The updated price takes effect for new customers starting Thursday and will impact current subscribers 30 days after their next renewal date.

It’s worth noting that the yearly subscription rate remains unchanged at $99.99. Apple also isn’t changing the price for the Apple One bundle of services, which starts at $19.95 per month.

Apple TV+, like other streaming services, has been steadily increasing its subscription prices. In 2023, Apple raised the price of the Apple TV+ monthly subscription from $6.99 to $9.99. The latest price hike marks the third time Apple has raised the subscription price for its streaming service since its launch in 2019 at $4.99 per month.

The price hike comes as The Information reported earlier this year that Apple is losing more than $1 billion per year on its streaming service, making it the only service in Apple’s portfolio that isn’t profitable.

Despite Apple TV+ productions earning thousands of nominations and wins, the streaming service has lagged behind Netflix, Disney+, and Amazon Prime Video in subscriber count.

Last month, Apple announced that it landed a record-breaking 81 Emmy Award nominations, with the popular thriller series “Severance” leading as the year’s most-nominated series.