Apple has shared its Q4 financial results, revealing a rise in its services category. The company now has 900 million subscribers across its suite of services.
Services revenue is up 5% year over year to $19.19 billion for the company. That includes all of Apple’s subscribers across services like Apple Music, Apple TV+, the Apple One Bundle, and iCloud. Apple doesn’t break out these numbers, but it does provide some insight into how Apple’s services business is growing.
CFO Luca Maestri says that number is up 154 million compared to just a year ago. Apple shared it hit 825 million subscribers in April 2022 and 860 million in July 2022. That means Apple’s services business is growing by around 40 million new subscribers per quarter. Apple is likely to surpass one billion total subscribers in 2023.
Those subscribers will help generate even more revenue for Apple thanks to a price hike that is coming to both Apple Music and Apple TV+ subscription services. Apple Music now costs $1 more for individuals and $2 more for families. Apple TV+ went up by $2, while the cost of the Apple One bundle increased by $3 per month. Apple says the increase for Apple Music is due to increased licensing costs.
“The change to Apple Music is due to an increase in licensing costs, and in turn, artists and songwriters will earn more for the streaming of their music. We will continue to add innovative features that make Apple Music the world’s best listening experience,” Apple says of the move. Here’s a quick peek at the new pricing schedule for some of Apple’s services going into 2023.
- $10.99/month for individuals (up from $9.99)
- $16.99/month for families (up from $14.99)
- $109/yearly for individuals (up from $99)
- $6.99/month (up from $4.99)
- $69/year (up from $49.99)
- $16.95/month for individuals (up from $14.95)
- $22.95/month for families (up from $19.95)
- $32.95/month for premier (up from $29.95)