Apple Cans iTunes Price Cuts Because Of Economic Downturn

Apple will not reduce the price of iTunes songs from 79p to put it in line with mainland Europe customers as it had promised earlier this year as Euro/Sterling exchange rates now mean that 79p is roughly equivalent to 99 Euro cents.

In January, UK users were paying roughly 5p extra compared to their European counterpart which prompted a EU investigation into price fixing; however, changing economic conditions now mean that Europeans pay the same everywhere.

A spokesperson for the company said that "The announcement was that we would match the UK price to that of other lower priced European countries. This is no longer necessary as exchange rates have effectively done it for us."

Steve Jobs, Apple's CEO, commented at that time that this would be an important step towards a pan-European marketplace for music and he hoped that every major record label would take a pan-European view of pricing.

It is not known whether there will be any more fluctuations should the Euro appreciate further.

But Apple has ruled out any standardisation in the worldwide price of iTunes songs; US-based iTunes users are paying only 99 cents per song, that's 49p only.