Universal Music Group digital chief lauds Apple Music price hike

Apple Music’s recently unveiled subscription price hike was welcomed by publicly traded label giant Universal Music Group, which reported its third-quarter earnings Thursday.

The Apple Music library eclipses 100 million songs

Etan Vlessing for The Hollywood Reporter:

“They [Apple] I strongly believe in the value of music and by making these price changes, artists and songwriters will earn more for streaming their music, “Michael Nash, executive vice president of digital strategy at UMG, told analysts after the release of the company’s financial document. results.

During the last quarter, UMG reported that overall revenue increased 13.3% to $ 2.65 billion as streaming and subscription revenue increased 7.7%.

Apple Music has announced that it will increase 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. an increase of $ 10, in part due to higher music licensing costs.

MacDailyNews takes: With Apple Music, Apple TV + and Apple One, the company has to keep up with inflation and is simply doing what rivals have already done, time and time again.

Nobody seriously thought that Apple TV + would cost $ 4.99 a month forever, especially since it won major Emmys, Oscars, BAFTAs, etc. We’re surprised it’s been holding this low for so long (but it was a smart move by Apple to keep the price good and low while building a stellar content library). – MacDailyNews, October 18, 2022

Expect Apple TV + to introduce an ad-supported tier for around $ 4.99 per month in the near future.

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