Apple Music prices increase in US and abroad

Apple Music has increased its prices in the US, with individual plans now costing $11.99 per month, up from $10.99. The family plan is now $19.99 per month, up from $16.99, and the student plan costs $6.99 per month, up from $5.99. The price hikes are attributed to rising licensing costs, according to a statement from Apple to Music Business Worldwide.

The publication also reports that prices have increased in the UK and Europe, and understands that other countries are experiencing similar hikes. Apple did not immediately respond to a request for comment from The Verge. This is not the first time Apple Music has raised its prices, with the last increase occurring some time ago.

The price increases come as Apple continues to compete in the music streaming market, where services like Spotify and Amazon Music also operate. Why this matters: The price hikes by Apple Music will likely have a ripple effect throughout the music streaming industry. As one of the major players, Apple's moves can influence competitors' pricing strategies.

For developers and businesses, this means they may need to reassess their own pricing models to remain competitive. For consumers, the increases may lead to a re-evaluation of their subscription services and potentially seeking more affordable alternatives. The impact on Apple's subscriber growth and retention remains to be seen, as does the response from competitors.

One open question is how these price hikes will affect the market share of Apple Music and its competitors in the long run.