Record companies have threatened to abandon the iPod unless Apple lets them increase the price of music downloads. The move could lead to millions of iPod users being unable to buy music online from major artists such as Madonna and REM. Record label bosses want to raise the price of some downloads to boost profits. But Apple will only allow singles to be sold at 79p on its service, which has about 80 per cent of the online market and has sold over half a billion tracks worldwide. Artists’ representatives warned Apple may soon face a boycott by all the major record labels. Apple reacted angrily. ‘Record companies already make more profit selling a song via iTunes than on a CD because of manufacturing and marketing cost advantages. So if they want to raise prices it just means they’re getting greedy,’ said Mr Jobs.