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Hot on the heels of Spotify creating a new family plan for its music streaming service, a new report claims Apple could cut the price of its competing Beats Music subscription service to just $5 a month.

Re/code, citing unnamed sources, claims that Apple is using an interesting idea as the basis for their possible price cut. It claims people purchase $60 worth of music via iTunes a year or about $5 a month. So if Beats Music lowered its service to $5 a month, that would still generate about as much money for the various music labels if iTunes users switched over, and that audience could grow beyond iTunes' users.

Apple is also rumored to have plans for a major rebrand of the Beats Music service sometime in 2015 with an all new name, so it's possible a new price point could be part of that revamp. Would you subscribe to Apple's streaming music service if it went down to $5 a month?

Source: Re/code