Universal cuts online prices for some albums

Universal Music Group is slashing European download prices for 1,500 older albums starting Wednesday, the first broad online cost-cutting move by a major music firm.

The prices ultimately charged consumers would be determined by individual online retailers, Universal said.

The albums are expected to sell for about 6.99 euros ($8.89) and 5.49 pounds ($10.43), reduced from 9.99 euros and 7.99 pounds, respectively.

Download pricing of singles will not be affected.