Apple Raises Apple TV+ and Apple One Subscription Prices; Services Quarterly Revenue Up 12% but Gross Margin Narrows
nashnova research
Apple raised the Apple TV+ monthly fee from $12.99 to $14.99 — the fourth hike in four years. Services revenue grew 12% to $30.7 billion last quarter, yet gross margin narrowed by more than one percentage point: revenue is rising, but profitability per dollar is slipping.
What went up, and by how much?
Apple TV+ monthly fee rises from $12.99 to $14.99; the annual plan goes from $99 to $119, effective immediately.
The individual Apple One bundle — which includes Apple TV+ and other Apple subscriptions — rises from $19.95 to $21.95 a month.
This means → since Apple TV+ launched at $4.99 a month in 2019, the price has tripled in four years.
What is Apple using to justify the hike?
On the content side, *Ted Lasso* season four just premiered this month, and the platform carries tentpole films such as *F1*.
In sports, Apple holds live-broadcast rights to Major League Baseball and Major League Soccer.
Apple points to "content accumulation" as the core rationale; it already raised Apple Music by $1 a month in July, citing rising licensing costs.
Revenue grew 12% — so why did margins shrink?
Services revenue hit $30.7 billion in the latest quarter (fiscal Q3), up 12% year-on-year.
Gross margin, however, fell more than one percentage point from a year earlier. Apple attributed the decline to product-mix shifts and foreign-exchange headwinds.
In plain terms = revenue is climbing, but each dollar of revenue leaves less profit behind — the price hikes have not yet outrun cost increases.
Cook is stepping down — what is the "handover pressure" on services?
In announcing that Tim Cook will step down as CEO on September 1, Apple singled out the services business as a "key focus area" of his tenure.
This means → Cook's successor inherits not just a high-growth segment, but a structural tension between revenue scale and earnings quality.
The next proof points: subscriber retention after the price hike, and whether gross margin can stabilize under the new pricing structure.
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