Yep. You read it right. Apple are threatening to close iTunes.

The copyright board of the recording industry in the US is due to meet to decide on the royalty rate that will stand over the next five years - and they want a 66% rise over the current rate.

The recording companies themselves - rather than absorb the cost (and make less of the 70% of the sale price they already make) - want to pass it directly on to consumers. Apple have chosen to stand in their way, and it’s not the first time.

Remember NBC pulling all their TV shows from the iTunes store? That was because Apple wouldn’t let them charge what they wanted (more than anybody else).

This time, Apple have publicly stated that if the cost of music goes up, they will have to consider closing iTunes - and with it the recording industry will lose 1/7th of ALL media sales worldwide.