Universal Music have announced a new 'one price fits all' system in the US which will slash up to $6 off the price of flagship albums. After 1st October the recommended retail prices on all of Universal's new and catalogue releases (which covers a spectrum including U2, Eminem, Ashanti, Bob Marley, the Who, Hank Williams and Louis Armstrong) will be $12.98. Many chart albums currently retail at $16.98 and $18.98.
The decision follows the continuing decline in album sales around the world - some industry insiders say the steady increase in album prices over the last five years have further encouraged music fans to access music illegally online. The hope is the price slash will reinvigorate the market so overall profits are increased.
Universal chairman Doug Morris explained: "Our new pricing policy will allow us to take the initiative in making music the best entertainment value and most compelling option for consumers. We strongly believe that when the prices are dramatically reduced on so many titles, we will drive consumers back to stores and significantly bolster music sales."