Apple has increased prices for its music streaming service for the first time, a risky ploy that has seen Spotify shares leap in response.

Apple increased the price of Apple Music to US$10.99 a month from the magic $9.99 barrier – making it a dollar pricier than rivals Spotify and Amazon.

Wall Street took note of the bump, sending Spotify prices surging by 9.4 per cent, the company’s biggest one-day leap in three months.

In Australia the price has been increased to A$12.99 a month.

Apple blamed the price rise on “an increase in licensing costs”, adding that artists will now receive more money, although how much of that increase they will see remains to be seen.

Apple TV+ has also seen a price increase, jumping from US$4.99 to US$6.99, with the Apple One bundle increasing from $14.95 to $16.95.

Apple explained the $4.99 entry point was “at a very low price” because the content library started off more humble.

Now, Apple TV+ is “home to an extensive selection of award-winning and broadly acclaimed series, feature films, documentaries, and kids and family entertainment from the world’s most creative storytellers,” Apple said.

It remains a cheaper streaming option than Netflix, Amazon Prime, or Disney+.

In Australia, Apple TV+ cost A$9.99 a month.