Well it only took almost two decades, but at least one of the big music companies is finally planning on dropping the prices of new music CDs as we had been promised back when CDs were first released on the market.
Universal Music Group on Wednesday said it will slash its wholesale prices and reduce its suggested retail pricing for music CDs to $13, from between $17 and $19. The company, a subsidiary of Vivendi Universal, is home to a number of record labels, including Decca, Deutsche Grammophon, Interscope Geffen A&M Records, Island Def Jam Music Group, and Philips.
“Music fans will benefit from the price reductions we are announcing today,” Jim Urie, president of Universal Music & Video Distribution, said in a statement. “Our new pricing model will enable U.S. retailers to offer music at a much more appealing price point in comparison to other entertainment products. We are confident this pricing approach will drive music fans back into retail stores.”
Not a fabulous deal, but at least it’s a start. Consumers should begin to see the price change showing up in stores around October 1st.