Apple hikes Music and TV+ prices in first increases since launch

The company said in a statement that the music price hike was due to "an increase in licensing costs” and that artists and songwriters will now earn more money. — Dreamstime/TNS

Apple Inc. increased prices for its music and TV+ services for the first time, citing rising licensing costs, a move that risks giving rivals an edge in a fiercely competitive streaming industry.

The company increased the price of Apple Music to US$10.99 (RM16.90 in Malaysia) a month from US$9.99 (RM14.90) for individuals, effective immediately, making it more expensive than services from Spotify Technology SA and Amazon.com Inc. Spotify surged as much as 9.4% to US$97.07 (RM460.21) in response to the news, its biggest intraday rally in almost three months.