Apple has backed down from an effort to lower the subscription price of its upcoming music service, Billboard reports. It appears Apple will have no choice but to stick with the standard $10/month price used by other similar services, with the report noting Apple would have to absorb any losses from setting a lower price. The company was aiming for an $8/month subscription price, and an earlier report even claimed Apple had discussed a $5/month price with record labels.
Apple is still negotiating with labels and artists, and very little is known about what the final version of the service will look like, though it’s “widely believed” Apple will replace the Beats Music name with its iTunes brand. While Apple is still reportedly pursuing exclusive releases for its service, industry sources are skeptical that the company will be able to outmaneuver competitors for such exclusives. “Apple is one of the biggest companies in the world. If they want exclusive content, they’re going to have to get out the checkbook,” one source told Billboard.