San Francisco, Mar 17 (IANS): Google-owned YouTube has announced that it's raising the price of its TV subscription from $64.99 per month to $72.99 per month due to rising "content costs".

The company shared the update on Twitter via its YouTube TV account on Thursday: "An update for our members. As content costs have risen and we continue to invest in our quality of service, we'll be adjusting our monthly cost, after 3 years, from $64.99/month to $72.99/month, in order to bring you the best possible TV service."

The price change for new members begins on March 16, while the price change for existing members will begin on April 18.

Moreover, the company said that they are lowering the price of their 4K Plus add-on from $19.99 per month to $9.99 per month.

This is YouTube TV's first price increase in three years, according to the company.

The service debuted in 2017 at $35 per month, and in July 2020, the price for YouTube TV services increased from $49 to $64.99 per month.

"We are committed to offering a premium way for you to stream TV, but understand this new price may not work for you. We do hope YouTube TV continues to be your service of choice, but we want to give you the flexibility to cancel at any time," the company said in a tweet.