Rhapsody Launches $10 Monthly Service

Rhapsody music service, which has been going through a major revamp, has announced that the now-independent company will offer users the ability to listen a million songs on its database for only $10, $5 less than what was being charged earlier.

The online music service, which was once a joint entity of Viacom and RealNetworks, is trying to get back in the game by offering its own cloud based services. Even companies like Apple Inc. are planning to shift their existing music services to the cloud.

As a part of its revamping strategy, Rhapsody launched an iPhone application back in September, which, despite getting 1.5 million downloads, failed to lure users in to buying a subscription as they found the service too expensive.

However, now, with the subscription rates slashed and the music industry moving towards the cloud, the company believes that it will start generating profit by the end of this year.

According to an article on Associated Press, Rhapsody is prepared to spend exuberant sums to get the ailing service back on track, by the means of the cash it got from the spin-off in which Viacom and RealNetworks, apart from being majority stake holders, provided cash to nudge the Rhapsody marketing campaign.