CD prices slashed to combat Internet competition
The world’s largest record company, is to slash the price of CDs by up to 30% in a bid boost sales in the US.
Universal Music Group, which boasts such artists as Elton John and U2, will cut the price of CDs in the US to €12.
“Our research shows that the sweet spot is to sell our records below $12.98 (€12),” said Universal president Zach Horowitz.
“We’re confident that when we implement this we will get a dramatic and sustained increase.”
The record industry is facing severe competition from free downloads from the Internet and has begun suing individual users of these services for copyright infringement.
