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iTunes Europe - 1.29 Euros?

According to MacPlus sources, Apple's iTunes Music Store for Europe should be launched in France and other countries starting in mid-June. More countries will be added over time.

MacPlus also claims that the songs will be priced at 1.29 Euros as compared to $.99 in the United States.

The cost is due to the licensing fees, taxes (19.6%, reportedly), bank charges etc...