NEW YORK (CNNMoney.com) -- Best Buy will soon launch its own digital music store that will carry more than 2.7 million song titles priced at 99 cents per download, the company announced Thursday.

Best Buy (Charts), the No. 1 electronics retailer, said the new service, which consumers can access at www.bestbuy.com/digitalmusicstore, is powered by RealNetworks (Charts)' Rhapsody 4.0 music service.

The company said customers will have the option to buy individual songs without subscribing to the service.

Additionally, consumers can also subscribe to the service for $14.99 a month.

The service is expected to debut Oct. 16, the company said.

Shares of Best Buy and rivals Circuit City (Charts) and Wal-Mart (Charts) closed higher Wednesday.

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