Apple TV Plus just announced a major price hike effective immediately for new customers, and it might be enough to prompt existing customers to cancel.

Competitors like Netflix and Peacock also increased their subscription prices this year, a trend we've seen in streaming TV in the past three years. With this $3 price hike, the ad-free Apple TV Plus costs the same as Paramount Plus' premium plan, but slightly less than rival, ad-free versions of Netflix, HBO Max, Hulu and Peacock.

For the third time in three years, Apple is raising the price of its Apple TV+ streaming service, and it's a substantial increase.