Apple is gearing up to increase the prices it charges for its apps in the U.K. due to a big drop in in the sterling after the U.K.’s historic vote to exit the European Union.
According to a report by Reuters, apps that cost £0.79 in the U.K. will increase to £0.99. The rate increase is expected to take place during the next seven days. U.S. consumers already pay $0.99 for the apps. Apple made similar price increases in Sept. and Oct. 2016, noted the report. Apple is also gearing up to raise prices on apps in Turkey and India after their currencies suffered from a steep decline.
“Price tiers on the App Store are set internationally on the basis of several factors, including currency exchange rates, business practices, taxes and the cost of doing business,” Apple said in a statement to Reuters.
Questions may be arising about demand for Apple’s iPhone 7 and its Apple Watch Series 2, but when it comes to the Apple App Store, the consumer electronics giant is killing it. That’s according to Philip Schiller, vice president of worldwide marketing at Apple, who took to Twitter to say Apple set a new record for App Store revenue in November. Schiller said in the tweet that November saw the highest monthly sales ever for the App Store. The record sales growth in the Apple App Store shouldn’t come as too much of a surprise since developers do a brisk business in creating and selling apps for Apple devices. This past summer, Sensor Tower, an app intelligence firm, said the number of mobile apps available for purchase or download through the App Store is expected to double in size and surpass 5 million by 2020.