The price hikes come during a period of rapid inflation around the world that forced businesses to raise prices while still attempting to preserve consumer demand.
The increases could also bolster the revenue from Apple’s rapidly growing services business, which reported $16.9 billion in sales during the June quarter.
But Apple also warned that the services business growth would slow in the September quarter, partially because of a strong dollar.
Apple Music and Apple TV+ are a small part of Apple’s services business, including search licensing fees, hardware warranties, App Store sales, and other businesses.
“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,” said Apple in a statement. “We also continue to add innovative features that make Apple Music the world’s best listening experience. We introduced Apple TV+ at a very low price because we started with just a few shows and movies. Three years later, Apple TV+ is home to an extensive selection of award-winning and broadly acclaimed series, feature films, documentaries, and kids and family entertainment from the world’s most creative storytellers.”
