Universal Music Group (UMG), the world's largest recording company, announced Wednesday they will be reducing the wholesale price they charge retailers for each CD almost $3, from $12.02 to $9.09. UMG hopes that retailers will also drop the price they charge consumers to $10 or less. They said they are reducing their prices "with the aim of bringing music fans back into retail stores and driving music sales." New prices are expected to reach consumers as soon as October 1st. Thanks to Wired for the article.
I suppose it's a start, though $9.09 wholesale for a CD is still a bit ridiculous to me. One can only hope that this is the beginning of more realistic CD prices to come.