After years of resistance, Steve Jobs agreed in January to let record labels have their way with pricing in the iTunes store.

Rather charging the same 99 cents for every song, as Apple had long insisted on doing, iTunes will sell songs for as low as $0.69 or as high as $1.29. In exchange, the labels agreed to stop shackling songs in the iTunes store with DRM protection.

Labels hope the new prices will allow them to charge a higher premium for songs with inelastic demand (hit singles, essential tracks, etc.), while charging less for songs customers may want, but not enough to pay 99 cents for them.

Apple already reaped its end of the bargain by removing DRM from every song in the iTunes music store earlier this year. According to the LA Times, the labels will get their part of the deal (variable pricing) on April 7. With only a week and a half to go until Apple is expected to start charging different prices for different songs, what do you think?

Was Steve Jobs right to let the labels price songs from $0.69 to $1.29 in return for a DRM-free iTunes music store?

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