“Apple has reportedly pitched music labels a new lower pricing structure for its Beats Music service, arguing that subscriptions could grow considerably if the price could be lowered to just $5 per month,” Neil Hughes reports for AppleInsider.

“In its negotiations with record labels, Apple has reportedly said that its best iTunes buyers only spend about $5 per month on downloaded music, according to Re/code. It’s because of that threshold that Apple reportedly believes that dropping subscription prices to that level could generate more revenue for music labels,” Hughes reports. “Currently, a subscription Beats Music costs $9.99 per month. If users are willing to sign up for a full year, it costs $99.99 for 12 months.”

Hughes reports, “Apple is also said to be considering a rebranding of its Beats Music service, bringing it more closely in line with its other iTunes products.”

Read more in the full article here.

[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]