Two years ago, Apple (AAPL) reportedly tried to get the music industry to cut its royalty rates to the point where it could offer its pending streaming service for just $5 per month. While that effort didn’t pan out, the company might now be on the verge of securing a favorable compromise.

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Should such a compromise be obtained, it would say a lot about how the music industry now sees subscription services as a growth opportunity rather than just a distribution alternative, and pricing accordingly.

Citing “a pair of sources working closely with [Apple Music],” trade site Digital Music News reports Apple is in talks to cut the price of its music streaming service by up to 20%, something that would bring its cost to $7.99 per month for an individual subscription, down from $9.99. Family plan pricing could also be cut by $2, to $12.99 per month. The price cuts could reportedly arrive before Christmas.

Web radio leader Pandora (P) , which is set to launch an Apple Music rival and has been dealing with flatlining active listener growth, is down 2.5% in the wake of the report. Pandora sold off last week in response to soft results and guidance.

Amazon’s (AMZN) recent launch of a streaming service that costs just $8 per month for Prime subscribers is said to apparently be “the biggest motivation” behind the price cut talks. Amazon charges non-Prime users $10 per month, and also offers a version of its service that only works with its Echo home assistants for $4 per month. The company’s older Amazon Music service provides Prime subs with free access to a relatively limited song library.

In addition to Amazon, Alphabet’s Google (GOOGL) has exacted some price pressure, albeit indirectly. The company’s YouTube Red music service costs $10 per month, but also provides ad-free YouTube and a growing stable of original video content. Like Apple, market leader Spotify still charges $10 per month for its standard service, $15 per month for a family plan and $5 per month for student plans.

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