Apple has quietly lined up the major music labels to renew their contracts to sell songs through its iTunes digital store at 99 cents each.
The agreements came after months of bargaining, and were a defeat for music companies that had been pushing for a variable pricing model. The music industry’s heavy hitters, Universal, Warner Music, EMI and Sony BMG, were interested in pricing new and popular tracks higher.
Since iTunes’ launch three years ago, Apple has charged US consumers 99 cents for each track – a uniform price that Steve Jobs, its chief executive, favours because of its simplicity for consumers.
via: FT.com
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