Apple Music announces new music streaming service

Apple will announce its new music streaming service today, Sony Music CEO said on Sunday.

As VentureBeat reported, Apple will make the announcement during its annual Worldwide Developers Conference, taking place today in San Francisco. That was confirmed by Sony Music CEO Doug Morris in Cannes, France, at the Midem Music Industry Festival.

A spokesman for Apple declined to comment. Representatives for Sony Music could not be reached immediately. As a music company, Sony Music's support would be important for the successful launch of a streaming service by Apple.

During an on-stage interview in Cannes he told the audience that “It’s happening tomorrow”, Forbes writes in a report.

Recode also quotes him explaining why Sony joined Apple in the first place.

“What does Apple bring to this? Well, they’ve got $178 billion dollars in the bank. And they have 800 million credit cards in iTunes. Spotify has never really advertised because it’s never been profitable. My guess is that Apple will promote this like crazy and I think that will have a halo effect on the streaming business.”

“A rising tide will lift all boats,” he added. “It’s the beginning of an amazing moment for our industry.”

Music streaming services have really picked up lately, with the likes of Spotify, Rdio, Google Play Music All Access and iTunes leading the charge.

A year ago, Apple bought Dr.Dre’s Beats for $3 billion (£1.97 bn), completing the company’s largest deal in its history and opening a whole new chapter in the music wars.