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Amazon Lowers the Price of their MP3 Music – Popular Songs Drop to 69 Cents

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(Best Syndication News) In an effort to win business from Apple iTune and other music services, Amazon has lowered the cost of some of the MP3 downloads.

The mega-internet retailer lowered the price of some of their popular Mp3s twenty cents to 69 cents. “Instantly buy all the bestselling new songs for only $0.69 each and gift your favorite songs to your friends,” the company said.

Apple has dominated the marketplace for years, with an estimated market share of 70 percent. Compare that to Amazon’s share of only ten percent.

These low price songs include all of their "new release" best sellers, including Bridgit Mendler’s, “Breakthrough”, The Beastie Boys “Make Some Noise”, and Wiz Khalifa “No Sleep”. The last two were explicit versions.

According to a report from ifpi, piracy is taking a bite out of profits. Although global digital music revenues reached $4.2 billion in 2010 (+12%), “local music is collapsing”.

Over the last few years people are spending less on music. Another report found that the average consumer spent $46 on digital music, which is half from the year before.

Some of the songs on Amazon’s list cost $1.29 on the Apple iTune store. It is uncertain whether Amazon will profit more or whether Apple will follow-suit and lower their price. One thing for sure, Amazon is hoping music lovers buy more music (from them).

By: Nancy Connors

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