(Hypebot) — Apple is raising the price for Apple Music, Apple TV+, and Apple One worldwide. As of Monday, October 24th, the basic Apple Music subscription in the US will go up $1 to $10.99 per month.
The Apple Music US Family plan will increase by $2 to $16.99 and the individual annual plan will rise $10 to $109 per year. In the UK, the basic plan will rise to £10.99 per month and the Family plan to £16.99 with matching increases in all Euro countries.
Apple shared this statement to explain the Apple Music increase:
“The change to Apple Music is due to an increase in licensing costs, and in turn, artists and songwriters will earn more for the streaming of their music. We also continue to add innovative features that make Apple Music the world’s best listening experience.“
Will Spotify raise prices on today’s earnings call?
Spotify stock jumped on Monday because analysts hope that Spotify will follow Apple’s lead and raise prices, and today’s 4:30 PM ET after the market closes Q3 Spotify earnings call would be a perfect time to announce it.
But Spotify is much more focused on growth than Apple Music. So while rate hikes will come at Spotify, it may not happen today.
If nothing else, Spotify CEO Daniel Ek may want to see if having a lower price matters. including to attract Apple Music defectors.
HYPEBOT TAKEAWAY: Apple Music’s price increase will have minimal impact
The increase will be welcome news to rights holders and creators who have been clamoring for a rate increase and this gives competitors room to follow suit.
But much of this increase in revenue has already been allocated to pay higher rates recently negotiated for songwriters and music publishers; and very little of it will trickle down to artists and other rights holders.
