Mr Jobs said that by cutting out manufacturing jobs, selling through iTunes was already proving lucrative for record companies.
"So if they want to raise the prices it just means they're getting a little greedy," he said.
Jobs claimed that customers think the price is really good where it is, and that to compete with piracy prices have to remain low.
"But if the price goes up a lot, they'll go back to piracy. Then everybody loses," he said.