Amazon Slashes Prices of Top-Selling Songs

The online retailer has launched a 69-cent MP3 store to compete with Apple's iTunes.

Amazon has made another move in its ongoing competition with Apple's iTunes.

The online retailer has slashed the prices of best-selling singles such as Katy Perry's "E.T." and Lady Gaga's "Born This Way" from 89 cents to 69 cents, according to the LA Times. The same songs are currently listed at $1.29 on iTunes.

The move directly challenges Apple's system of raising the prices on popular tunes from its standard 99 cents to $1.29.

Amazon has recently made several steps toward taking down Apple's iTunes. In March, the website launched a cloud music locker service that allows users to upload their songs onto an Amazon server and play them on any web browser.

It is unclear whether Amazon's latest move will give it an edge in the digital download music business, given that Apple currently owns nearly 70 percent of the market.