The news comes via Sony Music CEO Doug Morris, who confirmed Apple will announce the service officially tomorrow at their annual WWDC event.
"It's happening tomorrow," Morris said simply during an interview at the Midem Music Industry Festival.
Expected to be priced at $9.99 like rival services from Google, Spotify and others, the service will be headed by industry heavyweight Jimmy Iovine who came along when Apple acquired Beats last year for $3 billion specifically to get into the streaming business.
Morris believes Apple's entry to the industry will be the "tipping point" for streaming in general: "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."
Source:
VB
Written by: Andre Yoskowitz @ 8 Jun 2015 0:03
