Apple Inc

Universal Music shares surge on rising Apple music subscription prices

Shares of Universal Music Group NV–the music major behind The Weeknd, Billie Eilish and Taylor Swift–jumped Tuesday after Apple Inc. raised the price of its Apple Music streaming service, a move that is expected to bring in additional revenue for the world’s largest music company.

At 0730 GMT, Universal
UMG,
+10.53%
shares were 9% higher at EUR20.60.

The iPhone maker
AAPL,
+1.35%
said the cost of an Apple Music subscription in the U.S. went up $1 a month to $10.99. Apple Music’s annual cost rose to $109 from $99. The tech giant, which also raised prices for its Apple TV+ streaming service, attributed the increases to the rising cost of licensing music.

Higher Apple Music subscription costs should translate into more streaming revenue for Universal, analysts at Citi wrote in a note to clients.

“As Apple itself notes, one of the drivers of the price increase was the need to

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Apple raises prices on Apple TV+ and Apple Music

Tim Cook, chief executive officer of Apple Inc., smiles while speaking about Apple TV+ during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Tuesday, Sept. 10, 2019.

David Paul Morris | Bloomberg | Getty Images

Apple on Monday increased monthly and annual subscription prices in the U.S. for its streaming services Apple TV+ and Apple Music. It also raised prices for Apple One, its bundle.

Now, a monthly individual subscription to Apple Music costs $10.99, versus the previous price of $9.99. Competitor Spotify currently starts at $9.99 a month.

Access to Apple TV+ costs $6.99 per month, more than the previous price of $4.99 per month. Apple TV+ has been competitively priced against other streaming services, some of which have also raised prices in recent months. It also has a smaller library of content. Competitor Disney+ starts at $7.99 a month while Netflix starts at

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