Apple’s new streaming music platform, dubbed “Apple Music”, is only days away from being unveiled at the company’s June 8 annual event in San Francisco.
Fewer people are downloading music and more are streaming the content they want to hear on demand instead, so it does not come as much of a surprise that Apple has decided to largely abandon its iTunes branding and shift focus to an online music streaming service.
According to Bloomberg, the tech giant is still in talks with record labels over terms.
People familiar with the negotiations said that labels are trying to receive a larger chunk of revenue than what they get from deals with Spotify Ltd.
Labels take 55 percent of Spotify’s monthly $9.99 rate and are apparently trying get 60 percent from Apple, the people told Bloomberg.
Apple will charge users $9.99 per month for the service and there won’t be a free ad-supported version.
In an attempt to draw customers the company will offer a three-month free trial.
Apple is also reportedly working on offering exclusives and a range of personalization options.
Based on Beats Music
Apple Music is based on the subscription-based online music streaming service called Beats Music – owned by the Beats Electronics division of Apple, Inc.
The company’s Beats Music service will continue to operate until the new music service is fully operational, at which point Beats subscribers will be able to transfer over.