Apple hikes music & TV+ prices for the first time since launch

Apple Inc. raised the prices for its music and TV+ services for the first time since launch owing to rising licensing costs. The move could give rivals an advantage in the intensely competitive streaming market.

With immediate effect, Apple Inc raised the monthly cost of Apple Music for individuals from $9.99 to $10.99, making it more pricey than services from Amazon and Spotify. After the announcement, Spotify experienced its greatest intraday jump in nearly three months, rising as much as 9.4% to $97.07.