Report: Apple asks labels to cut prices for cheaper Beats Music service

Apple is in discussions with major music labels about “a new set of rights and features” — and new pricing — for a revamped Beats Music service, Re/code reports. The company reportedly aims to offer the subscription service for less than its current $10/month rate.

It’s noted that talks are still in their initial stages, and getting the labels to cut prices will “require some work on Apple’s part.” A restructuring of the service wouldn’t happen until 2015. It’s unknown what new features the updated service would offer, or if those features would be in any way connected to Apple’s partnership with U2.

Apple declined comment on the report.