UMG To Slash Prices
Universal Music Group, one of the largest record companies in the music industry, announced recently that they will be cutting the prices of CDs from about $18 to somewhere around $10 or less. Known as the “Velocity Program,” Universal will institute the price cuts in the second quarter of 2010 and is reportedly designed to test the response to lower price tags on the ubiquitous music format.
Accoring to Billboard, the prices on CDs, including most new releases, will range between $6 and $10. Double-disc releases and deluxe albums, however, will be priced slightly higher.
The second quarter of 2010, the quarter in which the price cuts are scheduled to be instituted, will begin in approximately three months.
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