Will CDs soon go the way of the 8-track, reel-to-reel and cassette tape? Probably not all that soon, but Warner Music is taking steps to further lower the perceived value of musicians’ blood sweat and tears (otherwise known as music). In a letter sent to retailers last week, Warner outlined plans to reduce the suggested retail price on 1,776 back catalog titles (CDs that have been in stores for at least 18 months). According to the Associated Press, Warner’s back catalog titles will drop from $18.98 to either $13.98 or $9.98. The music group’s current titles, about 500 in total, will now have suggested retail pricing between $13.98 and $11.98. The initiative goes into affect today.
“After numerous conversations with many of our retail partners over the last year about ways in which we can help drive music consumers into stores, we created a program incorporating the most significant price reduction in our history,” Warner Music Group said in a statement.