Apple Reportedly Considering Price Cut for Apple Music

If you're not an Apple Music subscriber yet, now may be the time to make the move.

According to Digital Music News, Apple could cut prices down by 20 percent, making the price for a single Apple Music subscription $7.99 per month compared to its current cost of $9.99 per month. The family package would also go down from $14.99 per month to a monthly cost of $12.99. The $4.99 cost for students would stay the same. The report suggests that the price could could be part of a holiday promotion, but it's unclear if these decreased prices would continue after the holiday season.

The other side of this is that Apple would reportedly have to directly pay the price difference to the major recording labels Warner Music Group, Universal Music Group, and Sony Music Entertainment.

The discount is seemingly an attempt to make Apple Music more competitive with other streaming services like Spotify and Amazon Music. Amazon recently announced its new Music Unlimited Service for $7.99 per month for Prime users and $3.99 for users with an Amazon Echo device. Meanwhile, Spotify is a free service that does not require payment to sign up. However, Spotify offers a single party, family plan, and student plan for their Premium service that allows their users to listen to everything ad-free.

Back in September, Spotify's paid subscribers reached 40 million, up 10 million from their reported 30 million milestone last March. The company's 33% growth in just under six months signified a significant lead on Apple Music's last reported 17 million subscribers. Of course, Spotify has been around longer, launching back in 2008, while Apple Music only just launched in June 2015.