iTunes Raises Prices on Music Downloads

Apple fans are sure to be disappointed after learning that iTunes is hiking up their prices on popular music downloads.

Many songs will remain priced at 99 cents while some older and less popular tracks are expected to fall to 69 cents.

But newer and more popular songs got a 30% price increase and are now available for $1.29 per download.

"[B]ased on what the music labels charge Apple, songs on iTunes will be available at one of three price points -- 69 cents, 99 cents and $1.29 -- with many more songs priced at 69 cents than $1.29," said Apple chief executive Steve Jobs.

Apple's iTunes is the world's largest retailer of music, so this comes as no surprise. Plus, there has been an ongoing battle with artists and record labels over royalty fees, so they needed to hike up their prices in order to maintain the same profit. What are your thoughts? Is it fair to the consumer?