Apple has raised the price of streaming service Apple TV+ by $3 starting August 21, following a similar move by Comcast-owned NBCUniversal’s Peacock in the US.

The ad-free streaming service will now cost $12.99 per month, up from $9.99 earlier, for new subscribers in the US and select international markets, Apple said in a statement, according to a Reuters report.

The annual subscription price remains unchanged, as does the pricing for Apple One, which bundles Apple TV+ with services such as iCloud and Apple Music, among others.

Apple TV+ is known for psychological thriller ‘Severance’, which garnered 27 Emmy Award nominations this year, and popular original shows such as ‘Ted Lasso’ and ‘The Morning Show’.

However, the streaming network has lagged behind rivals Netflix, Disney+ and Amazon.com’s Prime Video in terms of subscribers. The iPhone maker does not break down the subscribers for Apple TV+, but it is estimated to have reached 40.4 million at the end of 2024, according to five analysts polled by Visible Alpha.

In comparison, Netflix had over 300 million paid memberships at the end of last year.

Apple had last increased the subscription price for Apple TV+ by $3 in October 2023. Apple is losing more than $1 billion a year on Apple TV+, the Information had reported in March. It has spent more than $5 billion a year on content since launching Apple TV+ in 2019 but trimmed it by around $500 million last year, the Reuters report added.