Warner Music to Cut CD Prices

Warner Music Group, the company behind Madonna and Missy Elliott, is reducing the suggested retail price on more than 1,700 albums beginning next week in a bid to spur CD sales.

The initiative, which was outlined in a letter sent by the recording company to retailers this week, lowers the suggested retail price on 1,776 titles that have been in stores for at least 18 months.

The company’s suggested price on more than 1,200 of the so-called back catalog titles will be cut to $9.98 from between $13.98 and $18.98. The roughly 500 other titles will have a suggested price between $11.98 and $13.98.

The move by Warner comes three weeks after rival Universal Music Group announced it would ease back on a plan it launched in January to cut the suggested retail price of all of its CDs from $18.98 to $12.98.