Apple accelerates monetization of services, raising subscription price of its streaming service Apple TV+ by 30%

According to Zhitong Finance APP, American consumer electronics giant Apple Inc. (AAPL.US) has raised the monthly subscription price of its streaming platform Apple TV+ by 30% to $13. This move reflects the tech giant's efforts to generate larger revenue through streaming services, indicating a systematic price increase and a renewed acceleration in monetization. This price hike highlights that as the number of Apple TV+ streaming subscribers continues to grow, it provides the confidence for Apple TV+ to increase prices.

With the visual blockbuster created by Apple TV+—the F1 movie "F1: Drive to Survive"—gaining global popularity, fans of Apple products and movie enthusiasts worldwide have seen that Apple TV+ has the capability to produce Hollywood's strongest film industry standards. They increasingly believe that Apple TV+ will create more high-quality exclusive streaming series and movies for its platform. Coupled with the word-of-mouth effect brought by "Severance" Season 2 leading the Emmy nominations, the number of streaming subscribers on Apple TV+ has been steadily rising globally.

In a statement released via email, Apple stated that the new subscription rates will take effect for new subscribers in the U.S. and some international markets on Thursday. In comparison, the previous subscription price for Apple TV+ was $10 per month. The annual plan for the streaming platform will remain at $99, and the company will not adjust the online subscription price for the Apple One bundle, which includes multiple services.

Apple has been steadily increasing the subscription prices of its streaming platform, following the price hikes of other streaming peers like Netflix and Disney. However, unlike streaming platforms such as Netflix, Disney+, and HBO Max, Apple TV+ only offers a single subscription plan—without a multi-tiered subscription package that includes an ad-supported version.

Since its global launch in 2019, the number of Apple TV+ subscribers has lagged behind its streaming service competitors, but its original content has consistently received acclaim from Hollywood and movie fans. Last month, the streaming platform even received a record 81 Emmy nominations, with "Severance" Season 2, which sparked a global streaming series craze, receiving as many as 27 nominations.

From a broader performance growth perspective, subscription services have been a proud highlight of Apple's performance in recent years. In the last quarter, revenue from all service-related businesses surged by 13%, reaching approximately $27.4 billion.

Apple TV+ is Apple's global streaming subscription platform launched in 2019, while Apple Original Films is the film label/production department responsible for feature film production and distribution within Apple. The former acts as a "theater," responsible for consumer broadcasting and membership operations; the latter is akin to a "studio," focusing on project initiation, investment, filming, theatrical promotion, and the subsequent exclusive launch on the Apple TV+ streaming platform Almost all feature films bearing the "Apple Original Films" logo eventually land on Apple TV+, and most of the original content produced by Apple TV+ is also developed under the coordination of Apple Original Films. The Apple Original Films original movie "F1," starring Hollywood superstar Brad Pitt, has grossed nearly $600 million worldwide as of August 19, and has been referred to by multiple media outlets as Apple's first theatrical "blockbuster" in its foray into the film industry