It is the first price increase for the platform in nearly two years.
By contrast Netfli has raised prices annually and costs anywhere between £5.99 and £18.99 a month.
Other streaming service have also seen price rises in the past year, with Disney+ going up to between £8.99 and £12.99 in October, while Paramount+ prices went up to between £4.99 and £10.99 in November.
The cheaper options offered by these services are supported by ads, which Apple TV+ does not show.
"We are in a golden era of storytelling, and users still want to immerse themselves in unique content," said Mr Pescatore.
"There are plentiful opportunities to reach new audiences, whether with big theatrical productions or opportunistic moves into acquiring live sports.
"All that is changing is the distribution and Apple is well-positioned with its vast user base - however, it needs to do a better job of articulating its merits over rivals."