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iTunes prices are set to increase as a result of the UK's Brexit vote, it has been reported.
Though the exact consequences of the decision to leave the European Union are still unclear, the collapse of the pound has resulted in many companies increasing their prices. Now, it seems music downloads have been hit, with Apple's prices set to rise by 25%.
The company broke the news in an update email to app developers, according to a report in The Guardian. "when foreign exchange rates or taxation changes, we sometimes need to update prices on the App Store" the email read.
Apple gave more information on its pricing in a further statement, which says: ""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. These factors vary from region to region and over time."
The new pricing will mean that a song that used to cost £0.79 will now cost £0.99. Customers are set to see the prices change within the next week.
Apple has been adjusting prices across other products since the Brexit vote, with the cost of new computers increasing by 20%.
Since the decision to leave the EU last June, the pound has fallen by 18.5% against the dollar.
Last year, the vinyl format outstripped sales of digital downloads for the first time. Could this news cause further damage to the download market?
