Apple Music’s recently-unveiled subscription price increase has been welcomed by publicly traded label giant Universal Music Group, which reported its third quarter earnings on Thursday.
Etan Vlessing for The Hollywood Reporter:
“They [Apple] strongly believe in the value of music and by making these pricing changes, artists and songwriters are going to earn more for the streaming of their music,” Michael Nash, executive vp of digital strategy at UMG, told analysts following the release of the company’s financial results.
During its latest quarter, UMG reported that overall revenue jumped 13.3 percent to $2.65 billion, as streaming and subscription revenue rose 7.7 percent.
Apple Music announced it will raise the price of its single plan by $1 per month to $10.99, its family plan by $2 per month to $16.99 per month, and the annual plan to $109 per year, a $10 increase, in part because of higher music licensing costs.
MacDailyNews Take: With Apple Music, Apple TV+, and Apple One, the compan needs to keep pace with inflation and is simply doing what rivals have done already, multiple times.
No one seriously thought Apple TV+ would be $4.99/month forever, especially as it wins major Emmys, Oscars, BAFTAs, etc. We’re surprised it’s been held so low for so long (but that was a smart move by Apple to keep the price nice and low while building out a library of stellar content). — MacDailyNews, October 18, 2022
Expect Apple TV+ to introduce an ad-supported tier for around $4.99 per month in the near future.
Hearing from a little birdie that Apple is planning to launch an ad-supported version of its Apple TV+ streaming-video platform. pic.twitter.com/tfbt7JyMLs
— MacDailyNews (@MacDailyNews) August 4, 2022
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