Apple is taking a cue from some of its competitors.

The technology giant’s Apple TV+ monthly subscription is now $12.99, starting Thursday in the U.S. and other countries.

Apple said the new price will hit current subscribers 30 days after their next renewal date. The annual subscription price will not change.

For new subscribers, the $12.99 monthly price begins after a 7-day trial period.

The change marks Apple’s first price hike for its streaming service since 2023. At the time, Apple lifted its monthly price to about $9.99 from $6.99. The company raised the price in 2022 from $4.99.

Apple TV+ is one of the company’s most popular services, but Apple does not release viewership numbers. A report from The Information earlier this year said the streaming service is losing more than $1 billion annually as subscriptions rocketed toward 45 million, citing people familiar with the matter.

Apple isn’t the only streaming company hiking prices this year to either fund new content or reap returns on their investments. Earlier this year, both Netflix and NBCUniversal’s Peacock boosted prices. Music streaming platform Spotify also raised prices in multiple markets.

Earlier this year, Apple introduced its streaming service to Android phones in a move that could open the company to more people worldwide.

The company is fresh off the release of its highest-grossing theatrical film, “F1: The Movie.”

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.