Online retailer Amazon looks to increase its market share of music downloads.

Online retailer Amazon has slashed its music download prices from 79p to 29p for many of its top-selling artists in a bid to compete against top download sites such as Apple’s iTunes store.

Amazon launched its music download site in December 2008 and has since increased its catalogue to upwards of five million tracks.

It is now looking to increase its market share and is selling more than 100 top-selling tracks at just 29p. The list offers music to suit a range of tastes – pop, rock, classical, jazz and hip-hop, and includes Lily Allen’s The Fear and the current number one in the UK charts Lady GaGa’s Poker Face.

The news comes as Apple is expected to increase the costs of downloading some of its most popular tracks from 79p to 99p, although some back catalogue tracks will be reduced down to 59p.

Julian Monaghan, Head of Music Buying at Amazon.co.uk said: “Our aim is to always offer the lowest prices and the most comprehensive choice.

“Since our launch just four months ago, we have been presenting our customers with some great deals on MP3s whilst rapidly expanding our catalogue and we will continue to do so going forward.”

Amazon confirmed the price reduction will remain indefinitely.