Apple Inc., revealed major increases to price tiers on app and in-apps purchases from Europe to Asia, to protect its margins as major currencies tumble against the US dollar. Customers in countries that use the euro and those in Japan, Sweden, South Korea, Malaysia, Egypt, Vietnam, and Pakistan will see all prices hiked as early as October 5, 2022.
The move in Vietnam also reflects new and local regulations around tax collection, without explaining why Apple is raising prices elsewhere. Earlier this summer, Apple hiked prices across its iPhone, iPad, and Mac ranges to account for the currency disparity. The Euro has also suffered a similar fate, which is now trading at near parity against the US dollar and showing signs of weakness in the future.
The average in-app purchase increased by 40 percent in July 2022 compared to same month in 2021. The new framework from Apple will allow developers to keep existing subscribers of any subscription services Apple offers at current price levels.
The Apple App Store is a major driver of revenue for the Cupertino based in California. Although it is far better than some technology peers, Apple has grown more cautious as it confronts a sputtering economy, and Apple is also planning to slow hiring and spending for some teams in 2023.
Ram is a leading news contributor for IndustryWatch24 and specialises in writing about technology. His enthusiasm for the most recent technological advancements, such as Bitcoin and AI technology, among others, is evident in the most recent industry coverage he offers. He currently presents his analysis of popular business and technological fields, which gives his writing a present and unique perspective.
