Well in my case the value is not there at their price which includes YouTube music as a separate service that must be maintained and I assume separate licensing as well. I’m not interested in paying for access to that side of the service. I have little doubt that the access to YouTube music adds to the sticker price of their bundle. They are not simply passing along bundled costs, they are also targeting what they think consumers are willing to pay. I think they’ve miscalculated in this case.
I normally would subscribe to Apple Music, but I switched to Youtube Premium because I get Youtube Music with the added benefit of no ads on regular Youtube. It seems like their bundling trick worked on me as they expected.
I wonder if that makes up for the money they are losing as I continue to abuse their service with ad blockers and sideloading modified ad free clients.