its pricing ahead of the return of the NBA and NFL seasons, and ESPN is raising its streaming prices next month.

Prime Video, Netflix and YouTube Premium have also hiked prices this year.

Apple is raising subscription prices for its Apple TV service, as streaming inflation continues to be felt across the entertainment business.

The tech giant says that Apple TV will now cost $14.99 per month, a $2 price hike, while the annual plan rises 99. The price increase is effective today, with existing subscribers being given one month notice.

Apple is also raising the price of its Apple One individual plan 95 per month. Apple One bundles Apple TV with Apple Music, Apple Arcade, cloud storage and other features.

Apple, like every other streaming service, has been beefing up its offering with new and returning shows (Ted Lasso just returned after a long hiatus) as well as live sports, with Apple recently acquiring the rights to Formula 1 in the U.S.