Filed under: Industry News | Tags: branding, iTunes, Kanye West, licensing, merchandising, monetization, News of Note
Prices on iTunes have officially changed in order to compensate record companies more fairly. Now, instead of each song selling off for $.99 every time, prices range from $.69 to $1.29. The more expensive songs will be the more popular songs, and the less popular songs are cheaper.
I checked today just to make sure the prices had changed, and it’s true. I typed in “Kanye West” into iTunes, and there were a few tracks that cost $1.29, and only one that cost $.69. Most songs still remain $.99 however. It’s not a huge change, yet if record companies want to be really fair about prices, there has to be a more extensive selection of $.69 songs.
Though the idea seems fair enough overall, I’m not sure how iTunes consumers will respond to these more expensive songs. It will be interesting to see if more obscure bands will reap the benefits from this variable pricing. Who knows? This plan may just be too little too late for record labels. It is certainly evident that bands are going to have to get creative when it comes to monetizing their music. And you’ll be surprised to see that actually selling music will be a very small part of this equation. Think about it: touring, branding, merchandising, licensing. The possibilities go on.
—–Jett Wells, Co-Reviews Editor