Apple Music’s Price Hike Boosts Music Stocks

Universal Music Group, Hipgnosis Songs Fund and other music stocks rose on Tuesday following news of Apple Music’s price hike, as investors bet it would trigger a wave of streaming subscription cost increases. This 10% price hike — Apple’s first — comes amid high inflation and a darkening economic environment in many global markets. If Apple can raise prices at a time like this, that is a sign the music industry can charge more without turning off consumers, Wall Street analysts said.

Source: Apple Music’s Price Hike Boosts Music Stocks

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