Apple raises the monthly price of Apple TV+ in hopes of further expanding its service business revenue.

Apple is raising the monthly subscription price of its streaming platform Apple TV+ by 30% to $13, as part of its strategy to increase service revenue. The price adjustment will take effect for new subscribers in the US and some international markets starting Thursday. The annual fee plan will remain at $99, and the company has not adjusted the price of the Apple One service bundle. Apple is following other streaming rivals in steadily increasing prices, but unlike Netflix, Disney+, and HBO Max, Apple TV+ only offers a single subscription plan. Since its launch in 2019, Apple TV+ has lagged behind these competitors in terms of user numbers, but its original content continues to receive positive reviews. Service business has been a bright spot for Apple in recent years, with revenue from this business growing by 13% last quarter, reaching $27.4 billion.