Eligible students across the globe might soon be able to enjoy Apple's popular music-streaming service, Apple Music, for a much lower price, as the tech giant announced on Friday that it would be offering a hefty 50 percent discount for users who belong to accredited schools around the world.

Apple Music, the Cupertino-based giant's response to popular music streaming apps such as Spotify, is normally priced at a competitive $9.99 a month. Just like its rivals, the monthly rate covers features such as the ability to download songs as well as other intuitive features.

With the student discount in place, eligible individuals from the United States, as well as other territories such as U.K., Germany, Denmark, Ireland, Australia and New Zealand would only pay half the service's regular price. Thus, American students would only need to dish out $4.99 a month for the music streaming service.

Though the initial release of the student discount program is limited to a handful of territories for now, Apple has stated that it would also explore the possibility of offering the same deal to students in other notable territories.

There is just one tricky aspect to the discount program, however, since Apple charges different fees for the service depending on the country it is offering it at. Thus, students in countries such as India, where the service is normally priced at about $2 per month, are speculating if the discount carries over to the country at all.

This has resulted in speculations that Apple might decide to vary the rate of the student discount in specific countries around the globe. For now, at least, the territories where the discount would be launched would enjoy the full half price deal.

According to Apple, the discount would be good for about four years after a user's initial sign-up. The discount also applies to students in all levels, including users who are taking their Masters, as long as they are enrolled at an accredited college or university.

In the battle between its rivals in the music-streaming market, Apple Music has lagged in terms of design and features, with numerous users complaining that its user interface is prone to clutter and other glitches. Regardless of these complaints, however, Apple Music has enjoyed much growth, with the service having 13 million active users as of May 2016.